The paper studies the dimensions of brand image, focusing on the functions or value of the brand as perceived by consumers. In this way, four categories of functions are identified: guarantee, personal identification, social identification and status. By way of hypotheses, it has been proposed that these functions have a positive influence on the consumer's willingness to recommend the brand, pay a price premium for it and accept brand extensions. The hypotheses have been tested in the Spanish sports shoes market and were partially supported. The results obtained confirm the convenience of analyzing brand associations separately and enable the ascertaining of the brand associations that are the most relevant in order to attain certain consumer responses.