A Comprehensive Review of Brand Equity: Theoretical Foundations, Measurement Approaches, and Empirical Advances

Abstract

This research Article  provides a comprehensive review of brand equity, a central construct in marketing scholarship and practice. It synthesizes theoretical models, key dimensions, measurement approaches, and empirical applications with a specific emphasis on research conducted in Thailand and Southeast Asia. The concept of brand equity has evolved from being a strategic marketing tool to a multidimensional construct influenced by cultural, digital, and sectoral dynamics. This review examines both classic and emerging models, notably those developed by Aaker and Keller, and analyzes how brand equity is constructed through consumer perceptions, financial performance, and organizational behavior. Special attention is paid to the role of emotional engagement, cultural values, and digital co-creation in shaping brand equity across Southeast Asian contexts. The paper also explores how consumer-based and financial-based brand equity models apply in Thailand’s unique cultural landscape, where collectivism, social endorsement, and symbolic consumption are key drivers of brand loyalty. Additionally, it considers recent trends such as sustainability, brand activism, and digital branding strategies, especially influencer marketing and e-WOM, which are now central to brand value creation in contemporary markets. By drawing from both global and local research, this study identifies key antecedents and consequences of brand equity, highlights measurement strategies suited to Southeast Asian markets, and calls for future research to adopt culturally sensitive, interdisciplinary, and digitally integrated approaches. Overall, the review contributes to the literature by contextualizing brand equity within the evolving socio-digital landscape of Southeast Asia and by proposing strategic insights for academics and practitioners aiming to build strong, culturally resonant brands in the region.