Chasing the Holy Grail: A critical appraisal of ‘the brand’ and the brand valuation debate

This paper integrates a number of disparate research streams which collectively confront the notion that brands can be valued in any meaningful sense. This is not to say that brands are unimportant or that the development of brand management competencies is a waste of resource. On the contrary, in a complex and turbulent marketing environment, a powerful brand, built upon customer trust and repeat-purchase loyalty, should be the driving force of any company's strategic intent. In the sections that follow, the forces which conspire against this common sense advice are profiled and evaluated. The internationalisation of the world economy and associated developments in theories of competitive behaviour are examined. Areas which impinge strongly upon the brand valuation debate but which are typically precluded from it are revealed and discussed. Research directions to expand the parochial nature of the current debate are highlighted and it is concluded that behavioural management processes tend to confound rational attempts at brand valuation.