Indre Jucaityte

steps. However, for many consumer the perception and satisfaction is more important
than price when the products are technically similar. As a contrast, marketing of senses
includes feelings that consumers are experiencing. These experiences include the sensory,
emotional, cognitive, behavioral and relationship dimensions. Today, in order to compete
with strong brands, the feelings of consumers can not be ignored. Carefully selected
emotional stimuli may help to establish consumer preferences and distinguish the brand
from its competitors. It is important to understand consumers and develop positive
consumers’ attitude towards the brand. As the commercial offers almost are the same, and
the products and services are assimilated, sensual / emotional elements can create an
unique brand. Marketing of sense is an effective tool for those, who want to improve their
performance. As all buyers feelings can be managed. Brand points out how the product
makes a person feel so, emotional perception of the brand awareness is becoming
increasingly popular. The emotional connection between company and consumers for
long-term is the only key to success in modern markets.
2. BRAND VALUE AND ITS DEVELOPMENT
2.1. The conceptual essence of brand value
With regard to the concept of brand value, it can be spun into the definition of two
elements: tangible and intangible, as well as consumer and company aspects (Vanagiene,
Ramanauskiene, 2008). Value concept in the scientific literature and practical activities is
is used in a variety of meanings. Kotler and Keller (2007) argue that brand value is an
important intangible asset for the company providing a psychological and financial
benefits. In the recent marketing literature two concepts of value are dominating – the
value for the consumers (customer value) and the value for the company (equity) (Smith,
Colgate, 2007). However, according to Khalifa (2004), namely the value for consumer is
a prerequisite for all other values (Vaitkiene, Pilibaityte, 2008). Scientists unanimously
accept and distinguish two concepts of brand value (Urbanskiene, Vaitkiene, 2006):
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• brand value with regard to the customer;
• brand value with regard to marketing, finance (for the company).
Despite the growing interest in creating the value for the consumer, it is quite difficult to
find an unified concept of brand value for the consumer in the scientific literature.
According to Khalifa (2004), the lack of consensus determines, that consumer perception
of brand value can be called constantly expanding and dynamic concept. In other words,
the brand value for the consumer can be understood as a relationship between the
consumers’ benefits and the common costs (Woodruff, 1997).