Brands Matter - An Empirical Investigation Of Brand Building Activities And The Creation Of Shareholder Value.pdf

文档介绍：Harvard Business School Marketing
Research Papers

No. 02-07


May 2, 2002

Brands Matter:
An Empirical Investigation Of Brand-Building
Activities and the Creation of Shareholder Value

Thomas J. Madden
University of South Carolina

Frank Fehle
University of South Carolina

Susan M. Fournier
Harvard University


This paper can be downloaded without charge from the
Social Science work Electronic Paper Collection:
/abstract_id=346953

All authors contributed equally. Names were chosen at random. Corresponding author: Tom
Madden, Department of Marketing, Moore School of Business, University of South Carolina,
Columbia, SC 29208; Phone: [phone]; Fax: [phone]; Email:
******@. We would like to thank Stefan Daiberl at Interbrand, Tim Ambler at the
London Business School, and Don Lehmann of Columbia for ments.


Working Paper: Please do not cite or quote without permission from the authors
1

BRANDS MATTER:
AN EMPIRICAL INVESTIGATION OF BRAND-BUILDING
ACTIVITIES AND THE CREATION OF SHAREHOLDER
VALUE


Abstract

In what appears the Golden Age of branding, it is surprising to hear of managers’ difficulties in
securing funds for investments in their brands. Yet in today’s harsh economic climate, with
zero-growth prospects and mounting cost pressures, the first budget cuts most e from
allocations dedicated to brand building goals. A lingering, unanswered question seems partly to
blame: do brand-building investments really pay off? Lacking conclusive evidence concerning
branding and the bottom line, brand “investments” remain “expenses,” and the promise of the
brand remains unfulfilled. This paper attempts to address this significant ing by
providing empirical evidence of the value to stockholders of a firm’s brand building activities,
using time-honored concepts and models from the discipline of finance.
2

Introduction
“It