The Varying Nature of Brands as Assets

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Abstract
With the current interest in valuing brands, it is essential that any technique takes into account how the term brand is interpreted, since there are differing views about the meaning of ‘brands’. This paper seeks to clarify the ways brands have been interpreted in the literature and, through a series of interviews with marketers, shows how brands are interpreted by marketing practitioners. A synthesis of the literature indicates five possible categories, i.e., brands as devices to show marketing control (ownership), as differentiating devices, as a means of communicating a guarantee, as an aid for consumers' rapid decision-making and as symbolic devices to enable consumers to express something about themselves. Each interpretation carries with it significant implications for marketing strategy and, in particular, advertising strategy, which should be persued. Marketers' interpretations were consistent with this framework, but they did not place any emphasis upon brands as showing marketing control. Practitioners mainly saw brands as differentiating devices and aids to communicating the company's commitment behind the brand.

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