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By Disobedience to Success: When Brand Value should be Measured in a Different Way than how the Theory Recommends

Abstract

Brand value building and managing is an interdisciplinary issue with serious impact on company's effective market performance. Knowing this, more and more companies try to extract the competitive advantage of a valuable brand. But there are a lot of practical restrictions that result from universal application of formulated theory without respecting national specifics and which often lead to company's activities in scope of branding and brand value measuring not being successful. This is the reason for scepticism towards the implementation of brand management activities, especially in former socialistic countries where the tradition of brand is not so developed due to the long-term application of principles of planned economy. So, the undesirable spiral mechanism is evident – domestic companies apply inconvenient methods of branding and brand value evaluation – brand value decreases – companies rather do not build and manage theirs brands – brands lose their competitive potential in comparison with foreign competitors and the market deforms – only strong foreign brands applying their national branding mechanisms survive – the impression of the so called ‘good practice’ is created – the domestic companies apply inconvenient methods of branding and the circle starts again. According to this, the aim of this paper is to critically discuss the applicability of selected brand valuation methods in the specific conditions of Slovak republic and to verify its applicability in the context of framework conditions of their applicability. To achieve this aim, after the application of selected criteria, we applied the following methods of brand value measurement: royalty savings and brand value added.

Open access
Bankruptcy Practice in Countries of Visegrad Four

Abstract

Numerous economists and analysts from all over the world have been trying to find an appropriate method to assess company health and to predict its eventual financial distress for many years. No economy is a small isolated subject, and the bankruptcy of a company can cause through its stakeholders′ significant impact on the sustainable economic development. Otherwise, companies are very complicated entities, and it is not a simple task to estimate company’s future development. Together with the best-known Z-Score model of bankruptcy prediction developed by Altman, numerous models worldwide that are based on different methodologies have been developed. We assume that individual state’s economy has major influence on the final form of these models as well as there are several common characteristics between Slovak economy and economy of countries of Visegrad Four. Therefore, we applied chosen bankruptcy prediction models developed in countries of Visegrad Four on the set of Slovak companies and validated their prediction ability in specific condition of the Slovak economy. On the basis of the provided calculations, we compared gained results with the prediction capability of other popular prediction models also applied on the data set of Slovak companies. Through this, we pointed out the importance of the development of unique bankruptcy prediction model, which will be constructed in the specific condition of individual countries, and highlighted the weak forecasting ability of foreign models.

Open access
Sensory Marketing from the Perspective of a Support Tool for Building Brand Value

Abstract

A brand is one way to distinguish products from each other, while simplifying consumers’ decisions in choosing an appropriate product. Brand building is not just about design but also strategy, which is even more important in the process. The result of brand building is the potential to represent a certain value for the company. However, sustaining and improving a brand’s position in the market is not a simple process in the current competitive environment. Therefore, there is scope for application of new marketing strategies such as sensory marketing. Sensory marketing represents a way for companies to influence consumers’ senses (sight, hearing, smell, touch, taste) and evoke the emotions affecting their buying behaviour and perceptions of the product or brand. The aim of the article is to provide a literature review on the issue from several foreign and domestic authors. It discusses the essence of a brand, brand value, sensory marketing and also analyses its use as a support tool for building brand value in practice through secondary research data. Based on this, in conclusion, the authors highlight the benefits of using sensory marketing for building brand value, including ensuring loyalty of standing customers as well as gaining new ones, building a successful brand and positive perception of the brand and product by users.

Open access
The Quality of Brand Products: Expected Attributes vs. Perceived Reality

Abstract

Research purpose. The quality means a core attribute of the product. Based on empirical assessment of the consumer, it is ascertained if the products are of high quality. However, there may be considerable counterarguments against this assessment, because quality is a subjective characteristic. For this reason, a paradoxical situation arises – the same product that we consider to be a quality product someone else may regard as insufficient quality. What is considered standard quality level in some cases may be the assumed to have achieved world-class quality. This way the definition of quality product is very difficult. Brand is one of possible ways to differentiate products from one to another and at the same time it is one of possible ways to simplify consumer choices of choosing the best product. The brand can be the label for many consumers synonymous with quality. In this paper, the existence of difference between expected and delivered quality of brand products is analysed.

Design / Methodology / Approach. The survey of detection of the sources of the value of the brand was realized in 2018 in Slovak conditions. This primary source provided the base assessment of quality of branded sport clothes, cars, banks, cola drinks and brand products in general. Using factor analysis, supported by Cronbach’s alpha, verified by Kaiser-Meyer-Olkin measure and Bartlett's test of sphericity, comprehensive factors that enable comparison of expected attributes and perceived reality were constructed. The extraction method of factor analysis was principal component analysis, the rotation method was Varimax with Kaiser normalization. Then the factors were analysed by chi-square test and correspondence analysis.

Findings. The objective of this article was to detect the existence of differences between the expected and perceived quality of brand products in Slovak conditions. Comprehensive factors were constructed that contain information about quality of branded clothes, cars, banks, cola drinks and brand products in general. The dependence of expectations and reality was indicted and paper resolved the relations between individual categories of factors.

Originality / Value / Practical implications. The original survey of attitudes of Slovak consumer was made. The information about of notable sample was analysed, and this empirical study pointed out the real quality of brand products.

Open access