(LUẬN văn THẠC sĩ) factors influencing brand loyalty in pharmaceutical industry, evidence from vietnam

UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business LA THI HONG LOAN FACTORS INFLUENCING BRAND LOYALTY IN PHARMACEUTICAL INDUSTRY: EVIDENCE FROM VIETNAM MASTER OF BUSINESS (BY HONOUR) Ho Chi Minh City-Year 2015 TIEU LUAN MOI download : skknchat@gmail.com UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business LA THI HONG LOAN FACTORS INFLUENCING BRAND LOYALTY IN PHARMACEUTICAL INDUSTRY: EVIDENCE FROM VIETNAM STUDENT ID: 22120129 MASTER OF BUSINESS BY HONOUR SUPERVISOR: DR TRẦN HÀ MINH QUÂN Ho Chi Minh City-Year 2015 TIEU LUAN MOI download : skknchat@gmail.com ACKNOWLEDGEMENTS I would like to express my sincere gratitude to Dr.Tran Ha Minh Quân who has supported me a lot with the thesis preparation and motivated me throughout the journey of the thesis I strongly believe that I could have not completed this thesis without the assistance from all of my friends who helped me to guide the customers to the survey and chased for data submission And finally my special thanks to my family who was always with me to show their empathy and encourages me to complete this thesis December 8, 2014 Ho Chi Minh City, Viet Nam TIEU LUAN MOI download : skknchat@gmail.com Abstract The pharmaceutical industry is more different than others, because product is the more specific and varies than products in other market Most of the pharma companies pay attention to research and development in order to launch a new drug which can compete with the rivals In addition, almost pharma companies are successful due to they have a powerful sales to marketing their medication to the doctor By this mean, they will spend time and money to create these factors mentioned above Therefore, Pharmaceutical branding is an important way to create awareness among potential benefits of drugs and medicines In the fact that, they neglected to establishing brand and specially building brand loyalty, because the benefit of customer loyalty bring to pharma companies is very much, for example it can help pharma companies reduce six times costs to find a new customers, this research aimed to explore elements influencing brand loyalty and examining the effect of country of origin on those factors This study is a quantities research, 349 questionnaires were delivered to respondents who were going to hospital for treatment Collecting Data are used to assess the scale and test hypotheses Through Cronbach Alpha coefficients analysis to test reliability of scale, explore factor analysis (EFA) and confirmatory factor analysis (CFA) were used to test validity of scale and finally, SEM was used to test hypothesis The result showed that marketing managers should be pay attention perceived quality, brand awareness if they would like to establish customer loyalty toward pharmaceutical TIEU LUAN MOI download : skknchat@gmail.com ii brand Besides, the country of origin has no impact to brand loyalty because they don’t a habit about self-medication, they strongly respect and believed that doctors will treat them better Keywords: Brand awareness, perceived quality, brand loyalty, country of origin, pharmaceutical companies TIEU LUAN MOI download : skknchat@gmail.com iii Tables of content INTRODUCTION CHAPTER I 1.1 Background to the study: 1.2 The statement of problem: 1.3 The research objective: 1.4 The significant of research: 1.5 The scope of the study: 1.6 Structure of the study: CHAPTER II LITERATURE REVIEW AND THEORICAL MODEL 2.1 Definition of brand: 2.2 Definition of brand equity: 2.3 Customer based perspective of brand equity (CBBE): 2.3.1 Brand awareness: 2.3.2 Brand image: 2.3.3 Perceived quality: 10 2.3.4 Brand loyalty: 11 2.3.5 Country of origin: 12 2.4 The relationship between brand awareness, brand image, perceived quality and brand loyalty 13 2.5 The relationship between country of origin and customers base brand equity: 14 2.6 The relationship between COO and brand loyalty: 15 2.7 The conceptual research model: 15 CHAPTER III 3.1 METHODOLOGY 18 Research process: 18 3.1.1 Methodology research: 18 3.1.2 Procedure of research: 18 3.2 Sample design: 19 3.3 Measurement scales: 20 3.3.1 Brand Awareness: 20 3.3.2 Brand image: 21 TIEU LUAN MOI download : skknchat@gmail.com iv 3.3.4 Brand Loyalty: 22 3.3.5 Country of origin: 22 3.5 Data analysis method: 23 3.5.1 Reliability Analysis 23 3.5.2 Exploratory Factor Analysis (EFA): 23 3.5.3 Confirm factor Analysis (CFA): 24 CHAPTER IV DATA ANALYSIS 25 4.1 Descriptive data analysis: 25 4.2 Measure scale assessment: 26 4.2.1 Cronbach alpha reliability analysis: 26 4.2.2 Exploratory factor analysis (EFA): 28 4.2.3 Confirm factor analysis (CFA): 30 4.2.4 Test hypothesis with SEM analysis: 30 4.2.5 Discussion: 32 4.2.6 Summary: 33 CHAPTER V: CONCLUSION AND IMPLICATION 35 5.1 Conclusion: 35 5.2 Key findings and contribution of study: 35 5.2.1 Key finding: 35 5.2.2 Contribution of study: 36 5.3 Managerial Implications: 36 5.4 Limitation: 37 References 38 Appendix 42 Appendix 46 Appendix 3: 50 TIEU LUAN MOI download : skknchat@gmail.com v Lists of table Table 2.1 List of hypothesis 16 Table 3.1 procedure of research 19 Table 4.2 Reliability analysis results 26 Table 4.3 The Result of EFA: 28 Table 4.4 Show the result CR and AVE after CFA analysis: 30 Table 4.4: Regression weight and standardize regression weight: 31 Table 4.5: Standardized Regression Weights 31 Table 4.5 Summary hypothesis and results: 32 Lists of figure Figure Research model 16 Figure CFA result 53 Figure SEM result 53 TIEU LUAN MOI download : skknchat@gmail.com CHAPTER I INTRODUCTION This chapter introduces the background to the study, problem statement of research, the objective research, the scope research purpose of this study and the other contents such as the rationale of the research, structure of the study 1.1 Background to the study: According to Ministry of Health, pharmaceutical sales in 2013 is approximately 2.775 million USD, domestic medicine occupied 1.300 million USD, with the growth CAGR in 10 years later will be 16% Although international economy industries were impacted by international crisis but pharmaceutical industry still gradually increase with impressive number 18.8% per year from 2009-2013 There are many reasons which lead to upward trend but it couldn’t be denied is product of pharmaceutical is a special drug, not instead the others, adjacent to being awareness of people about health care is more and more improvement and last reason is the Vietnamese viewpoint about using domestic or imported medicine significantly change Firstly, the development of education which leads to perceive high about health care of Vietnamese Therefore, when people have a chance which approaches international drug and pharmaceutical market, their needs will be increase entailing pharmaceutical industry will be develop According to World Bank, take into account to 2012, Health expenditure per capita of Vietnamese is 95 USD , is compared with region is still quite low for example Singapore $2.286 , Malaysia is $346 , this organization hope the numbers will be go up in the future Secondly, doctors and pharmacists who have a favorite prescribe import medicine because they supposed that the import ones is better than others, statistic data show that only 20-30% doctor prescribe domestic drug per total for patients However, Vietnamese perception about using domestic and imported drugs have been exchanged dramatic, according to Ministry Of Industry And Trade statistic data, it show that consumer ratio who TIEU LUAN MOI download : skknchat@gmail.com using domestic is up to 70%, thus, it could be said that pharmaceutical industry is expected substantial growth 1.2 The statement of problem: The pharmaceutical industry is more different than others, because product is a specific and varies product in other market According to Rafiq and Saxon’s research (2000), a pharmaceutical drug before launching the market, pharmaceutical companies have to spend nearly 12 years for research and development process as well as applying for commercial licenses and certifications Unfortunately, the drug can only have year time in order to sell on the market before patent expires and initiate price competition Therefore, it can be said that the success of the industry relied on three factors: strong research and development (R&D), aggressive defense of patents and use of the dominant promotional tool - powerful sales forces (Veloutsou & Panigyrakis, 2001; Moss & Schuiling, 2004; Moss, 2007) In other hand, the industry has been concentrated on R&D and product factors and not market drive In addition, introducing a new blockbuster drug to the market is becoming even more expensive as the costs of R&D increase (Veloutsou & Panigyrakis, 2001; Moss & Schuiling, 2004; Moss, 2007; Rod et al,) Besides, there is an existence of generic drug has also been developing rapidly and constitutes an increasingly real threat for the industry Generic companies benefit, not only from patent expiration, but also from the cost reduction pressures evident in every healthcare system around the world However, the picture has changed, industry growth has been slowing down and firms have been searching for ways to maintain it To acquire new competitive advantage, Moss and Schuiling (2004) suggest that pharmaceutical companies should start paying more attention to building brands than simply products, therefore transferring from research-oriented, product-centric strategy to brand and consumer centricity Simultaneously, Moss and Schuiling (2004) as well as Griffiths (2007) clearly state that pharmaceutical companies ought not to solely rely on their sales force and R&D anymore – the emphasis needs to be put on marketing and branding, in particular, it is need to establish brand loyalty in pharmaceutical According to Aaker (2007), the benefits of brand TIEU LUAN MOI download : skknchat@gmail.com 39 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 Kotler, P (1997) Marketing Management: Analysis Planning Implementation and Control New Jersey: Prentice-Hall Kotler, P (2001), “A framework for marketing management”, Upper Saddle River, NJ: PrenticeHall Kotler, P (2003) Marketing Management (11th ed.).New Jersey: Prentice Hall Judith, H W and Richard, E P (2002) Measuring brand equity: An evaluation of a consumerbased brand equity scale Journal of Marketing Theory and Practice, 10(1), 46-63 Hair, J., Black, W., Babin, B., and Anderson, R (2010) Multivariate data analysis (7th ed.): Prentice-Hall, Inc Upper Saddle River, NJ, USA Hsieh, M.H., Pan, S.L and Setiono, R (2004), “Product-, corporate-, and country-image dimensions and purchase behavior: a multicounty analysis”, Journal of the Academy of Marketing Science, 32 (3), pp 251-70 Lassar, W., Mittal, B., & Sharma, A (1995).Measuring customer-based brand equity Journal of Consume Marketing, 12 (4): 11-19 Nguyen, TD & Nguyen, TMT (2011), Marketing Scientific Research - Applying structural equation modeling SEM, HCMC National University Publishing House Moss, G & Schuiling, I (2004), “A brand logic for pharma?: A possible strategy based on FMCG experience”, International Journal of Medical Marketing, Vol (1) pp 55-62 Moss, G (2007), “What can the pharmaceutical world learn from consumer-branding practice?”, Journal of Medical Marketing: Device, Diagnostic and Pharmaceutical Marketing,7 (4), pp 315-320 Rafiq, M & Saxon, T (2000), “R&D and marketing integration in NPD in the pharmaceutical industry”, European Journal of Innovation Management, Vol (4), pp 222-231 Rao, A., Qu, L & Ruekert, R (1999), “Signaling Unobservable Product Quality through a Brand Ally”, Journal of Marketing Research, 36 (2), pp 258-268 Reynolds, K E., & Beatty, S E (1999), “Customer benefits and company consequences of customer salesperson relationships in retailing”, Journal of Retailing, 75(1), 11–32 TIEU LUAN MOI download : skknchat@gmail.com 40 Rod, M., Ashill, N & Carruthers, J (2007), “Pharmaceutical marketing return-on-investment: a European perspective”, International Journal of Pharmaceutical and Healthcare Marketing, (2), pp 174-189 Sanyal, S & Datta S (2011), “The effect of country of origin on brand equity: and empirical study on generic drugs”, Journal of Product & Brand Management, 20 (2), pp 130-140 Schiffman, Leon G.; & Leslie L Kanuk (2004) Consumer behavior New Jersey: Prentice Hall.Taylor, S A., Celuch, K., & Goodwin, S (2004) The importance of brand equity to customer loyalty Journal of Product & Brand Management, 13 (4): 217-227 Schoell, W.F., and Guiltinan, J.P (1990), “Marketing Contemporary Concepts and Practices”, Allyn and Bacon, Boston, MA Vazquez-Carrasco, R., & Foxall, G R (2006), “Influence of personality traits on satisfaction, perception of relational benefits, and loyalty in a personal services context”, Journal of Retailing and Consumer Services, 13(3), 205–219 Veloutsou, C & Panigyrakis, G (2001), “Brand teams and the brand management structure in pharmaceutical and other fast-moving consumer goods companies”, Journal of Strategic Marketing, (3), pp 233-251 Oliver, R.L., (1997) Satisfaction: A behavioral Perspective on the consumer Mcgraw-Hill, New York, NY Oliver (1999), “whence consumer loyalty”?, Journal of Marketing, 63(4), 33–44 Pappu R., Quester G.P, Cooksey W.R., (2006), Consumer-Based brand equity and country of origin relationships, European Journal of Marketing, 40(5).pp.696-717 Pappu R., Quester G.P, Cooksey W.R., (2007), “Country image and consumer based brand equity: relationship and implications for international marketing”, Journal of International Business Studies, pp 726-745 Peng, W T (2006) The relationship among brand awareness, brand image and brand loyalty-an empirical study of domestic rice wine market Unpublished master thesis, National Dong Hwa University, Taiwan Wu, H W (2002) The factors influencing the supported teams chose by professional baseball fans, and the relationship among supporting factors, loyalty and satisfaction Unpublished master thesis, National College of Physical Education and Sports, Taiwan TIEU LUAN MOI download : skknchat@gmail.com 41 Yasin N., Noor M and Mohamad M (2007), Does image of country-of-origin matter to brand equity? Journal of Product and Brand Management, pp 38 – 48 Yoo, B., & Donthu, N (2001) Developing and validating multidimensional consumer-based brand equity scale Journal of Business Research, 52 (1): 1-14 Zeithaml, V A (1988), Consumer perceptions of price, quality and value: A means-end model and synthesis of evidence Journal of Marketing, 52, 2-22 TIEU LUAN MOI download : skknchat@gmail.com 42 APPENDIX Questionnaire Factors influencing brand loyalty in pharmaceutical industry: evidence from Viet Nam Dear gentlemen and ladies, My name La Thi Hong Loan, a student of MBA program at ISB Institution – Economics University of Ho Chi Minh City I am studying about customer loyalty for pharmaceutical industry We wish Ladies/ Gentlemen for taking the time to answer this survey Note, there is no right or wrong answer All reviews of Ladies / Gentlemen are valuable for this study Sincere thanks to the support of Ladies and Gentlemen There are types of medicine in pharmaceutical industry They are: brand name, generic drug, OTC drug In there, brand name and generic can be sold prescription only medicine, whereas OTC drug OTC drug is a drug which can be sold and bought by retail store and people can be selfmedicating For example: Panadol, Alaxan, Decogen… The purpose of this study only focus on OTC market, so medical brand which is investigated chiefly, is people can be easier bought than retail store without doctor’s prescription PART 1: General Information: You have used to buy medicine or not?      Yes  Criteria for buying a medicine ( can choose The most expensive drugs  Buying from retailer stores  Buying doctor ‘s prescription  Agreeing for another one when drug out of store No more than one answers) Like to buy an advertising drug on television Only buying domestic drugs Only buying drugs from a reputation companies Name drugs you can buy in recent days:(can choose more than one answers)  Drug for self- medical: cold, cough, headache…  Antibiotic, relieve pain…  Prescription only medicine  Others TIEU LUAN MOI download : skknchat@gmail.com 43 Part 2: Please indicate the level of agreement of him / her for the following statement by ticking (√) in the box corresponding to: 1): Strongly disagree (5): Fairly agree (2): Disagree (6): Agree (3): Fairly disagree (7): Strongly Agree (4): Neutral I Country of origin I will prefer the brand that originates from a country rich in R&D I will prefer the brand that originates from a country with a high level of technological advancement I will prefer the brands that originates from a country which maintains a high level of quality I will prefer the brand that originates from a country which maintains an image of more new drug development I will prefer the brand that originates from a country which is prestigious in terms of drug manufacturing II Brand awareness: I know clearly brand I bought When talking about pharma industry, I will remember brand I bought immediately I can recognize brand I like among other brand I can distinguish brand I like beer from other brand I can describe characteristics of brand I bought when asking III Brand Image: I feel brand I like make me feel comfortable I have a clear image about brand I bought I feel brand I bought special I feel brand are suitable for high class customers I feel brand I bought are expensive I feel brand I bought to be familiar to me TIEU LUAN MOI download : skknchat@gmail.com 44 IV Perceived quality: I feel brand I bought has a high quality I like the quality of brand I bought The probability of functional the brand I bought is very high The probability of reliability the brand I bought is too high The brand I bought must have a very good quality The brand I bought seems to have a poor quality V Brand loyalty: I use brand I like very often I have an intention to brand I like again I usually use brand I like as preferred choice I will recommend brand I bought to other people when they need I feel close attached brand I bought PART III: OTHER INFORMATION: Gender:  Male  Female Age:  18 - 25 age  36-45 age  26-35 age  Above 45 age Career:  Businessman/manager  Official employee  students  others TIEU LUAN MOI download : skknchat@gmail.com 45 Income:  below million VND  5-10 million VND Education:  >10-15 million VND  >15 million VND  Primary  secondary  high school  graduated  post-graduated Thank you TIEU LUAN MOI download : skknchat@gmail.com 46 APPENDIX Questionnaire on factor affecting brand loyalty in pharmaceutical industry KHẢO SÁT VỀ LÒNG TRUNG THÀNH CỦA NGƯỜI TIÊU DÙNG ĐỐI VỚI THƯƠNG HIỆU TRONG THỊ TRƯỜNG DƯỢC PHẨM Chào tất Anh/chị Tôi La Thị Hồng Loan, học viên cao học Viện đào tạo quốc tế ISB- trường Đại học Kinh Tế TP.HCM, làm đề tài luận văn nghiên cứu yếu tố ảnh hưởng đến lòng trung thành người tiêu dùng thương hiệu thị trường Dược phẩm Rất mong Anh/ Chị dành thời gian trả lời phiếu khảo sát Lưu ý, khơng có câu trả lời sai Tất ý kiến Anh/ Chị có giá trị cho nghiên cứu Có loại thuốc thị trường dược phẩm thuốc Brand name, generic thuốc OTC Trong thuốc Brand name generic bán theo toa BS, trái lại hàng OTC khơng cần phải có toa BS Thuốc OTC bán lẻ người dân mua để tự điều trị Mục đích nghiên cứu tập trung vào thị trường OTC nhãn hiệu thuốc điều tra chủ yếu nhãn hiệu mà người dân tự mua mà khơng có toa BS PHẦN 1: THƠNG TIN TỔNG QUÁT Anh/ chị mua thuốc tây:  Có  Khơng Anh/ chị mua thuốc (có thể chọn nhiều câu trả lời)  Mua thuốc mắc tiền  Mua thuốc từ nhà thuốc tây mà anh chị biết  Mua thuốc mà bác sĩ kê toa  Đồng ý mua thuốc khác thuốc muốn mua hết hàng  Thích mua thuốc quảng cáo  Chỉ mua thuốc công ty Việt Nam sản xuất  Mua thuốc từ nhãn hiệu tiếng Loại thuốc mà anh/ chị mua gần đây:  Thuốc cảm, ho, nhức đầu  Thuốc kháng sinh, gảm đau  Thuốc bán theo đơn bác sĩ  Thuốc khác… TIEU LUAN MOI download : skknchat@gmail.com 47 Phần 2: Nội Dung Đánh Giá Anh/chị xin vui lòng đánh giá mức độ đồng ý với phát biểu theo quy ước từ thấp đến cao sau: Hoàn toàn không đồng ý Không đồng ý Hơi không đồng ý Trung lập (khơng có ý kiến) Hơi đồng ý Đồng ý Hoàn toàn đồng ý TIEU LUAN MOI download : skknchat@gmail.com I Nguồn gốc xuất xứ thuốc: Tơi thích nhãn hiệu có xuất xứ từ quốc gia phát triển Tơi thích nhãn hiệu có xuất xứ từ quốc gia có trình độ kỹ thuật tiên tiến cao Tơi thích nhãn hiệu có xuất xứ từ quốc gia có danh tiếng chất lượng tốt Tơi thích nhãn hiệu có xuất xứ từ quốc gia giữ hình ảnh phát triển thuốc 10 Tơi thích nhãn hiệu có xuất xứ từ quốc gia có danh tiếng mặt sản xuất thuốc II Nhận biết thương hiệu: 11 Tôi biết rõ nhãn hiệu thuốc mua 7 48 12 Khi nói nhãn hiệu thuốc tơi nhớ đến nhãn hiệu thuốc mà tơi mua 13 Tơi nhận nhãn hiệu thuốc mà tơi thích mua số nhãn hiệu thuốc khác 14 Tơi phân biệt nhãn hiệu thuốc mua từ nhãn hiệu thuốc khác 15 Tơi mơ tả đặc tính nhãn hiệu thuốc tơi mua có người hỏi III Hình ảnh thương hiệu: 16 Tơi ln cảm thấy thú vị nói nhãn hiệu thuốc tơi mua với bạn bè 17 Tơi có hình tượngrõ ràng chất lượng nhãn hiệu thuốc mà mua 18 Tôi cảm thấy nhãn hiệu thuốc mua đặc biệt nhãn hiệu thuốc khác 19 Tôi thấy nhãn hiệu thuốc mua phù hợp với người có thu nhập cao 20 Tôi thấy nhãn hiệu thuốc mua mắc tiền 21 Tôi cảm thấy quen thuộc nhãn hiệu thuốc mua Chất lượng cảm nhận 22 Tôi thấy nhãn hiệu thuốc mua có chất lượng cao 23 Tơi thích chất lượng nhãn hiệu thuốc mua 24 Tôi thấy chức nhãn hiệu thuốc mua cao 25 Tôi thấy khả tin cậy nhãn hiệu thuốc mua cao 26 Tôi thấy nhãn hiệu thuốc tơi mua phải có chất lượng tốt 27 Tơi thấy nhãn hiệu thuốc tơi mua có chất lượng IV Lịng trung thành 28 Tơi thường sử dụng nhãn hiệu thuốc tơi thích 29 Tơi có ý định tiếp tục sử dụng lại nhãn hiệu thuốc mà mua cần TIEU LUAN MOI download : skknchat@gmail.com 49 30 Tôi sử dụng nhãn hiệu thuốc mua lựa chọn ưu tiên cần 31 Tơi khuyến khích bạn bè sử dụng nhãn hiệu thuốc tơi mua họ có nhu cầu 32 Tơi cảm thấy có tình cảm với nhãn hiệu thuốc tơi thích Phần 3: Thơng tin tổng qt: Xin Anh/Chị cho biết số thông tin sau để phục vụ cho việc phân loại trình bày liệu thống kê: Giới tính:  Nam  nữ Nhóm tuổi:  18 - 25 tuổi  26-35 tuổi Nghềnghiệp:  36-45 tuổi  Trên 45  Doanh nhân/nhà quản lý  Nhân viên VP  Công nhân  Khác Mức thu nhập/tháng:  Dưới triệu  5-10 triệu VND Trình độ học vấn (cao nhất):  Cấp  Cấp  Cấp  >10-15 triệu  >15 triệu  Đại học  Sau đại học Xin chân thành cám ơn TIEU LUAN MOI download : skknchat@gmail.com 50 APPENDIX 3: EXPLORATORY FACTOR ANALYSES KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy Bartlett's Test of Sphericity 906 Approx Chi-Square 4278.143 df 231 Sig .000 Total Variance Explained Rotation Sums of Squared Initial Eigenvalues Factor Total % of Variance Extraction Sums of Squared Loadings Cumulative % Total % of Variance Cumulative % Loadingsa Total 8.423 38.288 38.288 8.043 36.559 36.559 5.882 2.355 10.703 48.991 1.889 8.588 45.148 6.205 1.785 8.115 57.106 1.443 6.561 51.709 3.439 1.270 5.774 62.880 920 4.184 55.892 6.101 1.068 4.856 67.736 720 3.272 59.164 4.512 816 3.710 71.446 672 3.056 74.502 643 2.922 77.424 578 2.627 80.051 10 558 2.534 82.585 11 505 2.296 84.882 12 455 2.067 86.948 13 439 1.993 88.942 14 354 1.609 90.550 15 347 1.579 92.130 16 317 1.442 93.572 17 298 1.356 94.928 18 262 1.191 96.119 19 238 1.083 97.202 20 228 1.038 98.240 21 205 934 99.174 22 182 826 100.000 Extraction Method: Principal Axis Factoring a When factors are correlated, sums of squared loadings cannot be added to obtain a total variance TIEU LUAN MOI download : skknchat@gmail.com 51 Pattern Matrixa Factor BL2 913 BL1 746 BL3 699 BL5 589 BL4 534 BA3 848 BA2 774 BA4 712 BA1 684 BA5 579 COO2 857 COO3 700 COO1 650 COO5 540 COO4 521 PQ3 888 PQ2 837 PQ1 767 PQ4 524 BI2 926 BI1 812 BI3 661 Extraction Method: Principal Axis Factoring Rotation Method: Promax with Kaiser Normalization a Rotation converged in iterations TIEU LUAN MOI download : skknchat@gmail.com 52 CFA Result Appendix CFA and SEM analysis CFA analysis: SEM analysis F TIEU LUAN MOI download : skknchat@gmail.com 53 Figure CFA result SEM Result Figure SEM result TIEU LUAN MOI download : skknchat@gmail.com ... elements influencing brand loyalty in pharmaceutical industry in Ho Chi Minh City + To investigate the effect of country of origin on brand loyalty in pharmaceutical industry in Ho Chi Minh City... OF ECONOMICS HO CHI MINH CITY International School of Business LA THI HONG LOAN FACTORS INFLUENCING BRAND LOYALTY IN PHARMACEUTICAL INDUSTRY: EVIDENCE FROM VIETNAM STUDENT ID:... definition of brand, definition of customer based brand equity, definition of country of origin, the relationship brand loyalty and components of brand equity, including brand awareness, brand