Выбор метода оценки бренда в международном ювелирном бизнесе
Цель работы: идентифицировать методы оценки бренда, подходящие специфике оценки бренда международного ювелирного бизнеса, и разработать рекомендации по оценке бренда международных ювелирных компаний для менеджеров. Задачи: 1. Определить роль оценки бренда и проблемы, связанные с ней; 2. Проанализировать и сравнить методы оценки бренда; 3. Идентифицировать специфику оценки бренда в международных ювелирных компаниях; 4. Провести оценку бренда выбранных международных ювелирных компаний; 5. Выбрать методы оценки бренда, которые подходят международному ювелирному бизнесу; 6. Разработать рекомендации по применению выбранных методов оценки бренда основываясь на специфике международной ювелирной отрасли. Основные результаты: для достижения цели на основе теоретического анализа была построена модель и проведены количественные оценки бренда ювелирных компаний Tiffany & Co, Chow Tai Fook и Pandora пятью отобранными методами. Тестирование модели было проведено через анализ чувствительности, сравнение полученных значений с контрольной оценкой бенчмарка и максимальной величиной бренда, определенной как разница между текущей рыночной стоимостью компании и ее балансовой стоимостью. В результате анализа были определены два метода оценки бренда, подходящие специфике компаний международной ювелирной отрасли, и разработаны рекомендации для менеджеров по внедрению оценки бренда для ведения бизнеса.
“If this business were to be split up, I would be glad to take the brands, trademarks, and goodwill and you could have all the bricks and mortar – and I would fare better than you”
John Stuart, Former Chairman of Quaker Oats Ltd
One can hardly deny the importance of brands for the modern companies. Brands represent very important strategic assets of many companies; they can constitute a major part of what the business as a whole is worth. As an intangible asset, the brand is not just a name or a symbol associated with a company, it also carries brand loyalty, name awareness, perceived quality, and brand associations.
In the situation of intense competition between companies, the value that a brand provides becomes a source of a competitive advantage. On the one hand, brands provide value to customers by increasing confidence in the purchase decision, by building a more attractive image of the company and products it offers, by improving satisfaction when the product is purchased and used. Take a look at a Chanel bag, for example. What would it be worth without the Chanel logo on it? Intuitively, one can build up his or her own perception of the value of a brand, for example, by watching advertisement about the brand, or by learning about the way product from this brand is produced. Brand value is important for both companies and their customers. On the other hand, brands provide value for a company by an overall improved efficiency of marketing programs, strengthened brand loyalty, and a possibility to charge price premium. What is also important, brands act as a tool to distinguish a company from competitors and build an attractive image for clients. What is more, a very important action in brand management is the non-financial brand evaluation and the brand valuation that can be fulfilled by application of different models to identify the economic brand value. Identification of economic value of a brand is currently becoming more and more important, as a percentage of intangibles in the financial structure of companies has been continually growing and more and more assets recognized as productive resources do not appear in the balance sheet. Plus, investments in intangible assets have been expanding and managers need a reliable tool to measure their economic value.
However, many companies often find themselves lost between the methods of brand valuation as different methods end up with different values. Firstly, companies encounter challenges with the identification of relevant brand attributes, secondly, they do not know which brand valuation method would be the most reliable and would provide a fair value of the brand in question. The challenge is especially remarkable for the international jewellery business. International jewellery companies generally rely on the strength of their brand to build up an attractive aura of the prestige for their products and set high price margins. They perceive brand valuation as a highly relevant activity, as it provides a fair value of their brand, and this value is further used to adjust strategies, make decisions about marketing efforts, etc. They need to carefully choose a suitable brand valuation method, taking into consideration specific limitations associated with the industry.
Dynamics of the industry, changes in consumer behaviour and the industry itself, growing trends in internalisation and reconfiguration of channels influence jewellery business and cause challenges for brand valuation. The growing tendency of future industry consolidation due to mergers and acquisitions highlights the need to develop a knowledge that shapes brand valuation in the international jewellery business.
Therefore, the objective of this paper is to analyse existing brand valuation methods and problematics of brand valuation, study specifics of brand valuation for jewellery business and, most importantly, identify brand valuation methods that meet the specifics of international jewellery companies and provide a fair brand value. Cases of Tiffany & Co, Chow Tai Fook and Pandora jewellery companies were selected to execute brand valuation using several methods. The paper suggests methods that could provide potentially more reliable results of the brand valuation for the international jewellery companies and develops a guidance for managers as well as for scholar working in this particular academic field.
The research questions are:
Q1. What are the problems of brand valuation in international jewellery business?
Q2. What are the brand valuation methods that provide fair brand value for international jewellery companies?
The goal of the study to identify brand valuation methods that are suitable for the international jewellery business, taking into consideration specifics of the industry, and develop recommendations on brand valuation of international jewellery companies for managers.
To achieve the goal, the following research objectives were set:
• To specify the role of brand valuation and problems associated with it;
• To analyse and compare brand valuation methods;
• To identify specifics of brand valuation for international jewellery companies;
• To valuate brands of selected international jewellery companies;
• To select brand valuation methods that fit international jewellery business;
• To develop recommendations on the application of selected brand valuation methods based on the specifics of the jewellery industry.
The object of the research is international jewellery companies.
The subject of the research is brand valuation methods that international jewellery companies implement to value their brands.
Research methodology of the paper consists of comparative literature analysis, secondary data analysis, quantitative studies (deductive method, exploratory multivariate method, databases).
The theoretical foundation of the current thesis consists of studies of Russian and foreign researchers. The most significant papers belong to Philip Kotler, Jean-Noël Kapferer, Kevin Lane Keller, Catharina Kriegbaum, Gabriela Salinas and others.
Thesis structure: the goal and the objective determined the structure of the current thesis.
The first chapter is devoted to the analysis of brand valuation methods and existing problems, associated with brand valuation. The chapter discusses main terms related to brand valuation, highlights challenges associated with brand valuation, specifies problematics associated with the brand valuation in the international jewellery industry. The analysis is concluded by the comparative table of brand valuation methods and discussion on the applicability of particular brand valuation methods for the international jewellery business. A conceptual model of the research and hypotheses are also presented in the chapter.
The second chapter pursues an empirical study aiming to identify brand valuation methods that can be implemented for determining the fair brand value of international jewellery companies. Research methodology and research findings of the study are presented. Description of empirical results is provided.
The third chapter provides analysis of research findings and suggests selected brand valuation methods to be implemented by managers in the international jewellery companies. Managerial implications and recommendations on brand valuation in international jewellery business based on the empirical results are discussed.
Theoretical implication of the research is improved understanding of specifics and challenges associated with the brand valuation of international jewellery companies. Moreover, the paper elaborates on brand value and brand equity in the international jewellery business. Directions for further research are formulated. The practical implication is concerned with the identification of brand valuation methods that can be implemented for brand valuation of international jewellery companies based on specifics of the industry. The paper suggests guidelines for managers on implementation of selected brand valuation methods for business activities.
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