有鑑於以往品牌延伸之文獻大多由消費者觀點，運用傳統淨現值法，探討正面品牌延伸效益之影響因素，相對忽略品牌延伸與品牌識別系統之建立，皆屬企業不可回復性之專屬性投資，而且雖有文獻提及品牌延伸進入時點，然而並未詮釋企業面臨不同需求彈性與市場不確定性，如何應用實質選擇權，藉以發揮行銷策略管理彈性。職是之故，本文擴充Dias 與Ryals (2002) 之單一階段斷續時間之品牌延伸選擇權，由企業角度建立品牌識別系統與延伸投資決策為之兩階段成長選擇權模型，同時配合比較靜態與敏感度分析，發現延伸品牌之需求價格彈性小於核心品牌需求價格彈性，代表企業對延伸市場之市場力提高，企業從事品牌延伸可以帶來較高的成長選擇權價值。其次，企業等待市場波動帶來最佳投資機會，再選擇最適品牌延伸時點，更能發揮品牌延伸之策略彈性效益。再者，只有在品牌延伸之行銷投資支出所帶來的成長選擇權價值超過投資門檻，企業才會採取品牌延伸策略。另外，核心品牌之行銷經驗愈豐富，愈有利於對延伸產品之營運成本的掌控，對品牌延伸之成長選擇權價值提高大有裨益。

Several previous research papers investigate the positive impacts of the brand extension by using the traditional Net Present Value (NPV) approach, which neglects the irreversibility of the specific investments in the brand identification system (BIS) and the brand extension activities. Even though there are some discussions of the optimal entry time for the brand extension in the previous works, it is seldom analyzed that how a company uses the real option approach to deal with the managerial flexibility in marketing strategy under uncertainty. This work extends the model of the single-stage real option for the brand extension in the context of the continuous time (Dias & Ryals, 2002) to the two-stage growth option embedded in the BIS and the brand extension. The comparative static and the sensitivity analyses are performed in this work. The results show that when the positive effects of brand association occur, the demand elasticity for brand extension will be lowered, representing the higher market power in the extended market and the higher value for growth option. Moreover, more market demand volatility encourages the companies to choose the optimal timing for brand extension and bring in more value of the growth option. Furthermore, entering the market too early will cause the investment become irreversible, thus only when the growth of option value derived from the marketing investment expenditures for brand extension excesses the investment threshold, the enterprise will adopt the brand extension strategy. In addition, the marginal operation cost for brand extension is lower than that for BIS stage, and thus increases the growth option value.

品牌延伸; 實質選擇權; 需求彈性

brand extension; real option; demand elasticity