Marketing investment and intangible brand capital

B.J.J.A.M. Bronnenberg, Jean-pierre Dubé, Chad Syverson

Research output: Contribution to journalArticleScientificpeer-review

4 Citations (Scopus)


We present several empirical facts about trends in marketing investment in the US. We also present estimates of the private value of brands to firms and aggregate intangible brand capital stocks created by these investments. These investments include the creation and maintenance of a brand name and all its corresponding brand elements (e.g., awareness, reputation, image, etc.), along with the investments in the labor force used to manage and oversee the branding. We then discuss the private benefits to firms from their advertising and the established academic wisdom for the striking magnitude of marketing outlays. Finally, we explore the welfare implications of investments in brand capital.
Original languageEnglish
Pages (from-to)53-74
JournalJournal of Economic Perspectives
Issue number3
Publication statusPublished - Jun 2022


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