Brand Value Evaluation Of Traditional Chinese Medicine Companies Based On Improved HIROSE Model

With the intensification of economic globalization and international market competition,the world economy has transformed from a flux economy to a stock economy,and it has become difficult to open up new markets.At present,the effect of previous competitive methods by lowering prices and improving quality has not been as good as expected.In this context,it is particularly important to increase the intrinsic value of the brand to attract consumers by strengthening brand building.This not only meets the internal requirements of the economic development stage,but also helps Chinese enterprises to strengthen their own construction and form unique advantages in enterprise competition.In recent years,China has successively issued policy documents,emphasizing the importance of special self-owned brand to Chinese economic development.Therefore,the research of brand value is important.Due to the strong professionalism of traditional Chinese medicine companies,consumers often cannot effectively distinguish the quality of goods and services when purchasing goods and services.They can only establish trust in goods and services through brands to identify the quality of goods.Traditional Chinese medicine companies with wellknown brands can quickly create a sense of trust among consumers,promote consumer buying behavior,and increase corporate revenue.Therefore,Chinese medicine enterprises urgently need to speed up the pace of brand building,so as to better maintain the industry and their own corporate image.Nowadays,many criminals pretend to be traditional Chinese medicine brands to deceive comsumers,harming consumers’ rights and interests,but also adversely affecting the brand image of traditional Chinese medicine.And brand building needs to be based on a reasonable understanding of the value of one’s own brand.Only by thoroughly understanding one’s own brand equity and clearly assessing one’s own brand value can we "prescribe the right medicine",increase the brand value more effectively,strengthen the brand building,and safeguard the brand equity.Compared with the more clear and complete brand evaluation theory abroad,Chinese brand value evaluation theory lacks industry attention,the current brand value evaluation theory is not perfect,and the brand value evaluation method that conforms to China’s national conditions is also lacking.Therefore,it is necessary to explore a more comprehensive and more feasible brand value evaluation method.This article first sorts out the concept of brand and the connotation of brand value,defines the composition of brand value,and elaborates the theoretical basis brand of value evaluation methods from the three levels of finance,market,and consumer perception.From that we get that none of the methods are suitable for evaluating the brand value of traditional Chinese medicine companies.Secondly,this article analyzes the factors that influence the brand value of traditional Chinese medicine companies from the perspectives of enterprises,consumers,and social culture by analyzing the characteristics of the traditional Chinese medicine industry.Third,this article selects the most suitable evaluation method for the brand value of traditional Chinese medicine companies starting from the influencing factors,and finds that the HIROSE model has advantages that other methods can’t compare in the brand value evaluation of traditional Chinese medicine companies.The data is public and transparent and easy to obtain,and the evaluation process is objective and fair.To reduce the interference of subjective factors,and the evaluation results obtained are more amenable to testing.At the same time,because the HIROSE model does not need to go through expert scoring and other links,it greatly improves the evaluation efficiency and reduces the evaluation cost.However,the HIROSE model was born in Japan,and there are some parts that do not conform to China’s national conditions in the method.On this basis,this article combines HIROSE model,grey system forecasting model and the entropy weight method to construct an improved HIROSE model.Finally,this article takes Yunnan Baiyao as an example,uses the improved HIROSE model to evaluate the brand value of Yunnan Baiyao,and then compares it with the value of the Yunnan Baiyao brand evaluated using the modified Interbrand model,and clarifies the feasibility of improving the HIROSE model.At the same time,the conclusions and shortcomings of this article are summarized.This article applies the improved HIROSE model to the evaluation of the brand value of Yunnan Baiyao companies,and provides theoretical support for the brand value of Yunnan Baiyao from the data.At the same time,the result of the evaluation of the brand value of Yunnan Baiyao also proves that the HIROSE model can evaluate the brand value of Chinese companies.