Brands and Brand Equity

Brands and strike out right: definition and management
Lisa Wood
Sheffield Hallam University, Sheffield, UK
Brand management
In consumer trade, brands lots provide
the primary points of differentiation mingled with
competitive offerings, and as such they can
be critical to the success of companies.
Hence, it is important that the management
of brands is approached strategically.
However, the lack of an effective dialogue
surrounded by functions that are disparate in
philosophy and do not submit a common and
compatible use of terminology whitethorn be a
barrier to strategic management deep down
organisations. No more(prenominal) is this evident than
amongst the functions of marketing and
accounting. This article seeks to establish the
relationships between the constructs and
ideas of branding, and to provide a
framework and vocabulary that aids effective
communication between the functions of
accounting and marketing. The assumption
in the article is that good communication
between functions deep down organisations aids
strategic management. A model for the
management of brand rightfulness is also offered.
The following discussion focuses on the
concepts of brand equity and added value as
they relate to the brand construct itself.




Brand equity
An look for to define the relationship
between customers and brands produced the
term ``brand equity in the marketing
literature. The concept of brand equity has
been debated both in the accounting and
marketing literatures, and has highlighted
the importance of having a long-term focus
within brand management. Although there
hold back been significant moves by companies to
be strategic in the stylus that brands are
managed, a lack of common terminology and
philosophy within and between disciplines
persists and may hinder communication.
Brand equity, like the concepts of brand and
added value (discussed in the section headed
``The brand construct) has proliferated into
multiple meanings. Accountants die hard to define
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