以關係價值觀點建構連鎖加盟品牌鑑價模式

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(2) CONSTRUCTION OF THE CHAIN & FRANCmSE'S. MODEL OF BRAND V ALVA TION BASED ON. THE ASPECT OF RELATIONSHIP VALUE. Yen -Hui Chang" Mu- Yen Hsu "" , Shui-lung Chuang ••. ABSTRACT. Tb re are ma ny intan g ib le a.' 'et va lu th at d. exist in the fran chi e'. brand. not refie t in th e financi al r port. So far in T ai an, lherc. is not a m del and fo rmu la th at can characte rize the re lat io ns hip between chai n & fra nchi e company and the brand vaJuatio n.. This. rudy is bas d on th e brand va lu ation of two Bri tish co mpanies, lnt rbra nd and BRAND FIANANCE . T h a rticl. tn e. to construct the. rei tion hip between "i nternal cu stomers (franchi "e headquart r - chain l res) and exte rnal cu. t mers (chain 'tores - client) an d brand value". Th i. aper aue mpts to de el p a model to combi ne bo th franc hise. ind uslry". ch rac teristic. a nd brand valualio n.. T hro ugh this model.. other can e amine franchi e brand valu e, a nd the chain & franchise headq uarter can chan ge thei r investm nt of brand management to enforce brand awareness, royally and improve fran chi se competitiveness for Ta iw an in int rnat i nal marketpl ace.. KEY WORDS: Chain & F ra nc h ise, Brand Valu ation, C ustomer-B rand Re latio n, Franchise headquarter - C hain stores R lation. Yen-H ui Chang: malthew @centedjlc .cdu.tw Mu- y: n Hsu: muyen nccu.edu.lW Shu i-l ung C bu ng: bob.jung @nptcch.com.tw.

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(5) j..j. rm i* .fiIur.s~mim~ 1JDlm,§l,g!!l i1H.m~. I 'A" J:l1l ii5~J. AI:] §71* (t.)]l( 7/;5(. 0. 149. f.ililli WJ 3iliIII ~ 1}'l11[ ~ (tio~J Jt ~ , 6 i ,. i;-htl$~ ~~D FBI . ~.H~~~~ ' ~ •• ~~- 8~~m~~ ~ · m ~~ mM~~ ~ B~~.~~ l\iJLA~!l rbJ'ftflllfr ( Cravens and Guilding , 2000 ). 0. rl i #Ms (nJ i¥J 0 EJ L@ 1f£ ~ ~o i OJ6 ~ I'di': Er'J m: ~ 11 ' IZ9 ty 'i2: OJ ~ ft:1J 4~HlL 7f ~ ~fj ~ (:I"J ". . fWl§BtE~lm£-EJtfimecpl¥Jfi3E9. ( Cravens an d G uilding. 1999) · ~7 1 ' , ~~m t. ( It. hran d eqUIty . ). 51 '";/;; t t D. jift! r h. :;IT.. m !r.n. IC:J ~!r.o.q n'r. n'F. C J}1;T. 1=1 ~ lfy,y, ;j<q (."., +t. f.j.fT ~. 7E,~ if,tH1P Fb[S", ii/j,\, J5t ' IJPH'Fl' 'O tx ' ".Co l' IJP.l"l ' po n·'H~ fI ,t.!;. lAU'·. L!:\ H. h' ~'#giJ 5§ I::Ij*B9. <. tCzmt*fV~;fj!E13tf1h~~IJ ~ tf:j * ( Aaker. 1996) •. iJ/;l( 'M,- fill JfJ h'!'f! ~~ffi H.lol¥J* ~Jg*. ' C raven s and G uildin g ( 2000 ). ~-b j~~. l2SJ li:t '. 8":J1vl ~*.s:W:3t. ~~~E~~m.~~a~~oo~.~~ o. ~m~~~7B*~~ ft.~ ~ .~. am~~ ~~ ~ mm~ ~~~ .~~~ I'~ fl'i tl'H~;2 fMHM ~ ~4 m tf:j. :. ~~mm= ( ~m~.xM~~~ttx.~~)/g.~~* BV = Fx ( PD, LD. ED). PD r. x LD x ED. ro =~~. ~* x£~m~* x*~~ v.~*. = [ {( :4i: ~ EJ 1!t~'Hg~ / :£$: £- EJ '~~ pJ(::$: . ~ *iJ::J~ it~;Uft / ~1$:&.. V.~* ) x* £- ~.~~~g (~ ~.~.ffl ) tt*)~~~ 5 ¥ SfZ~ ]x *£-EJff. ~ :$:. LD = ( ~. )~* 11 - ~.)& ~(. /itMJJX* 11. (J ). (fJ-. W(J ~S3~~5if.:~. ~pl(*ti~~* lli ) ED. mJ ~I'B' .~pJ('&*&*. t) JH5B r~ ~.~ nlG~ * ~ SJZ~. ' §7t~:ili l-rm~~:m: ' ' ~~m:t-~lj;~fM ' ;=fjWHl i 1~$ , JJX ,~, l(CfIHszm~t} ; (2) 7HffflirY~~*1§- #fd.5t ; (3 ) ~(?id1dj$o'J$t~591 ~ • ~9 ~ , no H:*~1iW~:M1::H] J]i fJ'I~I fF : (1 )m J£~flM5tfff ' (2)Y!:f~m7ftij , (3) &h~fm1H p.-~r'rb)J!1!ii~~~B R AND FINANCE :i1HJrf!IJ~ifi11Y Hi'f. "IN ,. l~ qlJ [j ~ : (I) T m1:fp~~ffRfFZ~$I! T-. , Brand Value Added , BAV ) - ~1::l~f..fm *z nik5t ,rff ' (4) Rn j]l1i! Beta 5:1 ,rJ'f. BranJBcta analysis) -,~e**~ f IJ ~~~#CJE lr1\erbrandlj/'.l 6'b~lidH+~lli ' ;tt {~lj;l6 !li~~. .. '. Wlj~ll. ~i (5) !ii lJ'I~i2ij(gt5j" tFf. :. ~!i:~J"f1Hli~rr~f1M~~im. IJII/-Z.~~ jJ ~1,(](jHrr ' Jlt1f12 131J$ i'l3fj!\i)t~~~il~. 0. ' hoJ:. , Tfmt)i®~6'bil$if~. ·1. I. ·- ' ~[ ~~~ * ~~~~ffl~ ~ ~&~~m~ ~ , ~~~~m.~~£~®. ~~# WV~ ~~ ' U&~ .m. ~~MMmz~ ~.~$ ( ~~~ . ~m.

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(20) I. Year1. Year2. ~£~ 1Jo~a* ~ M~®~ (Chain & Franchise's Brand Revenue ). 375,000,000. 450871,875. 531,983,725. 621,341,172 625,326,631. m ~ i:iJZ$. 150,000,000. 180,348,750. 212,793,490. 248.536,469 250.130.653. 225,000,000. 270,523,125. 319,190,235. 372,804,703 375,195,979. ·t~A~. 67,500,000. 81,156,938. 95,757,071. III .841.41 L 112.558.7Y-l. 1H' (j'i M~. 2,812,500. 3,381,539. 3,989,878. 4,660,059. 4.689.450. 18,750,000. 22,543.594. 26.599,186. 31,067,059. 31.266 J3~. 3,750,000. 4,508,719. 5,319,837. 6,213 ,412. 6,2512M. ( Cost of Goods Sold ). ~~ ':§f~ (Gros~ iJ' ~i4li:iJZ$. Profit ). ( Marketing osts). jlT ( Depreciation ) '§'~. m. ( Other Overheads ). Year4. YearS. ( Central Cost Allocation ). Applicable Taxes )35%. ffif~~§~fu~ (NOPAT ). flJ tIU .J. 132,187,500. 158,932,336. 187,524,263. 46.265 ,625. 55 ,626,318. 65 ,633,492. 85,921,875. 103,306,018. 131 ,250,000. 219,022,763 220,427,638. ~ ' ~ Lj';: ( Working Capital). ( Net PPE ). Jim ( Capital Charge ) 8%. ~~jjl1JO li\! 86rn.fflUf~~ ~ ( Chain & Franchise's Brand. ( ~B~;kI. 121,890,771. 142,364,796 143,277,9(101. -f ~ (*,ffi. 157,805,156. 186,194,304. 217,469,410 218,864,311. ~kfl)[ , Wf. • 112,500.000. 135,261 ,563. J 59,595 , I J 8. J 86,402.351 187.597.9))'1. i,H. 18,750,000. 22,543,594. 26,599,186. 31,067,059. 31.266J 3::!. 10,500,000. 12,624,413. 14,895,544. 17,397,553. 17,509,146. 75,421,875. 90,681,606. 106,995,227. ~j!l 1JD ~~~ Fl3 §J~f~ ( Chain & Franchise 's Role of Branding Index ). 124,967,243 125,768,819. 59,583 ,281. 7l.638,469. 84,526,229. 98,724,122. ~ ~ 1JD ll2l 66~ jlTm$. ( Chain & Franchise's Brand Strength core) = 66. ( Chain & Franchise's Brand Di scount Rate ) = 7.4%. ~~ J.JO~ 66~?lli§*fITI~@. (Chain & Franchise's Discounted Brand Earnings ). 55,477 ,91 6. 62,106,597. 68,230,515. = 329,546,442. 2.5%. li4~~~abWi'1 l.~ rfJ ;~ mlg[NPV ofTerminal Brand Val ue ( beyond Year 5 ) = 1,454,475,639 ~~1JO~abM~l~ l.m. ~ra. ~11~'F ~ ~. Lt'Ltf (t '. ( ti71!e:!l). Imtl(J1~. (ti7~12!l J. (i a-'~ Jj fit lUl:il t~1. 69.531.031. l6M~ (~. ( ti7i!3li). ~~P]tJ']1~. 1-5 ~66WfiIDW;jlT me'9;~ I~1~NPV of Discounted Brand Earnings ( Year 1-5 ). fiHlf:l i:iJZ ~$. 74,200,384. ft!... T~ J@':::. 99.357.367 -. ~~1JOE5l.66rn.59i~ R 1;Fia.. 0. (I~YlHta~. ( t!1~= ). 79 %. in. !J n;/TIl j!J (15 ' :fifR. -. Franchise's Brand Earnings). ~. 77,149.673. Intangible Earnings). ~ ~ J.JO~65 ~iIDW, ( Chain &. FINANe. [hUm. 76,657,967. -. i!JJm mLj';: ( Capital Employed). ~. V.l:1-l ~-I,',. 1.1 Tt1 JO 'J. .<f;: fiJ. EBITA (Earnings Before Interest, Tax and Amortization). ;~ PPEia.. :ltj~L),. /jtt: ". . m ~i:iJZ$ 53'Jft. llI~ ffl ii'fi(. Year3. ( Chain & Franchise's Brand Value ) = 1,784,022,082. (ti7 ~E). i!liij. ( # lUi: :. 1m '. (ti7l!li ) (ti7 ~Ii;. I. fih )~. Jfj: Ifj' £ bJ 1iih1"ilJ luk. '1'I11~ r_.

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(22) flW6h h'$~~HiJiF",~W~. ,. ~:-Z ~~~ ~1i] ~ -g .3jHlr;j 1JD'd£l ~~ ' J~¥:;J-Hq]~f~BAHJt :1f~. it ~Jtb ll 21 ,fb f~ f~ ~ ~ r?p h1f! 111m:. m:. '. 9. . Cr. Cr. 0. ;6 !~ 11m ~ jD~~ m ~ iJ3:§ B ~ 7,j<jJJTt ' j!rJ1~iJ!! ~ ffj ~ ii: E n£!~ ~fr ff~ ~lL - {l6] ~~f 1~ 'fIi B~~ fjiIJ. l. iii '$. £ 11$~dl~iliiIH~jJ~px ~@ ~1fj'~mUIlt~7m f~S~:JlM1WJI~- (Cravens and. Al. 10. Fo Re. ' WX: I11I'iJ j;)Ja £t!JtJ 7!Hm~1! 1]D iifl t£h W! W t:1~~~1J []2t {JIj1l: tff ' ~ ~ ~ ~ r,gJI3tm ~ 2i !OJ £L m~JJ t7 ~ r?r;Iflif1~! ~ Z* ± Ii Jl 1i ~ , JiUfJ 2jq jJ [- it )=iff ~ it: <: :@ ~ 1j D ~ rRdiif1I'd~ W;:rt:i1/l f:J ~ W 0 Il* 7 OJ 1;Z fri ~:,;t ± ~ ~ JJD .iI£l I:lDp )1$ ~ :£1) ]ifF:~ 11i:E 1Ifll ' J~f fl J{t: ~ :iN lJ ~l(j<P;B mmrJWill ~ flt ~ ; j!, 3iTiJ ~:-Z Fa M ~ 'If!HfHi ~nli!¥. 13. Ke. ~ .~ ~ · *~ .~ 1i .M~ ~ff &~ ~ . ~~ .ft~ '~~ m ~-g.~.~=~. Eq. G uilding , 2000). 0. ~Lllt. *'. ~ ffj ~ ~ 5M~ fJ'l IIi. ' j,i iffi ~ ~ J1i] lE tlH:i' it!! ' .iI!l rPl ~ p~. .**(. 11. Hi. 12. Hil Re. 14. Lei. 0. Inv. 15. NUl. Pro. '8 % !\i~~Hl~H.V: iii ~ iB!t~ ~ a<J ffl {/~il1t W1'il1 ~~ ~ , lJE ~* ;ZJJl[ §fiB ~, ~ ~ 111 ffiE ~ z ~m ' ~~*~ Jlt9~ , ~ ~t'lft! tSz: f(qJl' {Jl tm ~!Jii! 2 * 1)Z fijl:jy:'g 0 w) , tuili. ". 16. Par. Inlt. il Interbrand W BRAND FINAN CE ~ ~~ , :W*'l-Ji~1! : ~~[fU~ *fl 5@lf~ EI\7 }\1i tJWJ ~JJ. 17. Sri'. Sh~1. 19 1. . ~'-Hjz ~ , f:t 311~EfJ ~~mI'~ fH~ i=i~Wf lj $fJNEFJ~jJg ~ I2:9 M. 2. . ' 2001 :\f"-. ' ~ 297-352 Ji. , ~iJ ~jl*T:E-6' ~ , -6';. pj~liwrl '. BlF t~n~ ' f;OD ~ ff:J *§S nw*~~ 9;Ll ~~fflHfJ Jjf( @. , 'f41X ~Jfik iJt,l:m ¥al$) , SR9206 ' 2(03 )1 '. ~ 442-455 J[ •. 3 .. • • • ' ~~~ ' mC~ij · .@~~.~ ~ Z ~~ , .=~ ~~ ft~¥~ 1ilJ1 i:I cp :jyj ilT &'} I'£;'E , 200Mj::. •• ~ ~M. ·. 0. 4_ . Aaker, Je nnifer and Susan Fournier, A Brand as a Character, A Partner and a Person:. Thr~,'. Perspectives on the Question of Brand Personality, Advances in Consumer Re search . Vol. 22:. 391-395,1995. 5. . Aaker, David A., Building Strong Brands, New Ym-k: Free Pre ss, 1996.. 6. . Awn, Arthur, Meg Paris and Elaine N., Aron, Falling in Love: Prospective Studies 01 Self-Concept Change, Journal of Personality and Social Psychology, Vol. 69 (December):. 11 02-1112,1995. 7. . Cravens, Karen S. and Chris Guilding, Strategic Brand Valuation: A Cross-Functional Perspective, Business Hori zo ns, Vol. 42 Issue 4: 53-62 , 1999.. 8. . Cravens, Karen S_ and Chris Guilding, Measuring customer focus: an examination of the relati o ns hip between m arket ori e ntation and brand valuation, Journal of Strategic Marketing. Vol. 8 Issue 1: 27-45.2000.. 18. Stra. 198. 0. 19. Ten.

(23) .l-::I, ~bl% fJl fiU\,! ~MiHM~.~~1JDOO ~g~m fJUi ~. t~ :A'-fl l'l. 9. . Cravens , Karen S. and Chris. 167. Guilding, Brand Value Accounting: An International. Comparison of Perceived Managerial Implications, Journal of International Accounting ,. jj)j ji!ltil'{1. Auditing & Taxation, Vol. 10 Issue 2: 197-221,2001. 10. Foumier, Susan, Consumers and Their Brands: Developing Relationship Theory in Consumer. (Ivens and. .. HkEjf1 ~. ' h~ l,;lr-'-;- ~. r) 1. ~ld:: ..:..L. i_. J. Research, Journal of Consumer Research, Vol. 24 (March): 343-373, 1998. II. Hinde, Rohert A., Toward Understanding Rclationships, London: Academic Press, 1979. 12. Hinde, Robert A., A Suggested Structure for a Science of Relationship,. .f lJ l:i if--; ~. '311H'J r%1j!!1. Personal. Relationships , Vol. 2 (March): 1-15,1995. IJ .. Keitel; Kevin Lane, Strategic Brand Management: Building, Mea s uring, and Managing Brand. Equity, Prentice-Hall Upper Saddle River, N.Y. (1998).. I t;f;t:tJn ~no. 1'+. Leihowitz, Martin L., Franchise Valuation under Q -Type Competition , "Association for Investment Management and Research," Nov./Oec.: 62-74, 1998. 15. Narver. John C. & Stanley F. Slaterr, The Effect of a Market Orientation on Business Profitahility., Journal of Marketing, Vol. 54 (October): 20-35 , 1990. I, ~~lin. ' fflll ,:fJ ttih llh ~ pJ. Ifl.. Park. Jong -Won, Kyeong-Heui Kim and JungKeun Kim, Acceptance of Brand Ext e nsions:. -. Interactivc Influences of Product Category Similarity, Typicality of Claimed Benefits, and Brand Relationship Quality, Advances in Consumer Research , Vol. 29: 190-198, 2002. 17. Srivastava, Rajcndra K. , Tasaddug A . Sherwood and Liam Fahey, Marekt-based Assets and Shareholder Value: A Framework for Analysis, Journal of Marketing, Vol. 62 (January): 1<)-32, 199R.. iI ~ 1i71 si\! •. Ill. Strauss, A., Qualitative Analysis for Social Scientists, Cambridge, UK: Cambridge University,. 19R7. I. '. 2003 it .. 19. Temporal. Paul, Advanced Brand Management, John Wiley & Sons Pte Ltd, 2002.. t lVtJ1 Tson :. lnr~ ~. ·ch. Vol. 22'. Studic,. \11. Oecrmhtn. :-FunCIHlO.lt. Ilion 01 llu. Markcli Jh .. II.

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