(LUẬN văn THẠC sĩ) the effects of marketing communication on brand equity

MINISTRY OF EDUCATION TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY oOo - HUỲNH KIM PHỤNG THE EFFECTS OF MARKETING COMMUNICATON ON BRAND EQUITY Major: Business Administration Major Code: 60.34.05 Supervior: Dr TRẦN HÀ MINH QUÂN Ho Chi Minh City - 2011 TIEU LUAN MOI download : skknchat@gmail.com TABLE OF CONTENT ACKNOWLEDGEMENTS……………………………………………………….1 ABSTRACT……………………………………………………………………… CHAPTER BACKGROUND…………………………………………….3 1.1 Introduction…………………………………………………………………3 1.2 Research Objectives……………………………………………………… 1.3 Research methodology and scope………………………………………… 1.4 Managerial implications……………………………………………………5 1.5 Structure of the research report…………………………………………… CHAPTER LITERATURE REVIEW AND RESEARCH MODEL….7 2.1 Introduction…………………………………………………………………7 2.2 Brand equity…………………………………………………………………7 2.2.1 Brand awareness…………………………………………………… 2.2.2 Perceived quality…………………………………………………… 2.2.3 Brand loyalty…………………………………………………………8 2.2.4 Brand Association……………………………………………………8 2.3 The elements of marketing communication…………………………………9 2.3.1 Advertising Spending……………………………………………….10 2.3.2 Field Support Activities…………………………………………….11 2.3.3 Sales Promotion…………………………………………………….11 2.4 Research Model…………………………………………………………….12 TIEU LUAN MOI download : skknchat@gmail.com 2.5 Summary………………………………………………………………… 13 CHAPTER RESEARCH METHODOLOGY…………………………15 3.1 Introduction……………………………………………………………… 15 3.2 Research design……………………………………………………………15 3.2.1 Research methodology…………………………………………… 15 3.2.2 Research process……………………………………………………17 3.2.3 Questionnaire Structure…………………………………………… 18 3.3 Measurement scale development………………………………………… 19 3.3.1 Measurements of brand awareness…………………………………19 3.3.2 Measurements of perceived quality……………………………… 20 3.3.3 Measurements of brand loyalty…………………………………….20 3.3.4 Measurements of attitudes toward advertising spending………… 21 3.3.5 Measurements of attitudes toward field support activities……… 21 3.3.6 Measurements of attitudes toward sales promotion……………… 22 3.4 Field work………………………………………………………………….23 3.4.1 Researched brands………………………………………………….23 3.4.2 Sample…………………………………………………………… 23 3.5 Summary………………………………………………………………… 24 CHAPTER 4.1 RESEARCH RESULTS………………………………… 28 Introduction……………………………………………………………… 28 TIEU LUAN MOI download : skknchat@gmail.com 4.2 Sample Characteristics…………………………………………………….28 4.3 Measure reliability check………………………………………………….28 4.4 Exploratory factor analysis (EFA)…………………………………………31 4.5 Examination research model by multiple regression………………………36 4.5.1 Examination the effects of advertising spending, field support activities and sales promotion on brand awareness……………………………….36 4.5.2 Examination the effects of advertising spending, field support activities and sales promotion on perceived quality………………………………37 4.5.3 Examination the effects of advertising spending, filed support activities and sales promotion on brand loyalty………………………………… 39 4.6 Summary………………………………………………………………… 41 CHAPTER DISCUSSION AND CONCLUSION…………………… 43 5.1 Introduction……………………………………………………………… 43 5.2 Marketing communication elements and building brand equity………….43 5.3 Limitation and future research…………………………………………….45 REFERENCES ………………………………………………………………….46 APPENDIX TABLE Table 2.1: Structural model – Relationship between some key elements of marketing communication and brand equity………………………………………13 Table 3.1: Research progression………………………………………………… 16 TIEU LUAN MOI download : skknchat@gmail.com Table 3.2: Research process……………………………………………………….17 Table 3.3: Measurement scales for brand awareness…………………………… 19 Table 3.4: Measurement scales for perceived quality…………………………… 20 Table 3.5: Measurement scales for brand loyalty…………………………………20 Table 3.6: Measurement scales for attitudes toward advertising spending……….21 Table 3.7: Measurement scales for attitudes toward field support activities…… 22 Table 3.8: Measurement scales for attitudes toward sales promotion…………… 22 Table 4.1: Sample Characteristics…………………………………………………28 Table 4.2: Cronbach’s Alpha coefficient for the used measurement scales……….30 Table 4.3: Total Variance Explained – elements of marketing communication… 32 Table 4.4: Rotated Component Matrix(a) – elements of marketing communication…………………………………………………………………….33 Table 4.5: Total Variance Explained – elements of brand equity…………………33 Table 4.6: Rotated Component Matrix(a) – elements of brand equity…………….34 Table 4.7: New Variables Computed…………………………………………… 35 Table 4.8: Model Summary – Marketing Communication and Brand Awareness…………………………………………………………………………37 Table 4.9: ANOVA (b) – Marketing Communication and Brand Awareness……37 Table 4.10: Coefficients (a) – Marketing Communication and Brand Awareness…………………………………………………………………………37 Table 4.11: Model Summary – Marketing Communication and Perceived Quality…………………………………………………………………………… 39 TIEU LUAN MOI download : skknchat@gmail.com Table 4.12: ANOVA (b) – Marketing Communication and Perceived Quality…………………………………………………………………………… 39 Table 4.13: Coefficients (a) – Marketing Communication and Perceived Quality…………………………………………………………………………… 39 Table 4.14: Model Summary – Marketing Communication and Brand Loyalty…………………………………………………………………………… 41 Table 4.15: ANOVA (b) – Marketing Communication and Brand Loyalty………41 Table 4.16: Coefficients (a) – Marketing Communication and Brand Loyalty…………………………………………………………………………… 41 Table 4.17: Hypothesis and research results………………………………………42 TIEU LUAN MOI download : skknchat@gmail.com Page of 52 ACKNOWLEDGMENTS The author would like to thank Dr Tran Ha Minh Quan for his instructions and valuable comments during the research I also would like to thank Mr Dang Huu Phuc who gave meaningful advice for processing data TIEU LUAN MOI download : skknchat@gmail.com Page of 52 ABSTRACT The objective of this paper is to investigate the relationship between selected elements of marketing communication and brand equity of in the body lotion category The selected set includes three key elements from each of marketing factors They are advertising spending, field support activities and sales promotion from communication Plus, awareness, perceived quality and brand loyalty are from brand equity With the concrete measurement, the study surveys body lotion users in HCMC The results show that to selected component of brand equity of body lotion category, advertising spending and field support activities response a positive side, whereas sales promotion have a negative impact These findings provide insights for doing strategy of marketing communication activities generating and managing brand equity TIEU LUAN MOI download : skknchat@gmail.com Page of 52 CHAPTER BACKGROUND 1.1 Introduction Brand equity is very important as it is a source of sustainable competitive advantages of a brand The brand owning strong equity increases a chance for the brand to be selected, purchased more frequently and so the loyalty to the brand is higher, Pitta and Katsanis (1995) Moreover, brand equity has strong relationship with marketing communication From various study, importance of brand equity are witnessed According to Rajh 2005, brand equity is very important because it has many benefits for companies Bharadwaj et al., (1993) and Hoffman (2000) find that brand equity could be considered as a source of sustainable competitive advantage while Pitta and Katsanis (1995) discover that there is the positive relationship between brand equity and brand loyalty It means that the brand owning strong equity increases a chance for the brand to be selected, purchased more frequently and so the loyalty to the brand is higher Aaker and Keller (1990) also find other benefits related to brand extension such as strong brand equity of the brand enhances possibility of brand extension to other product categories It allows companies to use established brand name to drive consumers to enter new product categories In relation to marketing mix, various studies (Barwise, 1993; Farquhar et al., 1991; Keller, 1993; Keller, 1998; Pitta and Katsanis, 1995; Simon and Sullivan, 1993; Smith and Park, 1992; Yoo et al., 2000) find that brand equity is one of the sources to increase efficiency of marketing communication programs Brand equity also increases willingness of consumers to pay premium price for a specific brand Brand equity also impact elasticity of consumers to price change More precisely, brand equity increases elasticity of consumers to price reductions and decreases elasticity of consumers to price increases Brand equity has positive relationship TIEU LUAN MOI download : skknchat@gmail.com Page of 52 with willingness of stores (distribution channel) to collaborate and provide support for the brand Brand equity reduces the company vulnerability to marketing activities of the competition and their vulnerability to crises Although of understanding importance of brand equity, managers have not invested in creation brand equity properly in the body lotion category which is growing in Vietnam market.Top two giant advertisers Unilever and Beiersdorf are competing in advertising spending, sales promotion, etc However, they have not hadany research to investigate the relationship between elements of marketing communication and brand equity for this category In the last two years, the managers have frequently used sales promotion to improve their sales performance in the short-term They may ignore to analysis whether sales promotion can deteriorate brand equity in the long-term In addition, they don’t have clear communication strategy to enhance brand equity Therefore, it’s necessary to explore the relationship between elements of marketing communication and dimensions of brand equity 1.2 Research objectives The purpose of this research is to explore impacts of factors of marketing communication on brand equity’s elements This has been one of hottest topics in management today in Vietnam emerging market where building brand equity plays an important role for giant advertisers’ communication strategy.The research also provides a starting point for further research on relationship between marketing mix and brand equity 1.3 Research methodology and scope The research is conducted in the dynamic market, HCMC in which there is the biggest sales contribution, up to 80% of sales on each key brand (Source AC Nielsen Market Retail Audit 2010) TIEU LUAN MOI download : skknchat@gmail.com Page 38 of 52 In Chapter 2, there were three hypotheses defined for the relationship between advertising spending, field support activities, sales promotion and perceived quality These hypotheses are followed:  H3: Advertising spending positively affects perceived quality of the brand  H6: Field support activities conducted for the brand positively affects perceived quality of the brand  H9: Sales promotion negatively affects perceived quality of the brand Multiple regression was used to test these three hypotheses The new independent variables (TBAD, TBFS, TBSP) against perceived quality (TBPQ) was reported in Table 4.11, 4.12 and 4.13 In the Model Summary table, the R (.522) presents the correlation of advertising spending, field support activities and sales promotion with perceived quality, after all the inter-correlations among advertising spending, field support activities and sales promotion are taken into account The R Square (.272), which is explained variance, is actually the square of the multiple R The ANOVA table shows that the F value of 20.693 is significant at the 000 level The results show that 27.2% of the variance (R Square) in perceived quality has been significantly explained by the three selected elements of marketing communication The table 4.13 titled Coefficients helps to identify which among the three selected elements of marketing communication influences most the variance in perceived quality The Beta under Standardized Coefficients for Advertising spending, Field support activities and Sales promotion is significant at level lower than 05 which is acceptable Advertising has the highest number in the Beta (.177) which indicates that it is necessary to invest more into advertising if objective is to increase perceived quality of the brand Therefore, the hypothesis H3 is supported The Beta (.171) for field support activities is significant at 041 level, so hypothesis H6 is TIEU LUAN MOI download : skknchat@gmail.com Page 39 of 52 supported The Beta (-.290) for sales promotion is significant at 000 level, therefore hypothesis H9 is supported Table 4.11: Model Summary – Marketing Communication and Perceived Quality Model Adjusted R Square 522(a) 0.272 0.259 a Predictors: (Constant), TBSP, TBAD, TBFS R Std Error of the Estimate 0.59106 R Square Table 4.12: ANOVA (b) – Marketing Communication and Perceived Quality Model Regression Residual Total Sum of Squares df Mean Square 21.687 7.229 57.992 166 0.349 79.679 169 a Predictors: (Constant), TBSP, TBAD, TBFS b Dependent Variable: TBPQ F 20.693 Sig .000(a) Table 4.13: Coefficients (a) – Marketing Communication and Perceived Quality Model Unstandardized Coefficients (Constant) TBAD TBFS TBSP Standardized Coefficients Beta B Std Error 2.8 0.441 0.174 0.08 0.177 0.183 0.089 0.171 -0.288 0.078 -0.29 a Dependent Variable: TBPQ t Sig 6.348 2.184 2.058 -3.678 0.03 0.041 4.5.3 Examination the effects of advertising spending, field support activities and sales promotion on brand loyalty In Chapter 2, there were three hypotheses defined for the relationship between advertising spending, field support activities, sales promotion and brand loyalty These hypotheses are followed:  H2: Advertising spending positively affects brand loyalty TIEU LUAN MOI download : skknchat@gmail.com Page 40 of 52  H5: Field support activities conducted for the brand positively affects brand loyalty  H8: Sales promotion negatively affects brand loyalty Multiple regression was used to test these three hypotheses The new independent variables (TBAD, TBFS, TBSP) against brand loyalty (TBPQ) was reported in Table 4.14, 4.15 and 4.16 In the Model Summary table, the R (.926) presents the correlation of advertising spending, field support activities and sales promotion with brand loyalty, after all the inter-correlations among advertising spending, field support activities and sales promotion are taken into account The R Square (.858), which is explained variance, is actually the square of the multiple R The ANOVA table shows that the F value of 335.084 is significant at the 000 level The results show that 85.8% of the variance (R Square) in brand loyalty has been significantly explained by the three selected elements of marketing communication The table 4.16 titled Coefficients helps to identify which among the three selected elements of marketing communication influences most the variance in brand loyalty The Beta under Standardized Coefficients for Advertising spending, Field support activities and Sales promotion is significant at level lower than 05 which is acceptable Field support activities have the highest number in the Beta (.552), so the hypothesis H5 is supported The Beta (.235) for advertising spending is significant at 000level, so hypothesis H2 is supported The Beta (-.330) for sales promotion is significant at 000 level, therefore hypothesis H8 is supported TIEU LUAN MOI download : skknchat@gmail.com Page 41 of 52 Table 4.14: Model Summary – Marketing Communication and Brand Loyalty Adjusted R Square 926(a) 0.858 0.856 a Predictors: (Constant), TBSP, TBAD, TBFS Model R Std Error of the Estimate 0.2384 R Square Table 4.15: ANOVA (b) – Marketing Communication and Brand Loyalty Model Regression Residual Total Sum of Squares df Mean Square 57.133 19.044 9.435 166 0.057 66.568 169 a Predictors: (Constant), TBSP, TBAD, TBFS b Dependent Variable: TBBL F 335.084 Sig .000(a) Table 4.16: Coefficients (a) – Marketing Communication and Brand Loyalty Model Unstandardized Coefficients (Constant) TBAD TBFS TBSP 4.6 Summary Standardized Coefficients Beta B Std Error 1.561 0.178 0.212 0.032 0.235 0.539 0.036 0.552 -0.3 0.032 -0.33 a Dependent Variable: TBBL t Sig 8.773 6.594 15.029 -9.484 0 0 This chapter explained methods for data analysis and research results There are total 30 variables for analysis All hypotheses are supported and reported in the table 4.17 The next chapter will concentrate on discussions and conclusions and limitations of this paper TIEU LUAN MOI download : skknchat@gmail.com Page 42 of 52 Table 4.17: Hypothesis and research results TIEU LUAN MOI download : skknchat@gmail.com Page 43 of 52 CHAPTER DISCUSSION AND CONCLUSION 5.1 Introduction The study is to investigate relationship between three components of marketing communication and elements of the brand equity in the body lotion category This session discusses the results and managerial implications for managers Limitations and recommendations for future research are also discussed in this session 5.2 Marketing communication on elements and building brand equity According to Yoo et al (2000), brand equity positively relates to brand name, brand loyalty, perceived quality and brand awareness/associations And Aaker (1997) recommends that because brand equity is rooted in these dimensions Therefore, the roots of brand equity must be considered for brand-leveraging strategy to avoid destroying the brand Advertising spending and the elements of brand equity Advertising spending has a favorable influence on brand equity The higher advertising spending a company has, the higher level of awareness the brand owns A positive relationship between advertising spending and perceived quality so that the higher advertising spending on a brand, the better quality of the product as perceived by the consumers Moreover, advertising spending on a brand has a good impact on consumers’ professed loyal behavior towards the brand This research has the same result as Yoo et al (2000) results Learning from these studies, companies need to invest for advertising to leverage brand equity However, advertising spending is costly and requires huge budget in the competitive body care category Therefore, managers of body brands must have effective advertising strategies which ensure to build up brand equity efficiently and continuously Managers must define smart objectives on each advertising campaign at specific periods with proper investments In addition, it’s necessary to establish monitoring system which helps to measure advertising impact on each element of brand equity The monitoring results should TIEU LUAN MOI download : skknchat@gmail.com Page 44 of 52 be reported quarterly to evaluate the effectiveness of advertising against brand equity This monitoring system may help managers to have proactive implications for advertising to improve brand equity index (BEI) in the future Field support activities and the elements of brand equity The study shows that field support activities effect on selected components of brand equity positively It indicates that if brand equity is to be increased, it’s necessary to invest for field support activities properly Consequently, managers should have concrete plans and carry out regularly Field support activities are efforts of cosmetic companies to provide face-to-face technical supports to consumers through market visits, meeting scheme, sale materials, etc These activities allow interactive face-to-face communication Through this two-way communication with consumers, sales staffs can gain deeper understanding about consumers Sales people can explain about body lotion product’s functions clearly and educate consumers how to apply products properly Therefore, consumers will be aware of the brand and perceive the brand quality When consumers satisfy with products, they will be more loyal to the brand It’s important for managers to improve effectiveness of field support activities As sales forces play virtual roles to drive the effectiveness, managers should organize sales training sessions which help them to enrich knowledge, skills and abilities Good sales team can implement field support activity well, hence enhance brand equity Sales promotion and the elements of brand equity Sales promotion as incentives has been shown to deteriorate in brand equity in perception of the brand’s quality, brand awareness and loyalty It indicates that if managers more invest for sales promotion, brand equity will be decreased These results are in line with practical outcomes of the body lotion Promotions may have better short-term impact, but brand equity declines in the long-term Sales promotion campaigns cannot help to increase brand awareness or perceive brand of quality higher Sales promotion TIEU LUAN MOI download : skknchat@gmail.com Page 45 of 52 campaign can encourage competitor’s users to switch promoted brands but these users may not be loyal to the brand In addition, if sales promotion is used frequently, consumers can perceive that quality of the brand is not good enough Therefore, managers should be careful of sales promotion to avoid deteriorating brand equity in the long term Managers should define clear objectives when deploying promotion campaigns 5.3 Limitations and future research This paper has some limitations that could be a good starting point for future research Firstly, this research only investigates relationship between three elements of marketing communication and brand equity The study has not explored the relationship between components of marketing mix such as price, distribution, etc and brand equity Secondly, the study examines the one-way relationship which is elements of marketing communication on brand equity Impacts of brand equity on elements of communication have not investigated Thirdly, the research has not studied deeper advertising executions or kind of field support activities which help to increase brand equity It recommends for future researches to find answers for these questions so it can help managers design the strategy for specific marketing efforts TIEU LUAN MOI download : skknchat@gmail.com Page 46 of 52 REFERENCES Aaker, D.A (1993), Are Brand Equity Investments Really Worthwhile?, in D.A Aaker, D.A (1991), Managing Brand Equity, New York: Free Press Aaker, D.A (1996), Building Strong Brands, New York: Free Press Aaker, D.A (1997), Should You Take Your Brand to Where the Action Is? 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