Brand valuation in the market of electric guitars in Russia
Student: Rodny`kh Ekaterina
Supervisor: Ivan D. Kotliarov
Faculty: Faculty of Economics
Educational Programme: Bachelor
Year of Graduation: 2014
<p style="text-align: justify;">Bachelor's study on "Brand valuation in the market of electric guitars in Russia" contains 28 figures, 13 tables and 4 appendices. The work content is 87 pages. 38 sources were used to make the investigation. Keywords: brand, brand valuation, price premium, hedonic regression, market of electric guitars.</p><p style="text-align: justify;">The concept of brand valuation has interested academics and practitioners primarily due to the importance in today’s marketplace of building, maintaining, and using brands to obtain a definite competitive advantage. There are plenty of methods used for valuation. This problem is a <strong>hot issue</strong> in scholarly debates and among brand-managers because all these approaches have some advantages and drawbacks<strong><em>.</em></strong></p><p style="text-align: justify;">The <strong>aim</strong> of this paper is the analysis of brand valuation methods to find the most appropriate approach for application in the market of electric guitars in Russia. <strong>Object</strong> of the study is the Russian market of electric guitars, <strong>subject</strong> - methods of brand valuation in the market of electric guitars in Russia.</p><p style="text-align: justify;">Analysis of scientific literature reveals that additional research seems needed to test practical application of the existent brand valuation techniques.</p><p style="text-align: justify;"><strong>Scientific novelty</strong> of the work is confined in investigation of the electric guitars’ brands. The <strong>practical significance</strong> is that as result relative price premiums of brands were obtained, that can be useful for the management of manufacturing companies. Also the effect of different characteristics of the electric guitar at its price is determined and total value of Yamaha brand is calculated in the Russian market.</p><p style="text-align: justify;"><strong>The first chapter</strong> "Theoretical basis of brand valuation" reveals the term "brand", creation of economic value by this asset and relationship with similar concepts such as corporate reputation, intellectual capital and intangible assets. The chapter examines the concept of brand valuation, history of emergence, the purposes and process of assessing, present situation in this area and provides an overview of the main groups of methods.</p><p style="text-align: justify;"><strong>In the</strong> <strong>second chapter</strong> "Comparative analysis of valuation methods for application in the Russian market of electric guitars" three approaches (royalty relief method, price premium and Interbrand) were compared on the basis of such factors as theoretical validity, application complexity, subjectivity and data availability. The baseline result of the research permit the conclusion that price premium method is the most acceptable and meets all the requirements of the study.</p><p style="text-align: justify;"><strong>In the third chapter</strong> "Evaluation of price premiums in the market of electric guitars in Russia," the chosen method was put into practice by constructing hedonic regression. It considers the price as a function of different product characteristics, being the brand one of them. Coefficients β before brands in regression provide price premiums, which can be multiplied by the quantity sold to determine the value of the brand.</p><p style="text-align: justify;">To carry out the hedonic analysis were collected 1548 observations about electric guitars and their characteristics using Yandex Market, system of search and selection of various goods in Russian internet shops. Hedonic model was formed of 12 key attributes that can affect the price and 37 brands. According to the results it can be concluded that brands explain much of the price dispersion and almost all of the coefficients in front of them are significant, that indicates the great influence of brands in the Russian market. The largest price premiums compared to Zombie, the referenc
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