Thus, these studies show the effects both on the brand image according to the consumer’s perceptions and conveyed by the company and on the ability of the company to capitalize on the brand value. Aaker (1994) considers that the consumer perceives the brand through three associations that make it possible to build the brand image, and the mixture of these different dimensions constitutes the brand image. These dimensions can be composed according to several degrees and thus make it possible to reach several categories of consumers.
Aaker (1994) thus highlights 11 dimensions of the brand that allow it to be categorized. These are as follows:
– product attributes that reveal the tangible characteristics, to develop brand image traits and provide consumers with reasons for purchase;
– the intangible characteristics perceived by consumers, related to their own definition of the product sought;
– the benefits they want to derive from it, which are both objective and psychological benefits;
– the price, associated with the consumer’s own concept of price and product;
– the perceived usefulness to the consumer;
– the quality of the buyer or consumer who wants to obtain the product;
– the creation of notoriety in relation to the brand’s image with celebrities who could recommend product use;
– the humanization of the brand through its personality;
– classification of products by category;
– comparison of the brand image that has emerged with that of the competition;
– the origin or provenance of the brand with which the image induced by the brand is associated.
Brand image is associated with the consumer’s ability to recognize the brand. Keller (1993) defines the dimensions of brand knowledge through associations and attributes that make it possible to materialize brand image. Attributes enhance the consumer’s knowledge of the brand and help to satisfy customer expectations. The author defines the different categories of attributes and differentiates between those that are or are not related to the product. Price, packaging, users and the habitual use of the product are external attributes directly related to the purchasing or consumption act, whereas the elements that enable the physical composition of the product are attributes directly related to the product. This degree of knowledge leads to the purchasing act and the company’s ability to sell its products. As the brand image is made up of image traits, these are the catalyst of purchasing decisions and brand loyalty.
According to Aaker, “the fundamental brand value is often to all the features that constitute its image. This is what gives meaning to the brand. Image traits are points on which purchasing decisions and brand loyalty depend. The various associations that a brand creates help consumers to process the information they receive, allow them to differentiate easily between brands, give them reasons to choose a particular brand, create positive (negative) attitudes, and are the basis for brand extensions” (Aaker 1994). Korchia (2001) specifies that the brand image is part of a logic of a memorial nature. Thus, the purchasing act depends on the consumer’s long-term memory and the knowledge that they might have of the product. Aaker’s (1994) and Keller’s (1993) definitions were later supplemented by conceptualizations of brand equity linking it to its background, brand image and familiarity associated with the brand. Branding can be represented by a network of associations as defined by Engel et al. (1995).
1.2.2. Definition of brand equity
The notion of “brand equity” emerged in the 1980s, as researchers tried to understand how brand competitive advantage merges. Park and Srinivasan (1994) define brand equity as the difference between the overall preference for the branded product and a utility value based on the estimate of the unbranded product. According to Ben Rached and Mennaï “brand equity provides value to the consumer. This value is based on cognitive psychology and is focused on the consumer’s cognitive processes” (Ben Rached and Mennaï 2009).
Changeur (2012) considers that, from an academic point of view, the comparison of different concepts and approaches to brand equity presents many conceptualizations, and that very different measures coexist, which largely contributes to confusion and a lack of structuring in this field. Thus, the author comes to the conclusion that “brand equity is not an isolated concept but a conceptual framework of brand value” (Changeur 2012). She states that brand equity is independent of product categories, in that it encompasses both core brands and umbrella brands and also measures the ability to transfer brand equity value to new product development.
This notion is completed by the definition proposed by Farquhar (1990), which consists of assimilating brand equity to added value brought about by the single-product brand, and by Leuthesser (1988), which states that all the associations and behavior of the brand’s consumers, the distribution channels and the company to which it belongs make it possible to achieve higher sales volumes and margins. Furthermore, Keller (2001) considers that the brand–consumer relationship, if properly understood, makes it possible to build a strong brand, an argument also put forward by Changeur (1999) in her thesis on brand territory and the measurement of brand associations. The aim is to define the meaning of all brand associations and to consider all responses that are assimilated to judgments and emotions. In this way, the link between brand equity and the brand–consumer relationship can be established.
Brand equity creates economic benefits for the company. Building a strong brand develops a major link with the consumer, which gives a measure of brand equity, according to the seminal work of Aaker (1994) and Keller (1993). Srinivasan (1979) demonstrated that the brand is independent of the product and has its own value. Brand equity helps to identify brand value for the consumer and also for the company. The link between the two is ensured by sales and the conquest of market share and, at the same time, by the company’s ability to maintain and increase its margin rate. In addition to the assessment of brand equity based on consumer perception, brand equity can also be estimated on the basis of financial and accounting concepts. To this extent, it is important to determine the value added by marketing development, which enables cost savings to be made based on previous experience, adding value to the brand and increasing product sales. Understandably, these two concepts are interrelated: if the company succeeds in creating a strong brand, then it will generate additional revenue through different channels.
The additional cash flows generated can be used to estimate financial brand value. The financial and accounting vision that can be derived from this is materialized from the notion of an “intangible asset”. We perceive that, just like any traditional asset, brand equity is composed of assets and liabilities that allow us to define it. These assets and liabilities are formed from the following five categories:
– customer loyalty to the brand;
– brand awareness;
– perceived quality;
– brand image;
– any other assets related to the brand.
These five categories directly influence brand value. They can be ranked on a scale ranging from strong brand identification to weak brand identification. Measuring brand equity requires identifying the strength of the brand, or its weakness. The brand facilitates the purchasing act. The consumer has recorded a range of information about the products, and the brand can acquire a notoriety that will influence the consumer, to the extent that this notoriety reassures the consumer about the quality of the branded products. The brand image to which the consumer is attached makes them loyal. For the company, the stakes are high; the brand will have to ensure growth in turnover, provided that it succeeds at least in increasing the value