CONSUMER ATTITUDE TOWARDS STORE BRANDS LITERATURE REVIEW SUMMARY Consumer attitude towards store brands is purely based on emotions. The relation between attitudes and purchase behaviour gets stronger as consumer gets more direct information about brand such as brand trials. The emotions can be described as: • Cognitive (Awareness) • Affective (Evaluation, Liking, Conviction) • Co native (Action, Trial or Purchase) The consumption of store brands is increasing in the global markets. In Europe it represents 12.4% of the total food shopping. Most consumers believe that store brands are reliable, trustworthy, different from the brands of the manufacturer and are great value for money.
The effectiveness of marketing strategies is enhanced by brand equity assets. Brand equity depends upon the favorability of the attitudes which customers hold about a particular brand. Building positive brand equity would enable an organization to enjoy a competitive advantage. It is imperative for firms to create unique, strong and favorable associations for building strong brands. Understanding the various dimensions of brand equity would help the organizations to know the value provided by the brands to its consumers.
The study conducted to investigate the causal relationships between the dimensions of brand equity and brand equity itself which measures the consumers’ perception of brand equity affected the overall brand equity evaluations. Data collected from a sample of university students in Turkey. Findings conclude that brand loyalty is the most influential dimension of brand equity. Weak support is found for the brand awareness and perceived quality dimensions. Marketing managers should consider the relative importance of brand equity dimensions in their overall brand equity
Dimensions of brand equity, that is, perceived quality, brand loyalty and brand associations combined with brand awareness, are then related to brand equity. The results show that frequent price promotions, such as price deals, are related to low brand equity, whereas high advertising spending, high price, good store image, and high distribution intensity are related to high brand equity. The article provides insights into how marketing activities may be controlled to generate and manage brand equity and how marketing activities increase or decrease brand equity. It was concluded that brand equity was positively related to perceived quality, brand loyalty, and brand awareness/ association. Brand equity provides sustainable competitive advantages because it creates meaningful competitive barriers.
Brand image simply means the general impression of a product carry by real or future consumers. Brand image play in a role that creating satisfaction of the consumers. Foxall and Goldsmith (1994) proposed that the recognition of the customer about the characteristics of the product and service is influenced by the perceptions about the brand and branding. Building up of brand image is an important matter for a company as it is a powerful recognition for its own product in the product market. Keller (1993) defined the brand image as “the brand relations preserve in consumers’ mind causes the assumptions about a brand.” Arslan and Altuna (2010) proposed that the product brand image is negatively by brand augmentation, but negative effect is reduced by the relation between the original and expansion brand.
Having a positive consumer-based brand equity can lead to long term revenues, greater margin profit and success in term of marketing communication. To develop successful strong brand equity, it involves several stages that have been assembled as a set of brand building blocks. The brand building blocks also aims to identifies areas of strength and weakness as well as to provide guidance to marketing activities. Professor Kevin Lane Keller introduced a pyramid model known as customer based brand equity model that focusing on understanding how customer felt, recognize, heard etc. on the particular brands based on their experiences using the brand over the time.
measure of brand equity, the literature lacks an through empirical observation based consumer-perceived brand equity scale (i.e., a marketing-oriented brand equity scale). Since the brand is that the consumer’s plan, the buyer is an energetic participant or partner within the creation of equity for the brand (Blackston, 2000). Therefore, taking into consideration the consumer’s perspective in developing dimensions can permit us to know, manage, and measure the intangible equity directly. The aims of this thesis are going to be to develop and validate brand new consumer-perceived consumer-based brand equity scale. This scale can give a replacement conceptualization of brand equity (other than Aaker’s (1991) and Keller’s (1993) conceptualizations)
Keller (2009) points that brand awareness are related to the strength of the brand node or trace in memory as reflected by consumers’ ability to recall or recognize the brand under different conditions. Brand image is defined as consumer perceptions of and preferences for a brand, as reflected by the various types of brand associations held in consumers’ memory. Reinforcing these two components serve as sources of brand equity that can affect positively loyalty; price premiums and more favorable price elasticity responses; greater communication and channel effectiveness; and growth opportunities via extensions or licensing (Keller
3. Literature Review • Brand Image Brand image is the variable which enforce a consumer for finding difference between brand and its competitors. Brand image consist of expectations, impressions and beliefs that a person holds about brand. The overall perception of consumer about quality and service can be created by brand image. Brand image is nothing but organization character.
This brings us to brand equity. Brand equity is well known and highly recognized brand that leaves a good impression on consumers. Companies achieved brand equity by creating high quality and reliable products that surpasses competition. Sometimes spending enormous amounts of money will create brand equity as well. A great example, and now cliché form of brand equity is Apple, Inc. Apple has created a brand of creating high quality, reliable, and memorable computers.