Brand Capital and Incumbent Firms' Positions in Evolving Markets
提出品牌资本假说，认为拥有大量成熟品牌的企业更可能根据新市场信息引入新产品，而品牌资本较少的企业会等待市场不确定性降低后再行动，并用美国饮料行业数据验证。
In many advertising-intensive industries, one observes market share persistence, i.e., firms maintaining lead market shares over long periods of time. The author hypothesizes that firms that have the largest stock of well-established brands, a stock that he terms brand capital, are most likely to introduce new products in response to new market information about consumer preferences. Firms with less brand capital delay their introductions until the uncertainty concerning the market size is reduced. The author presents empirical support in a study of new product introductions in the U.S. beverage industry. Copyright 1995 by MIT Press.