In marketing, significant attention has been devoted to the study of drivers and outcomes of strategic flexibility drawing on real options theory. However, research that quantifies the specific value of flexibility reflected in a bundle of strategic real options is lacking. To remedy this gap, we develop a real options-based framework that takes account of brand expansion and extension options to value brand equity and retailer growth strategies. We show how to value the bundle of strategic real options associated with a flexible marketing strategic vision and how to assess the growth strategies related to the corporate brand of an international retailer. We apply our method to estimating the brand equity of Starbucks both under growth and adversity conditions. The results reveal that our method can more reliably incorporate the growth potential of the brand under uncertainty conditions. Comparisons with other brand valuation approaches are discussed. Our study helps clarify the links among management’s strategic plans, brand-based marketing strategies and share price, and allows to better monitor the impact of retailer strategic choices on long-term brand equity value.

在市场营销领域，人们非常重视利用实物期权理论研究战略灵活性的驱动因素和结果。然而，缺乏量化反映在一系列战略实物期权中的灵活性的具体价值的研究。为了弥补这一差距，我们开发了一个基于实物期权的框架，该框架考虑了品牌扩张和延伸选择，以评估品牌资产和零售商增长战略。我们展示了如何评估与灵活营销战略愿景相关的一系列战略实物期权，以及如何评估与国际零售商的企业品牌相关的增长战略。我们应用我们的方法来估计星巴克在增长和逆境条件下的品牌资产。结果表明，我们的方法可以更可靠地纳入不确定条件下品牌的增长潜力。讨论了与其他品牌估值方法的比较。我们的研究有助于阐明管理层的战略计划、基于品牌的营销策略和股价之间的联系，并允许更好地监控零售商战略选择对长期品牌资产价值的影响。