Studies falling into the former group neglect the theoretical dimensions of the
construct which, if properly operationalized, can provide actionable insights into the
drivers of equity. Ultimately, what these studies are trying to achieve is a separation
of the value of the brand from the value of the product (e.g. by using the multiattribute
model). Over the years, this has proved to be conceptually and methodologically
problematic as “brands supervene on products, much as the mental has been claimed
to supervene on non-aesthetic properties” (Grassl 1999, p.323).
Multiattribute Approaches
Srinivasan (1979), Park and Srinivasan (1994), and Jourdan (2002) use the multiattribute
model as a common departure point to measure consumer based brand
equity. Srinivasan (1979) defines brand equity, which back then he calls brand
specific effect as “the component of a brand’s overall preference that is not explained
by the multiattribute model” (p.12). In line with this definition, Srinivasan (1979)
measures brand equity by comparing observed preferences based on actual choice
with consumer preferences derived from a multiattribute conjoint analysis. The
difference between overall preference and the preference estimated by the
multiattribute model is subsequently quantified by means of a monetary scale (dollar-
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metric scale). Estimates of brand equity that result from this method occur, at best, at
the segment level. As with every attempt to measure brand equity directly, this
approach does not shed light on the sources of brand value. Fifteen years later, Park
and Srinivasan (1994) achieve measurement of brand equity at the individual level
which they operationally define as “the difference between an individual consumer’s
overall brand preference and his or her multiattributed preference based in objectively
measured attribute levels” (p.273). Objective preferences can be obtained by
laboratory tests, blind tests or surveys with experts. Park and Srinivasan (1994) also
disaggregate consumer based brand equity into two parts: an attribute component,
based on consumers’ evaluations of the brand’s physical characteristics; and a non-
(product) attribute component, based on symbolic associations attached to the brand.
Although it provides important insights into the perceptual distortions caused by a
specific product attribute, this method does not break down the non-attribute based
component of brand equity. It is also naïve to assume that experts (or dentists in the
context of the study) are immune from the brand equity effect and are able to provide
objective attribute scores. Jourdan (2002) notes that the difference of utility implied
in the Park and Srinivasan (1994) definition of brand equity may not entirely be
imputable to the brand as part of it is due to measurement error. Aside from the brand
name effect, overall preference may not coincide with the preference based on
objectively measured product attributes for two other reasons. First, a consumer may
positively evaluate all product attributes but yet choose another brand due to
unobservable variables that affect preferences and may even be random to the
individual consumer (i.e. random error). Second, preference based on objective
evaluations of a product’s attribute levels is estimated by means of the multiattribute
model, the arbitrary choice of which, as well as the number and nature of the
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attributes retained, may be potential sources of systematic error. As such Jourdan
(2002) argues for an error component, which data from a repeated measures
experiment shows is not negligible. His amendment resulted in improved levels of
reliability and validity of brand equity measurement. Also, the choice of a single
sample provides better control of distortional factors. Despite this method’s
advantages the complexity of its inherent experimental design translates into little
managerial value.