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2017年全球最有价值500强品牌年度报告_英文版

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Brand Finance Global 500 February 2017 1.
Global
500
2017
The annual report on the world’s most valuable brands
February 2017
Brand Finance Global 500 February 2017Brand Finance Global 500 February 2017 2. 3.Brand Finance Global 500 February 2016 2.Brand Finance Airlines 30 30 February 2015 2.Brand Finance Global 500 February 2017 2.
Foreword
What is the purpose of a strong brand; to attract
customers, to build loyalty, to motivate staff All
true, but for a commercial brand at least, the frst
answer must always be ‘to make money’. Huge
investments are made in the design, launch and
ongoing promotion of brands. Given their
potential fnancial value, this makes sense.
Unfortunately, most organisations fail to go
beyond that, missing huge opportunities to
effectively make use of what are often their most
important assets. Monitoring of brand
performance should be the next step, but is
often sporadic. Where it does take place it
frequently lacks fnancial rigour and is heavily
reliant on qualitative measures poorly
understood by non-marketers. As a result,
marketing teams struggle to communicate the
value of their work and boards then
underestimate the signifcance of their brands to
the business. Skeptical fnance teams,
unconvinced by what they perceive as marketing
mumbo jumbo may fail to agree necessary
investments. What marketing spend there is can
end up poorly directed as marketers are left to
operate with insuffcient fnancial guidance or
accountability. The end result can be a slow but
steady downward spiral of poor communication,
wasted resources and a negative impact on the
bottom line.
Brand Finance bridges the gap between the
marketing and fnancial worlds. Our teams have
experience across a wide range of disciplines
from market research and visual identity to tax
and accounting. We understand the importance
of design, advertising and marketing, but we
also believe that the ultimate and overriding
purpose of brands is to make money. That is
why we connect brands to the bottom line. By
valuing brands, we provide a mutually intelligible
language for marketers and fnance teams.
Marketers then have the ability to communicate
the signifcance of what they do and boards can
use the information to chart a course that
maximises profts. Without knowing the precise,
fnancial value of an asset, how can you know if
you are maximising your returns If you are
intending to license a brand, how can you know
you are getting a fair price If you are intending
to sell, how do you know what the right time is
How do you decide which brands to discontinue,
whether to rebrand and how to arrange your
brand architecture Brand Finance has
conducted thousands of brand and branded-
business valuations to help answer these
questions.
Brand Finance’s recently conducted share price
study revealed the compelling link between
strong brands and stock market performance. It
was found that investing in the most highly
branded companies would lead to a return
almost double that of the average for the S&P
500 as a whole. Acknowledging and managing a
company’s intangible assets taps into the hidden
value that lies within it. The following report is a
frst step to understanding more about brands,
how to value them and how to use that
information to beneft the business. The team
and I look forward to continuing the conversation
with you.
David Haigh, CEO
Brand Finance
Defnitions 4
Methodology6
Executive Summary 8
Full Table 18
Understand Your Brand’s Value28
How We Can Help30
Contact Details 31
Contents
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Brand Finance Global 500 February 2017 5.Brand Finance Global 500 February 2017 4.
Defnitions
Defnitions
+Enterprise Value – the value of the
entire enterprise, made up of
multiple branded businesses
+Branded Business Value – the
value of a single branded business
operating under the subject brand
+Brand Contribution– The total
economic beneft derived by a
business from its brand
+Brand Value – the value of the
trade marks (and relating
marketing IP and ‘goodwill’
attached to it) within the branded
business
‘Branded
Business’
‘Branded
Enterprise’
E.g.
Unilever
Persil
E.g.
Persil
‘Brand
Value’
‘Branded
Business’
‘Branded
Enterprise’
‘Brand’
Contribution’
E.g.
Persil
Branded Business Value
A brand should be viewed in the context of the
business in which it operates. For this reason
Brand Finance always conducts a Branded
Business Valuation as part of any brand
valuation. Where a company has a purely mono-
branded architecture, the business value is the
same as the overall company value or
‘enterprise value’.
In the more usual situation where a company
owns multiple brands, business value refers to
the value of the assets and revenue stream of
the business line attached to that brand
specifcally. We evaluate the full brand value
chain in order to understand the links between
marketing investment, brand tracking data,
stakeholder behaviour and business value to
maximise the returns business owners can
obtain from their brands.
Brand Contribution
The brand values contained in our league
tables are those of the potentially transferable
brand asset only, but for marketers and
managers alike. An assessment of overall
brand contribution to a business provides
powerful insights to help optimise performance.
Brand Contribution represents the overall uplift
in shareholder value that the business derives
from owning the brand rather than operating a
generic brand.
Brands affect a variety of stakeholders, not just
customers but also staff, strategic partners,
regulators, investors and more, having a
signifcant impact on fnancial value beyond
what can be bought or sold in a transaction.
Brand Value
In the very broadest sense, a brand is the focus
for all the expectations and opinions held by
customers, staff and other stakeholders about
an organisation and its products and services.
However, when looking at brands as business
assets that can be bought, sold and licensed, a
more technical defnition is required.
Brand Finance helped to craft the internationally
recognised standard on Brand Valuation, ISO
10668. That defnes a brand as “a marketing-
related intangible asset including, but not limited
to, names, terms, signs, symbols, logos and
designs, or a combination of these, intended to
identify goods, services or entities, or a
combination of these, creating distinctive
images and associations in the minds of
stakeholders, thereby generating economic
benefts/value”
Brand Strength
Brand Strength is the part of our analysis most
directly and easily infuenced by those
responsible for marketing and brand
management. In order to determine the
strength of a brand we have developed the
Brand Strength Index (BSI). We analyse
marketing investment, brand equity (the
goodwill accumulated with customers, staff and
other stakeholders) and fnally the impact of
those on business performance.
Following this analysis, each brand is assigned
a BSI score out of 100, which is fed into the
brand value calculation. Based on the score,
each brand in the league table is assigned a
rating between AAA+ and D in a format similar
to a credit rating. AAA+ brands are
exceptionally strong and well managed while a
failing brand would be assigned a D grade.
Effect of a Brand on Stakeholders
Potential
Customers
Existing
Customers
Influencers
e.g. Media
Trade
Channels
Strategic
Allies &
SuppliersInvestors
Debt
providers
Sales
Production
All Other
Employees
Middle
Managers
Directors
Brand
Brand Finance Global 500 February 2017 7.Brand Finance Global 500 February 2017 6.
Methodology
InputsStakeholderBehaviourPerformanceBrand Equity Value DriversBrand Contribution
Audit the impact
of brand
management and
investment on
brand equity
Run analytics to
understand how
perceptions link to
behaviour
Link stakeholder
behaviour with
key financial
value drivers
Model the impact of behaviour on
core financial performance and
isolating the value of the brand
contribution
Brand AuditTrial & PreferenceAcquisition &
Retention
Valuation Modelling
1234
Brand Finance Typical Project Approach
Brand Finance calculates the values of the
brands in its league tables using the
‘Royalty Relief approach’. This approach
involves estimating the likely future sales that are
attributable to a brand and calculating a royalty
rate that would be charged for the use of the
brand, i.e. what the owner would have to pay for
the use of the brand—assuming it were not
already owned.
Brand strength
expressed as a BSI
score out of 100.
BSI score applied to an
appropriate sector
royalty rate range.
Royalty rate applied to
forecast revenues to
derive brand values.
Post-tax brand
revenues are
discounted to a net
present value (NPV)
which equals the
brand value.
The steps in this process are as follows:
1Calculate brand strength on a scale of 0 to 100
based on a number of attributes such as emotional
connection, fnancial performance and sustainability,
among others. This score is known as the Brand
Strength Index, and is calculated using brand data
from the BrandAsset Valuator database, the
world’s largest database of brands, which measures
brand equity, consideration and emotional imagery
attributes to assess brand personality in a category
agnostic manner.
Strongbrand
Weakbrand
Brand strength
index
(BSI)
Brand
‘Royalty rate’
Brand revenuesBrand value
Forecast revenues
Brand
investment
Brand
equity
Brand
performance
2Determine the royalty rate range for the respective
brandsectors. This is done by reviewing
comparable licensing agreements sourced from
Brand Finance’s extensive database of license
agreements and other online databases.
3Calculate royalty rate. The brand strength score is
applied to the royalty rate range to arrive at a royalty
rate. For example, if the royalty rate range in a
brand’s sector is 1-5% and a brand has a brand
strength score of 80 out of 100, then an appropriate
royalty rate for the use of this brand in the given
sector will be 4.2%.
4 Determine brand specifc revenues estimating a
proportion of parent company revenues attributable
to a specifc brand.
5Determine forecast brand specifc revenues using a
function of historic revenues, equity analyst
forecasts and economic growth rates.
6Apply the royalty rate to the forecast revenues to
derive brand revenues.
7Brand revenues are discounted post tax to a net
present value which equals the brand value.
League Table Valuation Methodology
How We Help to Maximise Value
6. Build scale through licensing/franchising/partnerships
5. Build core business through market expansion
4. Build core business through product development
3. Portfolio management/rebranding Group companies
2. Optimise brand positioning and strength
1. Base-case brand and business valuation
(using internal data), growth strategy
formulation, target-setting, scorecard and
tracker set-up
Evaluate ongoing performance
Current brand and
business value
Target brand and
business value
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