ISO 20671:2019 pdf – Brand evaluation — Principles and fundamentals

ISO 20671:2019 pdf – Brand evaluation — Principles and fundamentals.
1 Scope This document specifies the fundamentals and principles for brand evaluation, including an integrated framework for brand evaluation containing necessary brand input elements, output dimensions and sample indicators. This document can be used in internal and external brand evaluation. 2 Normative references There are no normative references in this document. 3? Terms? and? definitions For the purposes of this document, the following terms and definitions apply. ISO and IEC maintain terminological databases for use in standardization at the following addresses: — ISO Online browsing platform: available at https: //www .iso .org/obp — IEC Electropedia: available at http: //www .electropedia .org/ 3.1 brand intangible asset, including but not limited to, names, terms, signs, symbols, logos and designs, or a combination of these, intended to identify goods, services or entities, or a combination of these, creating distinctive images and associations in the minds of stakeholders (3.1.2), thereby generating economic benefit/values 3.1.1 entity individual or group of people structured as a sole-trader, corporation, company, joint venture, not- for profit organization, firm, enterprise, authority, partnership, charity or institution, or part or combination thereof, whether incorporated or not, public or private, that owns and/or has the legal ownership or legally/contractually authorized rights to use and/or promote the brand (3.1) in the category (3.1.3) for some economic or societal benefit 3.1.2 stakeholder(s) person(s) or discernible group(s) of individuals that can affect, be affected by, or perceive itself (themselves) to be affected by a brand strength (3.2) 3.1.3 category segment of the market, economy or society where discernible goods or services associated with the brand (3.1) are offered
3.3 brand performance evaluation of the brand’s (3.1) impact in the category (3.1.3) as established by a market test (3.3.1) of its brand strength (3.2) 3.3.1 market test research activity conducted in a category (3.1.3) amongst stakeholders (3.1.2) to assess the impact of brand strength (3.2) on brand performance (3.3) 3.4 dimensions consistent group of validated indicator categories (3.1.3) or indicators (3.6) that make up a component of brand strength (3.2) 3.5 elements discernible components of a brand (3.1) comprised of tangible, intangible, quality, service and innovation components 3.6 indicator validated metric that is measurable as part of the market test (3.3.1) and informs the brand strength (3.2), brand performance (3.3) or brand valuation (3.9) exercise 3.6.1 indicator category set of consistent and dependent indicators (3.6) that can be represented as a single dimension (3.4) 3.6.2 measure piece of information or data that is regularly and reliably collectible and can be represented as a numerical metric 3.7 brand evaluation measurement of brand strength (3.2), brand performance (3.3) and financial results using relevant elements (3.5) and dimensions (3.4) 3.8 brand value worth of a brand as an asset for an entity 3.9 brand valuation measurement of monetary brand value at a point-in-time 4 Principles of conducting a brand evaluation 4.1 General principles The evaluator assesses the brand on both elements and dimensions using the relevant indicators and justifies their inclusion and relevance to the brand. The internal or external evaluator conducts a brand evaluation using the framework and principles contained in this document. The evaluator has an obligation to justify the strength of the indicator, the sources of data that inform it, the frequency of data accessibility and its limits in reflecting the contribution of the dimension toward brand value.
When necessary, independent experts shall be drawn upon to aid in an objective audit of the indicators. Furthermore, the evaluation shall reflect the following principles: — The brand evaluator shall be conscious of the fact that different stakeholders may have different importance, represented by relative weight, for the elements and dimensions, and have differing, representative indicators that are used for evaluating the specific stakeholder group. — The brand evaluation shall be conducted using the multiple elements and dimensions and conscious of differing perspectives. Different elements and dimensions may use different methods to evaluate the impact of the elements and dimensions with the relevant stakeholder group. Qualitative analysis methods and quantitative analysis methods may both be used in the process of brand evaluation. 4.2 Transparency Brand evaluation processes shall be transparent. This requirement includes disclosure and quantification of evaluation inputs, outputs, assumptions and risks. 4.3 Consistency To achieve comparable results in an evaluation, the methodology used for the evaluation shall be consistent. If the methodology shall be changed, changes shall be noted and the ability to compare results explained. 4.4 Objectivity The evaluation shall be performed free of partiality. 5 Brand evaluation fundamentals 5.1 General The fundamentals of brand evaluation focus on evaluating brand value using both elements and dimensions, thereby determining brand strength, brand performance, and financial results. Elements determine the input which the brand operating entities allocate to the brand, while dimensions measure the external reactions to the brand.