Identity-Based Brand Equity Model A Conceptual Framework Essay

Identity-Based Brand Equity Model A Conceptual Framework - Essay Example The following paper aims to close this essential marketing research gap and presents a new integrated brand equity model based on the identity-based brand management approach. It explores the sources of brand equity from internal and external perspectives on behavioral and financial levels in order to achieve a higher level of brand equity measurement and management quality. Since the late 80's - with the rise of the value-based management philosophy - brand equity has developed as one of the key marketing concepts throughout management theory and practice (Srinivasan et al., 2005). The challenge of delivering comprehensible evidence of brand-based equity creation encouraged researchers to develop a wide range of different brand equity models. Today it can be assumed that more than 300 different models have been developed and implemented worldwide. (Amirkhizi, 2005) Majority of these models focuses on the consumer. (Aaker and Joachimsthaler, 2000) Supporters argue that the source of brand equity is based on the consumer's brand knowledge predominantly following an outside-in approach. (Keller, 2003) However, an integrated brand equity approach also reflecting on inside-out approach has yet not received any attention. Nevertheless, it would be highly relevant to also consider brand equity being already created inside the company, for instance through emp loyees. Not only do employees represent an important stakeholder group, but they also operate as the original source of brand equity. (Joachimsthaler, 2002; Jones, 2005) Such a brand equity model with an integrated brand equity definition implicates the following advantages: First, most established models are based on past information and they accordingly derived prognosis. Only the integration of an internal perspective enables an accurate assessment of the entire brand equity, since the employee's attachment to the company is captured. This useful information however is only accessible within the company. Employees are therefore capable of anticipating positive or negative tendencies of internal and external development at an earlier stage, which increases both timeliness and validity of brand equity measurement. Secondly, in majority of developed models, brand image represents the basis of evaluation. Unfortunately it cannot be directly controlled from the company's perspective. In this context, the expression of "brand image as a construct of acceptance" was defined. (Burmann and Meffert, 2005) Brand image results from decoding the brand-driven a nd interpreted signals. In contrast, brand identity represents a "concept of sender". (Kapferer, 1992b) It can be directly managed by the company. Thirdly, the consideration of brand potential and future brand options has received little attention in