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An executive summary for managers and executive readers can be found at the end of this article.
Introduction
One of the most fundamental tasks of brand managers is to understand and manage the set of associations around their brand. These associations (both intended and unintended) give meaning to the brand are an important component of brand equity. Here we present a methodology designed to give managers a strategic, comprehensive and consumer-driven view of their brand and how their brand is differentiated vis-à-vis key competitors.
Brand equity is one of the core concepts in marketing and has been the focus of much research over the last 30 years ([1] Aaker, 1991; [27] Keller, 1993). The concept is traditionally defined as the "marketing effects uniquely attributable to the brand" ([27] Keller, 1993, p. 1). With an estimated 17 out of 20 new brands failing ([22] Hart and Murphy, 1998), brand equity is especially important for practitioners. Many brand equity scholars stress its importance as a source of firm competitive advantage (e.g. [3] Aaker, 1996; [6] Bendixen et al. , 2004; [9] Campbell, 2002; [39] Tong and Hawley, 2009; [24] Hsieh, 2004). This competitive advantage is based on the price premium attained, increased efficiency and effectiveness of marketing programs, increased margins, increased customer demand and satisfaction, brand extension facilitation, negotiation leverage, and lower vulnerability to competitors ([2] Aaker, 1992; [6] Bendixen et al. , 2004). Research on brand equity has supported these claims by linking it to a variety of performance measures such as profit and market performance ([5] Baldauf and Cravens, 2003) as well as stock market performance ([4] Aaker and Jacobson, 2001).
One key component of brand equity is the associations consumers have with the brand ([1] Aaker, 1991; [27] Keller, 1993). For example, consumers may associate "refreshing," "youth," and "caffeine" with the brand Pepsi, and these associations then may drive their choice of this brand ([27] Keller, 1993). Brand associations have been called "the heart and soul of the brand" ([3] Aaker, 1996, p. 8), and "fundamental to the understanding of customer-based brand equity" ([24] Hsieh, 2004, p. 33). The central role of brand associations in the creation and maintenance of brand equity is widely accepted (e.g. [11] Chaudhuri, 1999; [22] Hart and Murphy, 1998;...