Consumers’ purchase decisions typically involve two brands: the manufacturer brand (the “what brand to buy” decision) and the retailer brand (the “where to buy” decision). While extant research suggests that consumers’ product evaluation is affected by both, much less is known about how the two brands jointly affect consumers’ preferences. Building upon prospect theory and mental accounting principles, I hypothesize that the joint effect of the two brands on consumers’ evaluation of different products depends on the reference point evoked, and whether each of the two brands is perceived as a gain or loss relative to the reference point. Five lab experiments provide empirical support for the hypothesized effects. Study 1 reveals that the joint effect of manufacturer and retailer brands depends on the reference product in a manner consistent with prospect theory and mental accounting principles. The results of Study 2 and 3 show that the majority of participants use a reputable brand sold at a reputable retailer as their reference product. For this group, there is a positive interaction effect of the manufacturer and retailer brands on consumers’ willingness to pay. Study 4 extends the results of Study 3 by testing the theoretical framework using a non-price measure of consumers’ product evaluation (i.e., attitude toward the offer). The results provide converging support for H1 and H2 and demonstrate the mediating role of gain and loss feelings, thus providing preliminary evidence for the proposed cognitive process. Finally, Study 5 provides supporting evidence for the predictions through the use of a priming method. This research contributes to the literature on behavioral decision theory and branding by extending the study of mental accounting from quantitative information (e.g., money, time) to qualitative information such as that derived from brand reputation. The findings have prescriptive implications as they can help managers understand how their brands can be leveraged, how consumers react to reference products available in the marketplace, and how to best price products across different outlets depending on the reputation of their brands and the reputation of the outlets.

近年來， 台灣在經濟結構的巨幅轉型下，已喪失了原有比較優勢的國際 競爭力。 在政府及民間企業大聲呼籲產業升級下，自創國際品牌成了此 聲浪下頗受矚目的一種作法， 然而觀諸過去企業界對自創品牌的投資及 努力，發現企業追求自創品牌卻導致不盡相同的結果。 因此，本研究嘗 試以個別產業的觀點，深入探討台灣自行車廠商從原廠委託製造 (OEM) 到自創品牌的決策過程， 並假定產品的某些特性應對品牌化決策有所影 響，且進行驗證。 研究過程中實地訪談了十家業績優良的自行車成車及 零件業者，以做進一步的命題發展，研究的問題包括： 1.原廠委託製造( OEM) 對自行車成車廠及零件廠在自創品牌中所扮演的角色為何？ 2.品牌 化過程中，品牌角色的演變。 3.成車廠、零件廠的品牌決策過程是否相 同？ 4.成車廠、零件廠雙方在自創品牌過程中的互動關係？ 5.自創品牌 產品的相關品牌策略？而根據個案訪談及分析後，本研究依研究發現提出 的結論為： 1.自行車業在國際自創品牌上的優異表現來自規模經濟的充 分運用 2.企業階段性靈活運用ＯＥＭ策略，將有助於自創品牌發展 3.企 業妥善規劃品牌化過程之資源配置，有助於成功自創品牌 4.利基市場的 選擇是企業自創品牌的致勝之道 5.聯結衛星體系間之價值鏈，將有助企 業自創品牌之成功 6.企業應審慎評估產業發展程度及產品特性以決定最 適品牌化程度