LOV Measures: Using the List of Values to Measure Symbolic Brand Equity (An Abstract)

Abstract

In recent years, it has become increasingly accepted that brands possess the capacity to convey different sets of benefits to different consumers and that these benefits can be functional, experiential, and/or symbolic in nature. While our understanding of functional and experiential branding has grown considerably over the past quarter of a century, our knowledge of symbolic branding lags behind. Relatedly, although a considerable amount of research has been conducted regarding brand personality as an effective evaluation tool for predicting perceived brand benefits and acceptance, to date no studies have employed brand values for the same predictive capacity. As codeterminants of lifestyle, both brand personality and brand values are integral to the formation of consumer attitudes, behavior, and lifestyle. By examining the predictive capacities of Kahle’s List of Values (LOV) framework and Aaker’s Dimensions of Brand Personality framework, this study conceptualizes symbolic brand equity and then uses linear regression modeling to evaluate the List of Values (LOV) as a measurement framework for assessing symbolic brand equity, as well as its relative effectiveness in measuring symbolic brand equity as compared to the Dimensions of Brand Personality framework. While Aaker’s Dimensions of Brand Personality framework continues to be an effective framework for assessing brand equity in general, study findings reveal that Kahle’s List of Values framework outperforms the Dimensions of Brand Personality framework when measuring symbolic brand equity. Correlations are drawn between brand values and brand personality, as well as within the LOV instrument itself. Theoretical and managerial implications of consumers’ brand values and brand personality evaluations are also discussed.