Rethinking brand equity—possibilities and challenges of application to places

Abstract

The aim of the chapter is to explain the brand equity concept in the context of places. It has been assumed that consumer-based brand equity is an appropriate approach to evaluate the results of the brand strategy employed for places. The fundamental premise behind consumer-oriented brand equity is the fact that a brand’s power lies in the consumers’ awareness, their knowledge of the brand and brand experience. In the case of place marketing, its aims accompanied by the complexity of a place product and the diversified groups of brand’s stakeholders, seem to justify this approach. For place brand equity to fulfil its strategic functions, it is imperative to identify the sources of brand equity and its results as well as to identify how the results (and possibly the sources) change over time. The sources indicate the components of brand equity while the evaluation of brand equity reflects the mode in which brands actually provide consumers with value added.