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Pepsi Brand Tracker
(Project 2 Part 3 Pepsi Brand Valuation)

PRAXIS BUSINESS SCHOOl

A report Submitted to Prof. Srinivas Govindrajan In partial fulfilment of the requirements of the course Product and Brand Management On 22/09/09 BY Apoorva Jain Gunjan Dugar Hardik Mishra Manoj Mani Iyer
PEPSI BRAND VALUATION PRAXIS BUSINESS SCHOOL

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Executive Summary
While considering the models for brand valuation, there were various models based on different approaches like financial, economic & qualitative. But while choosing models we also had to consider the amount of data and details of the company’s financial background that was available. For DCF, Interbrand and other such models we had to have a complete balance sheet of the company which was not available in our case, thus along with the models like price-premia & royalty method we also considered a model which was qualitative which was Shafer’s Model. Model 1: Shafer Model : Out of the various methods available to ascertain the value of a brand, one such method is the Chip Shafer Model method of ascertaining the brand value. A model developed by Trajectories Group in Irvine, California. Chip Shafer is the CEO of that firm. Formula= B = (R + M + V) C, where B equals Brand Valuation, R equals reputation equals momentum equals vision & C equals connection. Process for Measuring Brand Value :Respondents were asked questions related to the four components of this model. A comparative study was done and the brands were assigned scores in each of the component. Then as per the formula the brand value score was assigned to each of the brand. Research Methodology : Research Design was descriptive, Sampling technique was Simple random sampling, Method of data collection was primary data collection method while instrument of data collection was questionnaire & the sample size was 30 respondents for Shafer model and 20 for royalty and price-premia method. Findings : After assigning scores individually for each of brand across the 4 components and assigning scores as per Shafer model, Thums Up emerged as a leader by a huge margin followed by Sprite, Pepsi, Coke and Fanta. Thums Up was leader with huge margins in more than one component which clearly shows the strong grip the brand has on the consumers. Model 2: Price Premia Model : In the price premia method, the value is calculated as the net present value of future price premiums that a branded product would command over an unbranded or generic equivalent. Here, the price premia model is use to calculate the difference between the perceived prices of beer for different cold drinks brands Process of Measuring Brand Value : Average Price = Total Price/ No of respondents . Sales(in units) = (No of users who want to buy a particular beer brand*48). Brand Value (in Rs) = (Average price of beer of cold drink brand – Average price of unbranded beer)*sales of branded beer PEPSI BRAND VALUATION PRAXIS BUSINESS SCHOOL

3|Page Assumptions : Monthly usage rate of beer bottles (650 ml) per consumer is 4 (48 bottles per year). Consumers drink the same beer brand for a year. Findings : Out of the brands that were compared vis-à-vis the unbranded Cold drinks brand. Thums Up clearly is the leader and is valued at Rs. 21912.00.Pepsi with Rs. 3117.60 and Coke with Rs. 2308.80 are distant second and third. Sprite comes next and is valued at Rs. 1814.40.Fanta is last with its valuation coming out to be Rs. 220.80. Model 3: Royalty Method: A brand has a capability to charge a premium. A Royalty rate represent the premium a brand is able to charge above it competitive set. In other words, if the company does not own the brand being valued, the company would have to pay the owner a royalty for the right to use the brand. Findings : Royalty rate of Pepsi =61.67% Similarly the royalty rate for Thums Up, Sprite, Coke and Fanta is 67.36%, 65.48%, 60.42% and 58.33% respectively. Royalty fees that Pepsi can charge is Rs 61.67.Similarly the royalty fees that Thums Up, Sprite, Coke and Fanta can charge is Rs 161.67, Rs 91.67, Rs 48.33 and Rs 23.33 respectively Recommendations : Pepsi would have to analyse the situation and find the root cause, as there are various factors which may influence the below average performance despite the fact that all the brands are priced at same price. It would need to enhance its supply chain thereby increasing its availability, do aggressive marketing thereby highlighting its brand image. Only then it can survive and hope to get close to the leader Thums Up. Thums Up has got a very good reputation and has been successfully able to make people believe that the product is standing up to its image and is adhering to its deliverables. Pepsi as a brand has not done well in reputation and momentum, however in the component Vision, which judges the future of the brand as per the consumer perception, Pepsi stood second to Coke, indicating that although the brand is not doing well currently, consumers have got confidence in the brand to do well. Pepsi has also launched various campaigns in sync with its taglines like “Yeh hai Youngistaan, Meri Jaan” , Nothing Official about it” and got very good responses from these advertisements and should continue doing it in future to enhance its brand image adherence.

PEPSI BRAND VALUATION

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TABLE OF CONTENTS
1 BRAND VALUATION INTRODUCTION........................................................................................................................5 1.1 1.2 2 3 WHY ARE BRANDS VALUABLE? ........................................................................................................................5 NEED FOR BRAND-VALUATION .........................................................................................................................5

REASONING FOR SELECTION OF MODELS ...............................................................................................................6 QUALITATIVE METHOD I - SHAFER MODEL ............................................................................................................6 3.1 3.2 3.3 3.4 3.5 3.6 3.7 INTRODUCTION ......................................................................................................................................................6 BRAND VALUATION FORMULA .........................................................................................................................6 RATIONALE .............................................................................................................................................................7 PROCESS OF MEASURING BRAND VALUE .......................................................................................................8 RESEARCH METHODOLOGY ...............................................................................................................................8 FINDINGS..................................................................................................................................................................8 RECOMMENDATIONS ..........................................................................................................................................11

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QUANTITATIVE METHOD I – PRICE PREMIA MODEL ...........................................................................................11 4.1 4.2 4.3 4.4 4.5 4.6 4.7 INTRODUCTION ....................................................................................................................................................11 RATIONALE ...........................................................................................................................................................12 PROCESS OF MEASURING BRAND VALUE .....................................................................................................12 ASSUMPTIONS ......................................................................................................................................................12 RESEARCH METHODOLOGY .............................................................................................................................12 FINDINGS................................................................................................................................................................13 RECOMMENDATIONS ..........................................................................................................................................14

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QUANTITATIVE METHOD II -ROYALTY METHOD ................................................................................................14 5.1 5.2 5.3 5.4 INTRODUCTION ....................................................................................................................................................14 RESEARCH METHODOLOGY .............................................................................................................................14 PROCEDURE FOR CALCULATING THE ROYALTY RATE.............................................................................15 FINDINGS................................................................................................................................................................15

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ANNEXURE .....................................................................................................................................................................16 6.1 6.2 6.3 SHAFER MODEL QUESTIONNAIRE ...................................................................................................................16 PRICE-PREMIA MODEL QUESTIONNAIRE ......................................................................................................18 ROYALTY METHOD QUESTIONNAIRE ............................................................................................................18

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BIBLIOGRAPHY .............................................................................................................................................................19

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1

BRAND VALUATION INTRODUCTION

1.1 WHY ARE BRANDS VALUABLE? Brand is the medium through which the consumers identify their experiences with the product offerings of a company. The name of the company is forgotten, but the brand name remains in the mind of the consumer. And this brand name, along with its associations, initiates future purchases. So, logically, one can conclude that the consumer's behaviour and perception about a company's brands reflects in the company's bottom line 1.2 NEED FOR BRAND-VALUATION Although public perceptions of brand valuation are often focused on balance sheet valuations, the reality is that the majority of valuations are now actually carried out to assist with brand management and strategy. Companies are increasingly recognising the importance of brand guardianship and management as key to the successful running of any business. Brand valuation has gained a lot of importance due to the following reasons:  Building of brands takes years; most of the famous brands are even 100 years old but the value of the brands needs to be maintained continuously as it is not something that is consistent or permanent, the value changes with the changing environments  A full-fledged brand valuation exercise can help a company strengthen its inter-departmental communication and also develop a reliable information system  It indicates the strengths and weaknesses of the company's brands and is a useful tool in devising brand management strategy  The company can identify its most resourceful brands and can thus differentiate between strong brands and brands which are only glamorous and not that strong, and thereby aid in resource allocation to maximise shareholder returns  The recent trend of acquiring established brands to ensure growth amid tough competition has led to the wide acclaim of the brand valuation concept in negotiating the transaction price  Brand valuation can also help in identifying brands to be included in the portfolio The value of a brand reflects not only what earnings it is capable of generating in the future, but also the likelihood of those earnings actually being realised.

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2

REASONING FOR SELECTION OF MODELS

Brand Valuation can be done by various methods. Few of them are Discounting Cash Flow, Interbrand Method, Cost based approach, Book to Market and Cost of Certainty Model. These methods require the financial data of the company like Book value, Market capitalization, Value of intangible assets, Advertisement costs, Income statement, Balance sheet and other such data. Few of the other methods are Price Premia Method, Royalty Method, Shafer’s Model and other such methods wherein the financial data of the company is not required. For selection of the method for brand valuation of Pepsi we have chosen Price Premia, Royalty and Shafer’s Method. The other methods could not be chosen due to the non availability of the financial data. Though PepsiCo is a listed company and the international financials are available but specific financial data for Pepsi cola segment is not available and valuing brand considering all the segments would not give a true picture for the brand value of Pepsi cola.

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3.1

QUALITATIVE METHOD I - SHAFER MODEL
INTRODUCTION

Out of the various methods available to ascertain the value of a brand, one such method is the Chip Shafer Model method of ascertaining the brand value. A model developed by Trajectories Group in Irvine, California. Chip Shafer is the CEO of that firm. According to Shafer, only a third of Fortune 500 company market value can be accounted for by shareholders’ equity (assets - liabilities + earnings). The rest is called “intangible assets,” which consists of such things as patents, intellectual property, goodwill and brands. Shafer estimates only about 5% of these intangibles are quantifiable assets such as patents and intellectual property. The vast majority of this value, he says, has more to do with perceptions and expectations about how a company will perform in the future. In other words, it’s the brand expectation people have about your enterprise. 3.2 BRAND VALUATION FORMULA Formula: B = (R + M + V) C, where  R equals reputation  M equals momentum  V equals vision  C equals connection

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7|Page This brand valuation has been broken into these four components, that largely have to do with what you’ve done in the past, what you’re doing right now, what we can
REPUTATION

expect you to do in the future and how familiar we are with your brand.

CONNECTION

The

past

performance

section

deals

primarily with things that have been done to build trust in your brand. Do we like
MOMENTUM VISION

you? Do you offer high quality? Do you deliver on your promises? Are your

customers satisfied? As Shafer points out, reputation is mostly a measure of trust, and trust fundamental necessity in all human and business interactions. The present performance component attempts to determine your momentum in

is a

the

marketplace. Shafer refers the old physics law of mass x speed = momentum. Big companies don’t have to move too fast to have huge momentum, whereas fast-moving companies don’t have to be big to make sizable gains in market position. The objective in this section is to determine how well you are implementing your game plan. The future, or vision component, looks not only at measures of whether customers and prospects regard you as a forward-thinking company, but more importantly, whether they think you have the credibility to pull off your vision of the future. “Having a clear, compelling vision based on a deep understanding of customer dynamics is incredibly important,” The fourth area concerns connection to the marketplace. It’s more than simple awareness because it deals with familiarity, understanding of company values and the likelihood of doing business with your company. As you can see from the formula, if you score well in all three basic performance areas (past, present and future) but fail to show connectedness to customers and prospects, your brand score will suffer accordingly. 3.3 RATIONALE Since the product dealt was Cold Drinks, where all the brands are priced similarly, the brands charging premium would be hypothetical, thus it was a clear case of brand name contributing towards incremental sales in volumes by giving access to customers. Thus along with the tried and tested models like DCF, Interbrand, Royalty relief & Price premia, we also had to chose a model which is basically qualitative in nature, which is able to capture the intangible PEPSI BRAND VALUATION PRAXIS BUSINESS SCHOOL

8|Page factor which makes the brand, the brand it is. The Shafer model basically aims at capturing the past, present & future of the company and then a relation in terms of the connection every customer has with the brand. 3.4 PROCESS OF MEASURING BRAND VALUE  Respondents were asked questions related to the four components of this model.  A comparative study was done and the brands were assigned scores in each of the component.  Then as per the formula the brand value score was assigned to each of the brand. 3.5 RESEARCH METHODOLOGY The research methodology used to collect data and develop a model was: Research design Sampling technique Sample size Method of data collection Instrument of data collection Descriptive Simple random sampling 30 respondents Primary data collection method Questionnaire

3.6 FINDINGS

Reputation
300 252 250 200 150 Reputation 100 194

234
209 174

50
0 Pepsi Thums Up Sprite Coke Fanta

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9|Page On the component reputation which was to measure the past performance of the brand which included questions judging the brand on its attribute taste and the ability to adhere to the brand image it has been striving to create, Thums Up was the leader with Thums Up scoring 252 points followed by Sprite with 234 points , Coke with 209 points, Pepsi with 194 points and Fanta with 174 points.

Momentum
70 60 50 40 30 20 10 0 Pepsi Thums Up Sprite Coke Fanta 12 31 Momentum 45 62

10

On the component Momentum, Thums up managed to be the leader again with a big margin scoring 62 points, followed by Sprite, Pepsi, Coke & Fanta. For this particular question we asked respondent to assume the bottle size to be 200ml and asked how many bottles of each brand do they consume each week and then arrived at the score applying the formula of Mass * Speed = Momentum. This component was included to have an idea of how strong the brand is doing in terms of actual and potential sales in volumes.

Vision
250 200 150 100 50 0 Pepsi Thums Up Sprite Coke Fanta Vision 193 183 184 198 154

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10 | P a g e On the Component Vision almost all the brands are showing potential, this component included questions like brand’s ability to innovate and keep consumers interested and anxious to have something new and their willingness to recommend this brand to family and friends. Here Coke emerged as the leader with 198 points, followed very closely by Pepsi with 193 points followed by Sprite, Thums Up and Fanta.

Connection
45 40 36 41 36 34 30

35
30 25 20 15 10 5 0 Pepsi Thums Up Sprite

Connection

Coke

Fanta

This was the last component to judge the familiarity the consumers had with the brand and the willingness to get associated with the brand, this was to basically judge the kind of trust the consumers showed on the brand and the level of knowledge the consumers had about the brand. Here also Thums Up emerged as the leader of the pack with 41 points followed by Sprite and Pepsi both at 36 points and then Coke with 34 points and lastly Fanta with 30 points.

Total Score
25000 20000 15000 10000 5000 15048 20377 16668 14246 10140 Total Score

0
Pepsi Thums Sprite Up Coke

Fanta

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11 | P a g e After assigning scores individually for each of brand across the 4 components and assigning scores as the Shafer model, Thums Up has emerged as a leader by a huge margin followed by Sprite, Pepsi, Coke and Fanta. Thums Up was leader with huge margins in more than one component which clearly shows the strong grip the brand has on the consumers. 3.7 RECOMMENDATIONS In all the components Thums Up is either the leader by huge margin or a close second, Thums Up has got a very good reputation and has been successfully able to make people believe that the product is standing up to its image and is adhering to its deliverables. As a result of such a strong reputation Thums Up is the leader in the component momentum which judges the current sales happening. Pepsi as a brand has not done well in reputation and momentum, however in the component Vision, which judges the future of the brand as per the consumer perception, Pepsi stood second to Coke, indicating that although the brand is not doing well currently, consumers have got confidence in the brand to do well. Pepsi has also launched various campaigns in sync with its taglines like “Yeh hai Youngistaan, Meri Jaan” , Nothing Official about it” and got very good responses from these advertisements and should continue doing it in future to enhance its brand image adherence. Pepsi would do well if it considers some mass marketing strategy, to highlight the attribute which consumers like and which they find in Thums Up and Sprite which is taste, highlight its brand image which would enhance the reputation of the brand as a brand which is delivering or promising to deliver.

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QUANTITATIVE METHOD I – PRICE PREMIA MODEL

4.1 INTRODUCTION In the price premia method, the value is calculated as the net present value of future price premiums that a branded product would command over an unbranded or generic equivalent. One of the models used by us for brand valuation is price premia. This method is used to determine the price of various brands in a particular category in the market and the differentiation that exists between them. The prices of the different brands are compared and it is found out that what is the difference between the prices of these brands vis-à-vis each other. This difference is the premium that each brand commands over the other brands. Here, the price premia model is use to calculate the difference between the perceived prices of beer for different cold drinks brands.

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12 | P a g e 4.2 RATIONALE  The price of cold drinks is same for all brands (across all bottle sizes). The customers are also aware of the price of the cold drinks.  Beer is a near similar product to cold drink in product composition.  In case of beer the biggest differentiating factor is the brand name associated with it. In this model a sample size of 20 respondents who consume beer regularly was taken and was asked two questions which helped us to calculate the value of the brand vis-à-vis unbranded brand. 4.3 PROCESS OF MEASURING BRAND VALUE  Average Price = Total Price/ No of respondents  Sales(in units) = (No of users who want to buy a particular beer brand*48)  Brand Value (in Rs) = (Average price of beer of cold drink brand – Average price of unbranded beer)*sales of branded beer 4.4 ASSUMPTIONS  Monthly usage rate of beer bottles (650 ml) per consumer is 4 (48 bottles per year).  Consumers drink the same beer brand for a year.

4.5 RESEARCH METHODOLOGY

Research design Sampling technique Sample size Method of data collection Instrument of data collection

Descriptive Simple random sampling 20 respondents Primary data collection method Questionnaire

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13 | P a g e 4.6 FINDINGS

Brand Unbranded Pepsi Thums Up Sprite Coke Fanta

No. of Users 1 3 11 2 2 1

Average Price 36.75 58.4 78.25 55.65 60.8 41.35

Sales in Units 48 144 528 96 96 48

Brand Value Price Premia
Unbranded Pepsi Thums Up Sprite Coke Fanta

21912.00

3117.60 0.00

1814.40

2308.80 220.8

Unbranded

Pepsi

Thums Up

Sprite

Coke

Fanta

Out of the brands that were compared vis-à-vis the unbranded Cold drinks brand:  Thums Up clearly is the leader and is valued at Rs. 21912.00  Pepsi with Rs. 3117.60 and Coke with Rs. 2308.80 are distant second and third.  Sprite comes next and is valued at Rs. 1814.40  Fanta is last with its valuation coming out to be Rs. 220.80.

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4.7 RECOMMENDATIONS
Even in this model the brand Thums Up has emerged as a clear leader as far as overall brand valuation is concerned, as per the above table Thums Up is valued at Rs. 21912.00 and the second best brand which is Pepsi is valued at Rs. 3117.60 followed closely by Coke & Sprite. Pepsi would have to consider this as an opportunity to start reposition itself as the second best available brand and work towards increasing the brand image and overall perception consumers has got about the brand. Pepsi is followed closely by other brands like Sprite & Coke, Infact Sprite is second in the component momentum, thus Pepsi would have to analyse this situation and find the root cause, as there are various factors which may influence this despite the fact that all the brands are priced at same price. It would need to enhance its supply chain thereby increasing its availability, do aggressive marketing thereby highlighting its brand image. Only then it can survive and hope to get close to the leader Thums Up.

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QUANTITATIVE METHOD II -ROYALTY MEHTOD

5.1 INTRODUCTION A brand has a capability to charge a premium. A Royalty rate represent the premium a brand is able to charge above it competitive set. In other words, if the company does not own the brand being valued, the company would have to pay the owner a royalty for the right to use the brand. We have tried to calculate the royalty rate of Pepsi and its competitors. A questionnaire was designed to know the royalty rate of Pepsi. 5.2 RESEARCH METHODOLOGY

Research design Sampling technique Sample size Method of data collection Instrument of data collection

Descriptive Simple random sampling 20 respondents Primary data collection method Questionnaire

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15 | P a g e 5.3 PROCEDURE FOR CALCULATING THE ROYALTY RATE In question no 2 to 4 a yes would give one point and a no would give zero point. In the next question (Question 5) the maximum a brand can score is 9 points (3 features*3 points).Hence a maximum a brand can score is 12 points. So royalty rate of a brand = percentage of Points scored/Total Points. Royalty fees= Royalty rate as a percentage of total sales For Example: If Pepsi scores 8 points then the royalty rate = (8/12)*100 = 66.66% and if 5 respondents prefer to buy Pepsi and Pepsi bottle (500 ml) costs Rs 22 then total sales is 110 hence it can charge a royalty fees of Rs 73.326 (66.66% of 110) 5.4 FINDINGS
Brands Pepsi Thums Up Sprite Coke Fanta No of Users 5 12 7 4 2 Points 37 97 55 29 14 Total Points 60 144 84 48 24 Royalty Rate (%) 61.67 67.36 65.48 60.42 58.33

 Out of the 30 respondents, 5 of them preferred Pepsi over other brands. The maximum points that an individual can give is 12. Therefore the maximum score Pepsi can that Pepsi can obtain is (5*12) 60.  Therefore royalty rate of Pepsi = (37/60)*100 =61.67%  Similarly the royalty rate for Thums Up, Sprite, Coke and Fanta is 67.36%, 65.48%, 60.42% and 58.33% respectively.

Brands
Pepsi Thums Up Sprite Coke Fanta

No of Users 5 12 7 4 2

Royalty Rate (%) 61.67 67.36 65.48 60.42 58.33

Royalty Fees 61.67 161.67 91.67 48.33 23.33

5 people purchase Pepsi. The price of a 500 ml bottle of Pepsi costs Rs 20. Therefore the sales of Pepsi would be Rs 100. Hence the Royalty fees that Pepsi can charge is 61.67% of 100 i.e. Rs 61.67. Similarly the royalty fees that Thums Up, Sprite, Coke and Fanta can charge is Rs 161.67, Rs 91.67, Rs 48.33 and Rs 23.33 respectively

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6

ANNEXURE

6.1 SHAFER MODEL QUESTIONNAIRE 1) Rate the following brands in terms of the attribute taste ? (5 being the highest and 1 being the lowest) {Reputation}

Name Rating

Pepsi

Thums Up

Sprite

Coke

Fanta

2) Rate the following brands on adherence to its brand image ? (5 being the highest and 1 being the lowest) {Reputation}

Name Rating

Pepsi

Thums Up

Sprite

Coke

Fanta

3) How many bottles of the following brands do you consume in a week ? (bottle size 200 ml) {Momentum}

Name Quantity

Pepsi

Thums Up

Sprite

Coke

Fanta

4) Rate the following brands on innovation in terms of product variety ? (5 being the highest and 1 being the lowest) {Vision}

Name Rating

Pepsi

Thums Up

Sprite

Coke

Fanta

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17 | P a g e 5) I would recommend this brand of cold drink to my friends and relatives {Vision} 1 Strongly Disagree 2 Disagree 3 Neither Agree nor Disagree 4 Agree 5 Strongly Agree

Name Rating

Pepsi

Thums Up

Sprite

Coke

Fanta

6) If you are offered the dealership with any of these brands which one you would prefer ?

Name Preference

Pepsi

Thums Up

Sprite

Coke

Fanta

7) Identify the brands from the taglines mentioned below? {Connection} Sl. No. 1 2 3 4 5 Taglines Aap muskurayenge, bulbule gungunayenge Yeh hai youngistaan meri jaan Seedi Baat, No bakwaas, Clear hai Taste the thunder ______ ka Signal loud, Bunking is allowed Brands

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18 | P a g e 6.2 PRICE-PREMIA MODEL QUESTIONNAIRE 1) How much are you ready to pay for the beer bottle of the following brand ? (750 ml)?
Name Preference Pepsi Thums Up Sprite Coke Fanta Unbranded

2) Which beer brand would you prefer to buy ?
Name Preference Pepsi Thums Up Sprite Coke Fanta Unbranded

6.3 ROYALTY METHOD QUESTIONNAIRE 1) Which of the following is a brand that you buy?
Name Preference Pepsi Thums Up Sprite Coke Fanta

Questions related to the brand that is purchased 2) Would you continue to buy the brand even if it is not easily available? Yes/ No

3) Would an increase in price become a barrier in purchase? Yes/No

4) Would a reduction in promotions of your brand affect your purchase consideration? Yes/No

5) On a scale of 1-3, how would you rate your brand of coldrink on the following parameters? Parameters Taste Innovation Leadership Points

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BIBLIOGRAPHY
Books Referred KOTLER & KELLER MARKETING MANAGEMENT Sites Referred www.brandxpress.net/2006/04/4-brand-valuation-methods www.allbusiness.com/company...branding/5736607-1.html

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