Brand equity and marketing performance: Perspectives from the brewing industry in Nigeria
Keywords:
brand equity, brand trust, brewing firms, industry, marketing performanceAbstract
Branding and equity balancing in organizational performance have been a task in marketing that entails a holistic approach to getting it right. Thus the study examined the effect of brand equity on marketing performance in brewing firms. The specified objectives are to examine the influence brand loyalty has on marketing performance, and to ascertain the influence of brand associations on marketing performance. The population consists of employees of Guinness Nigeria Plc in Benin City, Edo State, Nigerian Breweries Plc and In fact Beverages in the South-East region. Krejcie and Morgan (as cited in Kenpro, 2012) sample size determination table was used to determine the sample size and survey research design method was used in the selection of respondents to represent the population. The statistical tools used include simple percentage and multiple regression. The findings of the study showed that all variables examined such as brand loyalty and brand associations, were positive and significant factors of marketing performance. The study concluded that brand loyalty has a positive influence on marketing performance. Brand loyalty can be seen to be formed through brand trust, commitment, satisfaction, perceived value, image, association and quality.
Downloads
References
Aaker, D & Joachimsthaler (2000), "Brand Leadership”, Free Press, New York.
Aaker, D. A. (1991), Managing Brand Equity, The Free Press: New York, NY.
Aaker, D. A. (2006), Measuring Brand Equity across Products and Markets, California.
Aaker, D. A. (2011), Managing Brand Equity. New York: Free Press.
Adejoke, K. B., & Adekemi, A. O. (2012), Relationship marketing and bank performance: an applied study of commercial banks in southwestern Nigeria. European Journal ofBusiness and Management, 410, 102-110.
Ailawadi, K., Lehmann, D. and Neslin, S. (2003), “Revenue Premium as an outcome measure of Brand Equity”, Journal of Marketing, 67(4), 1-17.
Ambler, T. (2003), Marketing and the Bottom Line: Creating the Measures of Success. Financial Times/Prentice Hall, London, UK.
Ambler, T., Bhattacharya, C.B., Edell, J, Keller, K.L., Lemon, K.N. and Mittal, V.(2002)," Relating Brand and Customer Perspectives on Marketing Management", Jurnal of Service Research, 5(1), 13-25.
Asiegbu, I. F., Awa, H. O, Akpotu, C. & Ogbonna, U.B (2011), Salesforce competence development and marketing performance of industrial and domestic products firms in Nigeria. Far East Journal of Psychology and Business, 2(3), 43-59.
Ateke, B. W. & Iruka, H. C. (2015), investigating the relationship between customer involvement management and marketing performance in the manufacturing industry. International Journal of Research in Business Studies and Management, 2(9), 22-34.
Aydin G & Ulengin B, (2015), Effect of Brand Equity on Firms’ Financial Performance in Consumer Goods Industries. Journal of Business, Economics & Finance 4(3), 331 – 350.
Babin, B. J. & James, K. (2010), “A brief retrospective and introspective on value”, European Business Review, 22(5), 471-478.
Balduaf, A., Karun, C. & Gudrum, B. (2013), Performance consequences of brand equity management from the organization in the value chain. Journal of Products and Brand Management.12(4), 220- 236.
Balmer, J.M.T., (2001), “The three virtues and seven deadly sins of corporate brand management”, Journal of General Management, 25(7), 1-17.
Bendixen, M., Bukasa, K.A & Abratt R. (2004), “Brand equity in the business to business market” Industrial Marketing Management 33(5), 371– 380.
Broniarczyk, S.M. and Gershoff, A.D. (2003), “The Reciprocal Effects of Brand Equity and Trivial Attributes”, Journal of Marketing Research, 40(2), 161-175.
Cetin, D., Kuscu, A., Oziam, D. S. & Erdem, Y. C. (2016), Brand Image, Satisfaction, and Brand Loyalty-How effective are they in the Automotive Industry Market share. European Journal of Business and Management. 8 (7), 31-38.
Chaudhuri, A. & Holbrook, M. B. (2011), The Chain of Effects from Brand Trust on Brand Performance: The Role of Brand Loyalty, Journal of Marketing, 6(2), 81-93.
Chen, A. C. (2001), “Using free association to examine the relationship between the characteristics of brand associations and brand equity”, Journal of Product & Brand Management 10(7), 439-451.
Chowdhurry, S.D., (2002), Brand rejuvenation: A stage theory perspective. Canadian Journal of Administrative Sciences. 19(3), 249.
Christodoulides, G, & Leslie, D. (2010), Consumer-based brand equity conceptualization and measurement. International Journal of Market Research. 5(2), 43–66.the definitive guide to measuring marketing performance, Pearson, Upper Saddle River, NJ.
Daly, A. and Moloney, D. (2004) “Managing Corporate Rebranding”, Irish Marketing Review, 17(1/2), 30-36
Davcik, N.S. (2013), “An empirical investigation of brand equity: Drivers and their consequences”, British Food Journal, 115(9), 1342-1360.
Erdem, T., Katz, M.L. and Sun, B. (2010), “A simple test for distinguishing between internal reference price theories”, Quantitative Marketing and Economics, 8 (3), 303-332.
Erdem, T., Swait, J. & Louviere, J. (2002), “The impact of brand credibility on consumer price sensitivity”, International Journal of Research in Marketing 19(1), 1–19.
Gopinath, C. (1995), External influence on firms: An exploratory model of bank strategies. Journal of Business Research, 34, 133-143.
Gotsi M, and Andriopoulos C. (2007) Understanding the pitfalls in the corporate rebranding process. Corp Commun: An Int J;12(4):341–55.
Harcourt, H. & Ikegwuru, M. (2018), Brand Equity and Market Performance: An Empirical Study of Food and Beverage Firms in Rivers State. IIARD International Journal of Economics and Business Management, 4(4), 1-14
Hofer, C.W. (2008), Brand rejuvenation strategies, Journal of Business Strategy. 1, 19.
Huang, R. & Sarigöllü, E., (2012), ‘How brand awareness relates to market outcome, brand equity, and the marketing mix’, Journal of Business Research 6(5), 92–99.
Hult, T., Mena, J. A., Ferrell, O. C. and Ferrell, L. (2011), “Stakeholder marketing: a definition and conceptual framework”, Academy of Marketing Science Review, 1(1), 44-65.
Iglesias, O., Ind, N. & Alfaro, M. (2013), “The organic view of the brand: A brand value co-creation model”, Journal of Brand Management, 20(8), 670-688.
Jones, T., Shirley, F. T & Harvir S. B. (2008), Commitment to a Friend, a Service Provider, or a Service Company-Are They Distinctions Worth Making? Journal of the Academy of Marketing Science 36(4), 473–487.
Keller, K. L., Lehman, D. R. (2013), How Do Brands Create Value, Marketing Management, 12 (3), 26-31.
Kilei, P., Iravo, M. & Omwenga, J. (2016), The impact of Brand awareness on market brand performance of service brands: contextual consideration of Kenya’s banking industry. European Journal of Business and Management. 8(10), 92-103.
Kim, H. B., & Kim, W. G. (2005). The relationship between brand equity and firms’ performance in luxury hotels and chain restaurants. Tourism management, 26(4), 549-560. https://doi.org/10.1016/j.tourman.2004.03.010
Kim, J. H., & Hyun, Y. J. (2011). A model to investigate the influence of marketing-mix efforts and corporate image on brand equity in the IT software sector. Industrial marketing management, 40(3), 424-438. https://doi.org/10.1016/j.indmarman.2010.06.024
Kotler, P. (2013). Principles of Marketing. 14th ed. Boston: Prentice-Hall.
Kotler, P., & Keller, J. L. (2006), Marketing management (12th ed)., New Jersey: Pearson Prentice Hall
Kracklauer, A.H., Quinn Mills, D., Seifert, D. (2004), Collaborative Customer Relationship Management – Taking CRM to the Next Level, Springer- Verlag, Germany Marketing, 11(3), 18-32.
Liu, X. Hu, M.Y & Grimme, P.E (2010), Affect transfer in brand extensions: The role of expectancy and relevancy. Journal of Product Brand Management, 1(9), 317-326.
Macdonald, E. K., & Sharp, B. M. (2011), Brand awareness effects on consumer decision making for a common, repeat purchase product: A replication. Journal of Business Research, 48(1), 5?15.
Maloney, J. C. (2003). "The History and Significance of Military Packaging". Defence Packaging Policy Group. Defence Logistics Agency. Retrieved 7 June 2018.
Marakarun, L. & Panjakajornsak, V. (2017), Perceived quality perceived risk and customer trust affecting customer loyalty of environmentally friendly electronics. Kasetsart Journal of Social Sciences.38 (17), 24-30.
Merz, M.A., He, Y. & Vargo, S.L. (2009), “The evolving brand logic: a service-dominant logic perspective”, Journal of the Academy of Marketing Science, 37(3), 328-344.
Mowen, J.C. & Minor, M.S., (2011), Consumer behaviour: A framework, Prentice Hall,
Muzellec, L. (2005), “What is in a name change? Re-Joycing corporate names to create corporate brands.” Corporate Reputation Review, 8(4).
name changes”, Presentation at 2008 Annual Meeting of the Financial Management Association.
Nneka, M., Anthony, K. A., & Ann, O. (2016). Effective management of intellectual capital and organizational performance on selected manufacturing firms in Nigeria. International Research Journal of Management, IT and Social Sciences, 3(11), 22-32.
Robinson, D. and Wu, Y. (2008), “What’s in a name? Causes and Consequences of corporate
Samantaray, A. (2015), The effect of brand equity on consumer behaviour: with special reference to durables products. Journal of Business Management and Economics Research, 6(3), 6-13.
Schendel, D., Patton, G.R. and Riggs, J. (2007), Corporate brand rejuvenation strategies: a study of profit, decline and recovery. Journal of General Management. 33, 3.
Seggie, S. H., Kim, D., & Cavusgil, S. T. (2006). Do supply chain IT alignment and supply chain interfirm system integration impact upon brand equity and firm performance?. Journal of business research, 59(8), 887-895. https://doi.org/10.1016/j.jbusres.2006.03.005
Sharma, P., Davcik, N. S., & Pillai, K. G. (2016). Product innovation as a mediator in the impact of R&D expenditure and brand equity on marketing performance. Journal of Business Research, 69(12), 5662-5669. https://doi.org/10.1016/j.jbusres.2016.03.074
Smith, R.E., & Wright, W.F. (2004), Determination of Customer Loyalty and Financial Performance. Journal of Management Accounting Research, 16, 183-205.
Srinivasan, V., Park, C. and Chang, D. (2005), “An Approach to the Measurement, Analysis, and Prediction of Brand Equity and Its Sources”, Management Science, 51(9), 1433-1448.
Staisch, I. (2007). A Brand Audit on the L`Oreal Brand. Thesis, University of Stellenbosch, Business Administration.
Subawa, N. S., Widhiasthini, N. W., & Suastika, N. P. M. W. S. (2020). The effect of experiential marketing, social media marketing, and brand trust on repurchase intention in Ovo applications. International Research Journal Of Management, IT And Social Sciences, 7(3), 11-21.
Sundus Z, Naintara S. R. (2014). Effect of Rebranding and Repositioning On Brand Equity Considering Brand Loyalty as a Mediating Variable. IOSR Journal of Business and Management, 16(1): 58-63
Tong, X. & Hawley, J. M. (2009), Measuring customer-based brand equity: empirical evidence from the sportswear market in China, Journal of Product and Brand Management, 18(4), 262-271.
Underwood, R. L. (2003), The Communicative Power of Product Packaging: Creating Brand Identity via Lived and Mediated Experience,” Journal of Marketing Theory and Practice, 9(Winter): 62-76.
Van Osselaer, S. M. J., & Alba, J. W. (2011), Consumer learning and brand equity. Journal of Consumer Research, 27(1), 1?16.
Wang, D. H. M., Chen, P. H., Yu, T. H. K., & Hsiao, C. Y. (2015). The effects of corporate social responsibility on brand equity and firm performance. Journal of business research, 68(11), 2232-2236. https://doi.org/10.1016/j.jbusres.2015.06.003
Wansink, B. and Seed, S. (2001) Making Brand Loyalty Programs Succeed,? Journal of Brand Management, 8:3 (February), 211-222.
Yoo, B., & Donthu.N. (2001), Developing and developing a multidimensional consumer-based brand equity scale. Journal of Business Research, 52, 1-14.
Zhu, J. (2009), Three Essays on Brand Equity, PhD Thesis, University of Iowa, Iowa, USA.
Published
How to Cite
Issue
Section
Copyright (c) 2021 International journal of business, economics & management
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Articles published in the International Journal of Business, Economics & Management (IJBEM) are available under Creative Commons Attribution Non-Commercial No Derivatives Licence (CC BY-NC-ND 4.0). Authors retain copyright in their work and grant IJBEM right of first publication under CC BY-NC-ND 4.0. Users have the right to read, download, copy, distribute, print, search, or link to the full texts of articles in this journal, and to use them for any other lawful purpose.
Articles published in IJBEM can be copied, communicated and shared in their published form for non-commercial purposes provided full attribution is given to the author and the journal. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
