Correspondence: Randle D. Raggio, E. J. Ourso College of Business, Louisiana State University, 3122 C Patrick F. Taylor Hall Baton Rouge, LA 70803, USA. Tel: +1 225 578 2434; Fax: +1 225 578 8616; E-mail: raggio@lsu.edu

¹is Assistant Professor of Marketing in the E.J. Ourso College of Business at Louisiana State University, where he teaches the capstone marketing strategy course for senior-level marketing majors. He has taught courses at the undergraduate and MBA levels, as well as executive education. His research is focused on branding, brand equity and strategic issues in B2B services markets. Prior to entering academia, he was the marketing director for Kidpower, the toy company that marketed products such as the Funnoodle.

²is the J. Vaughn and Evelyne H. Wilson Chair and Professor of Marketing in the Neely School of Business at Texas Christian University. Professor Leone has published extensively in top marketing journals and is frequently quoted in publications such as Business Week and The Wall Street Journal. He has served on the editorial boards of Journal of Marketing, Marketing Science, and Journal of Advertising. His teaching interests lie in the areas of brand management, marketing management, and strategy and marketing research. He is a three-time recipient of the James L. Ginter MBA Marketing Elective Teaching Award at Ohio State University (most recently in 2006). Among other honours, he has also won the Fisher College Graduate Teaching Award twice.

Received 15 May 2007; Revised 15 May 2007; Published online 1 February 2008.

Abstract

Both researchers and practitioners seek to understand how to leverage brand equity to create value. Adopting 'the theoretical separation of brand equity and brand value' framework originally proposed in the Journal of Brand Management by Raggio and Leone, this conceptual paper looks more closely at the brand value construct and the implications of the proposed theoretical separation. The authors argue that firms are continually attempting to 'chase' the appropriable value of their brands—defined as the theoretical maximum value that a brand could achieve if all brand equity were fully leveraged. Implications for developing measures of brand value are discussed.