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2015, vol. 46, br. 1, str. 13-25
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Merenje finansijske vrednosti marke kao nematerijalne imovine preduzeća
Measuring the financial value of brand as an intangible asset of an enterprise
Projekat: Unapređenje konkurentnosti javnog i privatnog sektora umrežavanjem kompetencija u procesu evropskih integracija Srbije (MPNTR - 179066)
Sažetak
Svrha autora je da u ovom radu istraže suštinu koncepata vrednosti i vrednovanja marke kao važne intelektualne (nematerijalne) imovine preduzeća i identifikuju ključne elemente koji utiču na finansijsku vrednost marke. Identifikovanje ovih elemenata, tj. faktora i nosioca vrednosti marke, relevantno je za upravljanje markom, a u cilju obezbeđivanja njenog što većeg doprinosa rastu tržišne vrednosti preduzeća i unapređenju njegove ukupne poslovne konkurentnosti u budućem periodu. Cilj rada je da se analiziraju prednosti i ograničenja različitih metodologija za finansijsko vrednovanje marke. Strukturu rada čini nekoliko celina. Pažnja se, prvo, fokusira na ključne razlike između vrednosti imovine sadržane u marki (engl. brand equity) i vrednosti marke (engl. brand value). Sledi analiza opštih aspekata metodologije merenja finansijske vrednosti marke, a potom i podrobnija analiza prinosnog, troškovnog i tržišnog metoda vrednovanja. Rezultati ovog istraživanja su identifikovane prednosti i ograničenja analiziranih metodologija za finansijsko vrednovanje marke, kao i smernice za njihovu praktičnu primenu. Navedeni rezultati istraživanja omogućiće marketing menadžerima i menadžerima preduzeća adekvatan izbor metodologija što doprinosi efektivnom operativnom upravljanju markom, ali i efektivnom donošenju važnih strategijskih poslovnih odluka prilikom realizovanja određenih poslovno-finansijskih transakcija.
Abstract
The purpose of this paper is to explore the essence of the concept of brand value and valuation of brand as an important intellectual (intangible) asset of the enterprise, as well as to identify the key elements that affect the financial value of the brand. Identifying these elements (ie. factors and drivers of brand value) is very relevant for brand management aiming to ensure a greater contribution of a brand to the growth of the market value and improving competitiveness of an enterprise in future. The aim of this paper is to analyze the advantages and limitations of different methodologies for financial valuation of the brand. The structure of the paper consists of several parts. First, our attention focuses on the key differences between the brand value and brand equity. After that, follows an analysis of the general aspects of the methodology of measuring the financial value of the brand, and more detailed analysis of income, cost and market valuation approaches. The results of this paper are identified strengths and limitations of the analyzed methodologies for financial valuation of the brand, as well as guidelines for their practical application. The results of research, regarding the methods of financial valuation, are directed to facilitating adequate selection by marketing managers and executives of enterprises who should use them for effective everyday brand management, but also to make important strategic business decisions effectively in realizing certain business and financial transactions.
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