New Approaches in Management and Marketing

Abstract The aim of this study is to present a model for ranking insurance companies based on brand equity. In terms of implementation, this research is qualitative and was conducted by the content analysis method. The statistical population of the study consisted of 10 experts, including managers, specialists, and faculty members, selected through purposive sampling. Sampling continued until theoretical saturation of categories was achieved. The data collection instrument was semi‑structured interviews.
For data analysis, first, by means of a qualitative approach and the content analysis technique—including open coding, axial coding, and selective coding—the components related to brand equity were extracted. Subsequently, MAXQDA software was applied for data analysis.
The findings indicated that 36 components were identified and an initial model was developed. Based on the final conceptual model, the most important factors influencing brand equity in the ranking of insurance companies include service characteristics, customer characteristics, financial performance, profitability, credibility and public trust, innovation and technology, investment and financial assets, symbolic characteristics, and the service environment.
Introduction
In the contemporary era, many organizations have come to recognize that one of their most valuable assets is the brand of their products and services. Numerous studies have shown that building a strong brand is one of the key factors in achieving competitive advantage and ensuring long-term survival in competitive markets (Santos et al., 2023). A strong brand creates value not only for customers but also for the organization. On one hand, brands serve as effective tools for simplifying the process of product or service selection and purchase, facilitating information processing for customers and thereby increasing perceived value. On the other hand, while product design and production processes can often be easily imitated, the brand image and positioning—formed through years of marketing activities and customer experiences—cannot be easily replicated (Keller, 2017). Therefore, organizations relying on strong brands can implement higher pricing strategies, create more effective commercial leverage, increase their profit margins, and be less vulnerable to competitors (Aaker, 2025).
Over the past two decades, the concept of brand equity has attracted considerable attention in marketing literature. Factors such as rapid technological innovations, the globalization of markets, and the increasing power of retailers have all emphasized the importance of understanding and measuring brand equity. Despite the existence of multiple definitions, there is a theoretical consensus that brand equity represents the added value that a product or firm obtains solely through its brand name (Hunt, 2019).
Accurately measuring brand value has always been associated with challenges, as marketing decisions are often made in uncertain and dynamic environments, and numerous factors contribute to the formation of brand value. Under such conditions, the application of fuzzy approaches can serve as an effective tool for reducing uncertainty and improving the accuracy of evaluations. The findings of the present study can contribute scientifically by paving the way for future research in the field of insurance company ranking and by enriching the existing literature in this area. From a practical perspective, it can assist insurance companies in identifying performance criteria and aligning their performance accordingly.
In the Iranian insurance industry, although all stakeholders—including insurance company managers, policyholders, and regulatory authorities—recognize the importance of branding, there is no standardized, quantitative, and widely accepted model for measuring and ranking the brand equity of insurance companies based on scientific dimensions tailored to the specific conditions of the Iranian market. Evaluations are generally conducted based on traditional financial and operational indicators such as written premiums, loss ratio, and operating profit. Therefore, aiming to propose a model for ranking insurance companies based on brand equity, the present study holds multidimensional importance and necessity, and seeks to answer the following question: What is the appropriate model for ranking insurance companies based on brand equity?
Theoretical Framework
Brand Equity
Brand equity is of critical importance because it enables a brand to achieve greater significance and revenue in competition with rivals. Brand equity is a complex construct that encompasses numerous parameters such as brand image, brand identity, brand awareness, brand loyalty, brand associations, and others. Although this construct is largely subjective and qualitative in nature, it can be represented quantitatively. Brand equity is formed through marketing strategies, sustained efforts over time, and consistency, which collectively lead to customer perceptions and brand knowledge that may be either positive or negative. Positive perceptions result in increased brand equity. Effectively communicating product benefits to customers contributes to brand building. Companies invest substantial amounts in advertising through integrated marketing communication channels to promote their goods and services (Saputra & Margareta, 2020).
Derisi et al. (2026) examined the development of a brand reputation model aimed at enhancing brand equity in the pharmaceutical industry. The qualitative findings revealed that five main categories constitute the brand reputation model: causal conditions (proven quality, drug safety monitoring systems, credible scientific data), contextual conditions (institutional collaboration, scientific–economic interaction with policymakers, international standards), intervening conditions (geopolitical factors, multi-level competition, technological developments), strategies (scientific excellence, transparency, crisis management, indigenous innovation), and consequences (sustained trust, market position, scientific credibility, and policy bargaining power). In the quantitative phase, the results indicated high validity of the extracted model.
Sabzvari et al. (2025) investigated the identification of brand equity creation components in the Iranian apparel industry. According to the findings, four components—internal brand strength, brand awareness, positive brand image, and perceived value—are the most critical determinants of brand equity creation in Iran’s apparel industry, and the proposed model demonstrated an acceptable level of fit.
Research Methodology
This study was conducted through a qualitative approach and the content analysis method. The statistical population consisted of 10 experts, including managers, specialists, and faculty members, selected through purposive sampling. The sampling process continued until theoretical saturation of the categories was achieved. The data collection instrument was semi‑structured interviews.
Research Findings
For data analysis, first, by means of a qualitative approach and the content analysis technique—including open coding, axial coding, and selective coding—the components related to brand equity were extracted. Subsequently, MAXQDA software was employed for data analysis. The findings indicated that 36 components were identified and an initial model was developed.
Based on the final conceptual model, the most important factors influencing brand equity in ranking insurance companies include service characteristics, customer characteristics, financial performance, profitability, credibility and public trust, innovation and technology, investment and financial assets, symbolic characteristics, and the service environment.
Conclusion
The present study was conducted with the aim of developing a model for ranking insurance companies based on brand equity. The findings of this study are consistent with the results of Derisi et al. (2026), Sabzvari et al. (2025), Borjalilou and Emadinasab (2025), Mohammadnezhad and Rezaei Dizgah (2025), Nam et al. (2023), Lurriro and Miranda (2023), Jontonton et al. (2022), Yazdani Kachuei et al. (2022), Mohammad (2022), Balmer and Podnar (2021), and Sarker et al. (2021).
Borjalilou and Emadinasab (2025) demonstrated that corporate brand identity has a positive and significant effect on employee-based brand equity dimensions, including brand citizenship behavior, employee satisfaction, word-of-mouth promotion, and intention to continue collaboration. Furthermore, the dimensions of corporate brand identity—namely brand visual identity, brand personality, employee and customer orientation, and sustainable communications—also have a positive and significant impact on employee-based brand equity, although these effects are not strong. Among these dimensions, employee and customer orientation and sustainable communications, which are more closely related to organizational human resource policies, exert stronger effects on employee-based brand equity. In contrast, brand visual identity and brand personality, which reflect broader and more general meanings of brand identity, have comparatively weaker effects on employee-based brand equity.
Based on the research findings, it is recommended that companies disclose the results of such evaluations in their annual reports to shareholders in order to enhance accountability and transparency.

Abstract The present study aimed to investigate the impact of social media communications on brand equity, considering the mediating role of electronic word-of-mouth (eWOM) and the moderating role of product involvement, with a focus on dairy products in Yazd Province. In terms of its objective, this study was applied research, and in terms of data collection, it employed a survey method. The statistical sample consisted of 384 customers of dairy products in Yazd Province who had used these products for at least one year and were active on social media. The participants were selected through convenience sampling. Data were collected using a standardized questionnaire adapted from Lin et al. (2023). Partial least squares (PLS) software was used to analyze the data.The results revealed that both company-generated content and user-generated content had significant effects on electronic word-of-mouth and brand equity. Electronic word-of-mouth also had a significant effect on brand equity. Furthermore, the indirect effects of both company-generated content and user-generated content on brand equity through the mediating role of electronic word-of-mouth were significant. Finally, the findings confirmed the moderating role of product involvement in the relationships between company- and user-generated content and brand equity.

Abstract The present study aimed to investigate the effect of brand sensory experience on brand loyalty with an emphasis on the drivers of brand equity, customer satisfaction, and customers' emotional commitment. The research is applicable in terms of purpose, and descriptive-survey in terms of data collection method. The subjects of this study were 750 language learners of the Gilan Iranian Language Center. 261 people were selected as a statistical sample based on the Krejci and Morgan table and simple random sampling method, and answered the research questionnaires. The validity of the questionnaires was confirmed based on face validity, content, and confirmatory factor analysis. The reliability of the questionnaires was calculated and confirmed using the Cronbach's alpha coefficient method. Data analysis was performed at two levels of descriptive and inferential statistics, including structural equation modeling, using the SmartPLS statistical software. The results showed that brand sensory experience has a significant effect on customers' emotional commitment with a path coefficient of 0.472. Brand sensory experience has a significant effect on customer satisfaction with a path coefficient of 0.575. Brand sensory experience has a significant effect on brand equity with a path coefficient of 0.264. Brand equity has a significant effect on customer loyalty to the brand with a path coefficient of 0.736. Emotional commitment has a significant effect on brand equity with a path coefficient of 0.207. Customer satisfaction has a significant effect on brand equity with a path coefficient of 0.274. Emotional commitment and customer satisfaction play a mediating role in the impact of brand sensory experience on brand equity.
Introduction
Customer loyalty to a brand indicates the satisfaction of consumers with the quality and price of a brand's products and services (Chinomona, 2016). Brand loyalty is the attachment or dependence that a customer has to a brand. In fact, loyalty is the result of customer trust in the brand, which is a result of confidence from both parties (customer and brand owner) and will continue in the future as long as it leads to gaining points. As a result, trust and loyalty are two factors that are constantly in direct contact with each other. Just as trust encourages loyalty to a brand, it also reduces insecure relationships with that brand. This means that if a customer feels insecure about a brand, their willingness to buy or use that brand will also decrease (Dwivedi et al., 2018). Human societies are very effective through word-of-mouth information and its exchange, comparing experiences of purchasing a product, and encouraging social relationships among members, and these relationships between individuals and others in relation to a brand lead to the production of emotional relationships and ultimately lead to individual loyalty to a brand (Ahn & Back, 2018). However, researchers have also recognized the attitudinal or intention-based dimensions of loyalty and have defined brand loyalty in terms of the customer's willingness to recommend the brand to others, the preference for purchasing a brand over other brands, and the customer's feeling of attachment to the brand.
Many factors are associated with brand loyalty, such as brand equity (Iglesias et al., 2019). Researchers have conducted many studies on how consumers value brands and perceive multiple aspects of brand equity. A very important point in brand value is that all target markets need to understand their brand value in order to achieve significant success, and therefore, the assessment of a brand value should be based on customer observations.
Customer satisfaction is considered as a set of business beliefs that lead to creating value for customers, anticipating and managing their expectations; a responsibility that leads to meeting their needs, and is considered as one of the most important criteria for determining the quality of a brand. In marketing literature, the concept of experience has been discussed and examined in various fields such as shopping experience, product experience, beauty experience, service experience, consumption experience, and consumer experience. In addition to customer satisfaction with brand equity, some researchers directly or indirectly link customer emotional commitments with brand equity. Researchers consider customer emotional commitment to be part of brand power. Researches have mainly linked emotional commitment to brand equity through the dimensions of brand equity. In some recent empirical studies, emotional commitment has been examined as a prerequisite for brand equity, because it is expected that when customers feel similarity to a particular brand and develop a strong emotional attachment to it, the value of brand equity will increase.
The researcher seeks to answer the question: does the sensory experience of the brand through customer emotional commitment, customer satisfaction, and brand equity have a significant effect on brand loyalty in the Iranian language center in Gilan province?
Theoretical framework
Brand loyalty:
Brand loyalty refers to a customer's enduring desire to purchase a particular brand repeatedly and prefer it over competing brands, even in the face of price changes or competitor promotions. This loyalty can be due to ongoing satisfaction, emotional connection, perceived quality, or buying habits. Loyal customers are more likely to make repeat purchases and usually increase their purchase volume over time, leading to sustained sales growth (Ajalli et al., 2023).
Brand equity:
If we put different brand labels on two identical products, the brand with higher equity will attract more customers. Brand equity creates commitment and loyalty in customers, which leads to repeat purchases and maintaining market share. High equity leads to better brand recognition in the market, which in turn facilitates sales and attracts new customers. When brand equity is high, marketing efforts are more effective and help save on advertising costs (Tasci, 2021).
Emotional Brand Commitment:
Emotional customer commitment is the degree of attachment and emotional connection that a customer feels towards a brand, product or organization. This commitment goes beyond ordinary satisfaction and includes a sense of belonging, interest, and a desire to maintain a long-term relationship with the brand (Rehman & Shafiq, 2019). In other words, when a customer has a strong emotional feeling towards the brand, they not only buy, but also become attached and committed to the brand (Afshardoost et al., 2023).
Sensory Brand Experience:
Sensory brand experience refers to the set of perceptions and feelings that customers experience through the five senses (sight, hearing, smell, taste and touch) when interacting with the brand. Simply put, brands that use the customer's senses to create an experience can establish a deeper, more lasting and more emotional connection with customers (Zha et al., 2022).
Customer Satisfaction:
Customer satisfaction refers to a customer's positive or negative emotional feeling or reaction to their experience of purchasing a product or service. This feeling arises from a comparison between the customer's expectations and their perception of the actual performance of the brand or product. If the brand's performance is equal to or higher than the customer's expectations, satisfaction is achieved; if it is lower than expected, dissatisfaction is formed (Iglesias et al., 2019).
Imanian (2025) stated in a study that social media marketing activities have a positive and significant effect on customer brand loyalty through brand equity and fair value. Amiri & Dastranj (2024) stated that the level of perceived customer satisfaction had a positive and significant effect on their brand loyalty. Majidi Jamnani et al. (2024) conducted a study titled "Investigating the Effect of Brand Experience Dimensions on Brand Satisfaction and Brand Loyalty with the Mediating Role of Brand Attitude and Brand Attachment" and concluded that brand attitude and brand attachment play a mediating role on the relationship between brand satisfaction and brand loyalty.
Research Methodology
The present study is applicable in terms of purpose, and descriptive-survey in terms of data analysis. The statistical population of the study was 750 language learners of the Iran Language Center of Gilan. 261 people were selected as a statistical sample based on the Krejci and Morgan table and simple random sampling method, and responded to questionnaires taken from the research (Iglesias et al., 2019). Confirmatory factor analysis was used to determine the validity of the research tool, and Cronbach's alpha coefficient was used to determine the reliability of them. Descriptive and inferential statistical methods were used to analyze the collected data. To test the research hypotheses, the Kolmogorov-Smirnov test was used to examine the normality of the data distribution, and the structural equation technique was used to examine the effect of independent and mediating variables on the dependent variable using the SmartPLS statistical software.
Research Findings
Descriptive statistics related to demographic information are shown in Table (2). The results showed that 47.893% of the respondents were male and 52.107% were female. 1.916% of the respondents were aged 16 to 20 years, 32.95% between 21 and 30 years, 52.107% 31 to 40 years, 111.11% 41 to 50 years and 0.766% were over 50 years, and 149.1% did not respond to this option. 8.429% of the respondents were under diploma, 37.548% had a diploma, 8.046% had an associated degree, 29.885% had a bachelor's degree, 15.709% had a master's degree and above. 0.383% did not respond to this option. Marital status: 2.682% of respondents were single and 96.935% were married. Also, 0.383% did not respond to this option. Occupational status: 37.548% of respondents were housewives, 37.548% were employees, 18.391% were freelancers, 3.448% were students, and 1.916% were unemployed. Also, 1.49% did not respond to this option. The length of time they had been familiar with the Iranian language center brand was for 6.897% of respondents under 2 years, 34.1% 2 to 5 years, 42.912% 5 to 9 years, and 15.709% 9 years and above. Also, 0.383% did not respond to this option. As is clear from the data in Table (3), the mean score of the brand loyalty variable according to respondents is 3.999, the standard deviation is 0.649, and the variance is 0.422. Also, the lowest score related to this variable according to respondents is 1.667 and the highest score is 5. The mean score of the brand sensory experience variable according to respondents is 3.95, the standard deviation is 0.663, and the variance is 0.44. Also, the lowest score related to this variable according to respondents is 1 and the highest score is 5. The mean score of the customer emotional commitment variable according to respondents is 4.171, the standard deviation is 0.661, and the variance is 0.437. Also, the lowest score related to this variable according to respondents is 2 and the highest score is 5. The mean score of the customer satisfaction variable according to respondents is 3.958, the standard deviation is 0.745, and the variance is 0.555. Also, the lowest score for this variable from the respondents' perspective is 1.667 and the highest score is 5. The average score for the brand equity variable from the respondents' perspective is 4.197, the standard deviation is 0.773, and the variance is 0.598. Also, the lowest score for this variable from the respondents' perspective is 1 and the highest score is 5.
Conclusion
The present study was conducted with the aim of investigating the effect of brand sensory experience on brand loyalty with an emphasis on the drivers of brand equity, customer satisfaction, and customer emotional commitment. In this regard, it can be stated that the role of brand sensory experience in customer emotional commitment is very key and strategic; because sensory experience directly affects customer perception, feeling, and behavior; and can lead to the creation of a deep emotional relationship between the customer and the brand. The results of the second hypothesis test showed that brand sensory experience has a positive and significant effect on customer satisfaction. In this regard, it can be stated that the role of brand sensory experience in customer satisfaction is very important and fundamental, because today's customers do not pay attention just to the quality of the product or service any longer, but the overall experience of interacting with the brand is important to them; an experience perceived through the five senses and leads to the formation of positive emotions and ultimately satisfaction. The results of the third hypothesis test showed that the brand's sensory experience has a positive and significant effect on brand equity. In this regard, it can be stated that in today's competitive world, sensory experience is beyond a simple interaction with a product or service and has become one of the most important factors in building, strengthening, and differentiating brand equity. The brand's sensory experience is one of the most effective factors in building and promoting brand equity, because it directly affects customer perception, feelings, and behavior. The results of the fourth hypothesis test showed that brand equity has a positive and significant effect on customer loyalty to the brand. In this regard, it can be stated that the role of brand equity on customer loyalty to the brand is one of the key issues in the fields of marketing, brand management, and consumer behavior. Research shows that brands with strong brand equity have a greater chance of retaining loyal customers and are even more resistant to competitors. The results of the fifth hypothesis test showed that emotional commitment has a positive and significant effect on brand equity. In this regard, it can be stated that emotional commitment, as a strong emotional bond between the customer and the brand, can play a significant role in the formation, strengthening, and sustainability of brand equity. Customer emotional commitment plays a key role in the formation and strengthening of brand equity. By creating loyalty, positive associations, emotional interactions, and brand recommendations, this commitment gives the brand more value from the consumer's perspective and stabilizes its position in the market. The results of the sixth hypothesis test showed that customer satisfaction has a positive and significant effect on brand equity. In this regard, it can be stated that satisfied customers are not only more likely to repurchase, but also play an active role in strengthening the brand image, increasing loyalty, and improving the public perception of the brand, all of which are key components of brand equity. Satisfaction is the first step to creating loyalty. Satisfied customers are more likely to repeat purchases and prefer the brand over competitors, which is one of the most important components of brand equity. Satisfied customers perceive the brand as having higher quality than that of competitors, even if there is not much difference technically. The results of the seventh hypothesis test showed that emotional commitment plays a mediating role in the impact of the brand sensory experience on brand equity. In this regard, it can be stated that sensory experience alone increases brand equity, but when this experience leads to emotional commitment, its effect on brand equity will be much stronger and more sustainable. The sensory experience of a brand creates part of the brand value directly and part through the customer's emotional reactions (i.e., emotional commitment). The results of the eighth hypothesis test showed that customer satisfaction plays a mediating role in the impact of the sensory experience of a brand on brand equity. In this regard, it can be stated that when a brand can provide a pleasant experience through the five senses (such as beautiful design, pleasant sound or music, pleasant smell of the store, appropriate touch and taste of the product), this experience leads to a pleasant feeling, memory formation, and ultimately customer satisfaction. The sensory experience of a brand may directly affect brand value, but when customer satisfaction is included as an intermediary, this effect becomes more sustainable, deeper, and more predictable. It leads to behavioral and attitudinal loyalty, and ultimately transforms from a short-term experience into a long-term understanding of brand value. According to the results of the present study, the following suggestions and recommendations can be made: Considering the confirmation of the relationship between the sensory experience of a brand with emotional commitment and customer satisfaction, and brand equity, it is suggested that the managers of the Iranian Language Center try to define human emotions for the Language Center brand by using advertisements and content presented in this format. For example, they can display the sense of being a pioneer, being luxurious, etc. in the form of images of people who play the role of language learners in outdoor or television advertisements, to implicitly instill in the audience that being in the center makes them a pioneer or luxurious, etc. One of the things that can be useful in this regard is the use of famous Iranian symbols and personalities to introduce the characteristics that customers tend to feel. These findings are consistent with the results of the Kaveh Haghighi (2021), Rehman & Shafiq (2019), and Khan & Fatma (2019). Regarding the limitations of the present study, it can be said that people have differences in terms of personality characteristics, which were not considered in this research. According to the view of Coelho et al., (2018), these personality differences can affect the results of hypothesis testing. Therefore, future researchers are advised to conduct similar research focusing on the personality characteristics of the respondents and compare their results with each other. Acknowledgments The authors gratefully acknowledge all individuals, institutions, and organizations that provided scientific, technical, administrative, or advisory support throughout this research and the preparation of this manuscript. Conflicts of Interest The authors declare that they have no financial or non-financial, personal, professional, or institutional conflicts of interest relevant to this work. Data Availability Statement The data supporting the findings of this study are available from the corresponding author upon reasonable request. AI Use Statement The authors declare that no generative artificial intelligence (AI) or AI-assisted technologies were used in the preparation, writing, or editing of this manuscript. Funding The authors declare that no funds, grants, or other financial support were received during the conduct of this research or the preparation of this manuscript. Ethics Approval All procedures performed in this study were conducted in accordance with the ethical standards of the responsible institutional and national research committee.