3. The ability to combine various lexemes with the same morpheme From a semiotic point of view (i) and (iii) are of limited potential, as they concern purely linguistic aspects, which do form part of a nexus of analogies and abilities, but are not reducible to phonic analogies and morphematic abilities from a semiotic perspective (and Hjelmslev himself has argued extensively against a linguistic reductionism to phonological elements). It is (ii) that opens up the encoding horizon, while delivering it from the strictly speaking isomorphic dimensions of (i) and (iii) to isotopic possibilities, by rendering a brand qua super-sign capable of occupying through the functions of homology and isotopy the same semantic markers in a semiotic space through the employment of different lexemes and sememes or, simply put, to connote the same signifiers through the alternating employment of different signs, sign systems and classes of signs. How is this homology established? By leveraging given subcodes, inventing new ones or transforming existing ones. To this process another crucial dimension should be added, that of discursive genre, which concerns more the stylistic and syntagmatic aspect of a sub code as cultural classification, rather than the signifier that is connoted isotopically through the variable investment of a super-sign with other sign-vehicles (its enrichment). And homology as constitutive of a sign’s assuming meaning through its inscription in various subcodes concerns the transformative aspect of a sign by leveraging an existing or various subcodes. It does not explain or render interpretively clear how a brand ultimately crystallizes as code. The latter may be interpreted by reversing the process whereby signs assume meaning by leveraging subcodes, which furnishes the proposition that codes assume meaning by leveraging signs. The more central the function (either on a content or expression plane) of a sign in the operation of a code within a cultural system the more the sign becomes synecdochically homologous to the code and in more codes it attains to function centrally the more it assumes the value of an Ur-code (to use Eco’s term from La structure absente). The modality is still the same, homology, but the centrality of the brand qua super-sign in a semiotic tree (that would comprise both supersigns and subcodes) changes from hypotactic to hypertactic. Insofar as such an interpretation addresses the definitional aspect of a subcode as syntax and as combinatorial component, but leaves unaddressed the aspect of combinatorial rule we may extend the function of homology from semantic component in an order of objects to its rule-like function delineating the combinatorial possibilities surrounding it. As an example, a McDonald’s burger, as a subcode itself, is a rule delineating the combinatorial possibilities with other signs (fries, salad, drink), insofar as due to its centrality it determines what other products may be stringed with it in its combinatorial scope, whereas a bottle of wine is determined by the main course, as a non-central combinatorial component in the course’s combinatorial scope. These constant interpretive transformations or recontextualizations constitute what Eco describes as a phenomenology of modes of sign production.<br />Having thus far described the mutually presupposing nature of brands qua super-signs and subcodes as the condition of their meaningful inscription with signifiers and Code as a generic Ars Combinatoria among sub codes, let us briefly dwell on the marginal case of radical sign invention, which corresponds to the configurative possibility (iv) in the Generative Matrix of Brand Equity Potential (Graph 1). This case, which was described as per definitionem impossible, points to the limit of the code, which has already been postulated as its own limitless limit of production and may be linked to absolute exteriority, beyond the upper semiotic threshold as a reduction ad absurdum pointing to the limits of the code.<br />Conclusion<br />The aim of this paper was to lay the conceptual foundations for a semiotics of brand equity. In the course of the argumentation an attempt was made to demonstrate the interdependency of the financial value of a brand on three prototypical value territories, which account for brand meaning, thus constituting the semiotic value of brand that is reflected in accounting terms in the difference between book and market value. 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