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NATIONAL ECONOMICS UNIVERSITY BUSINESS SCHOOL uy Ch ên đề ực th FACTORS AFFECTING THE BRAND EQUITY OF HAI HA CONFECTIONERY JOINT STOCK COMPANY p tậ Tố tn Bachelor of Business Administration in English (E-BBA) Thesis ệp i gh Student Class Supervisor : Vu Thi Hoang Ha : E-BBA 8B : PhD Dao Thi Thanh Lam Hanoi, 2019 ACKNOWLEDGEMENTS First of all, I would like to express my deep gratitude to my supervisor Dr Dao Thi Thanh Lam, who has directly guided and encouraged me from the beginning to the final level of this study Thanks to that, I was able to complete my graduation thesis and gained a lot of valuable knowledge and skills uy Ch Secondly, I would like to express my sincere thanks to all the lecturers and professors for giving me great inspiration, which made me realize the interesting nature and the imperative of business administration and me, as well as other students of the National Economics University, are extremely grateful for those lessons In addition, I am grately indebted to the School of Business of National Economics University as well as the E-BBA Program for providing me with the best learning environment, where I not only have the knowledge and experience to broaden my horizens, but also have many opportunities to participate in extracurricular activities that improve my life skills Besides, I would like to send my greetings to my beloved E-BBA friends, who have accompanied me for nearly years, always encourage and support me academically and spiritually ên đề ực th tậ p Finally, I am grateful to my loving parents for supporting me and creating favorable conditions for me during my time at National Economics University and now being here, to complete this thesis Without them, I would not be able to go this far and become who I am today tn Tố ệp i i gh Author, Vu Thi Hoang Ha TABLE OF CONTENTS uy Ch ACKNOWLEDGEMENTS i TABLE OF CONTENTS ii ABBREVIATIONS v LIST OF TABLES vi LIST OF FIGURES vii EXECUTIVE SUMMARY .1 CHAPTER INTRODUCTION 1.1 RESEARCH RATIONALE 1.2 RESEARCH OBJECTIVES 1.3 RESEARCH QUESTIONS .4 1.4 RESEARCH SCOPE .5 1.5 RESEARCH STRUCTURE CHAPTER THEORETICAL FRAMEWORK OF FACTORS AFFECTING THE BRAND EQUITY OF HAI HA CONFECTIONERY JOINT STOCK COMPANY 2.1 OVERVIEW OF BRAND AND BRAND EQUITY 2.1.1 Definition of brand 2.1.2 Function of brand 2.1.3 Role of brand .8 2.1.4 Brand equity 2.2 MEASURING FACTORS AFFECTING THE BRAND EQUITY OF HAI HA CONFECTIONERY JOINT STOCK COMPANY 12 2.2.1 Foreign research: .12 2.2.2 Domestic research: 14 2.3 PROPOSED RESEARCH MODEL .16 2.3.1 Brand awareness 18 2.3.2 Brand association 19 2.3.3 Perceived quality .19 2.3.4 Brand loyalty .19 2.4 DIMENSIONS AND CONSTRUCTS TO MEASURE BRAND EQUITY OF HAI HA 20 CHAPTER RESEARCH METHODOLOGY 22 3.1 RESEARCH PROCESS 22 3.2 DATA COLLECTION 22 ên đề ực th p tậ tn Tố ệp i gh ii uy Ch 3.2.1 The secondary data 22 3.2.2 The primary data .23 3.3 DATA ANALYSIS 26 CHAPTER FACTORS AFFECTING THE BRAND EQUITY OF HAI HA CONFECTIONERY JOINT STOCK COMPANY .27 4.1 OVERVIEW OF HAI HA CONFECTIONERY JOINT STOCK COMPANY 27 4.1.1 Development history of the company 27 4.1.2 The organizational structure of the company 28 4.1.3 Vision – mission and the core values of the company .30 4.1.4 Operating areas of the company 31 4.1.5 Strengths and weaknesses of the company 32 4.2 RESPONDENTS PROFILES .34 4.2.1 Gender .34 4.2.2 Age group 35 4.2.3 Income levels 36 4.3 RELIABILITY TESTING AND EXPLANATORY FACTOR ANALYSIS 37 4.3.1 Descriptive analysis for all factors 37 4.3.2 Reliability testing on examined dimensions 39 4.3.3 Explanatory Factor Analysis .44 4.4 ANALYSIS ON FACTORS AFFECTING THE BRAND EQUITY OF HAI HA CONFECTIONERY JOINT STOCK COMPANY 46 4.4.1 Correlation 46 4.4.2 Results of Regression Analysis of influence off independent variables on customer satisfaction .48 4.4.3 Summary of findings 50 4.4.4 Analyze the effects of qualitative definitions in assessment of brand equity 51 4.5 DISCUSS THE RESULTS 55 CHAPTER SOLUTIONS FOR ENHANCING BRAND EQUITY OF HAI HA CONFECTIONERY JOINT STOCK COMPANY .56 5.1 DEVELOPMENT ORIENTATION OF HAI HA CONFECTIONERY JOINT STOCK COMPANY 56 5.1.1 The main objectives of the Company 56 5.1.2 Medium-term and long-term development strategy 57 ên đề ực th p tậ tn Tố ệp i gh iii 5.1.3 Objectives for the Company's environment, society and community .57 5.2 SOLUTIONS AND RECOMMENDATIONS FOR HAI HA CONFECTIONERY JOINT STOCK COMPANY TO ENHANCE BRAND EQUITY 57 uy Ch 5.2.1 Establishing a marketing department 57 5.2.2 Refurbishing the company's production headquarters, developing the chain of product displaying shops 58 5.2.3 Promote advertising activities to spread the brand equity for HAIHACO 59 5.2.4 Invest in designing and innovating packaging 60 CONCLUSION 61 REFERENCES 62 APPENDIX IN-DEPTH INTERVIEW QUESTIONS 64 APPENDIX SURVEY QUESTIONS 65 APPENDIX STATISTICS 68 ên đề ực th p tậ tn Tố ệp i gh iv ABBREVIATIONS Hai Ha Confectionery Joint Stock Company BE Brand Equity BA Brand Awareness AA Brand Associations PQ Perceived Quality ên VND Brand Loyalty uy BL Ch HAIHACO Vietnamese Dong đề ực th p tậ tn Tố ệp i gh v LIST OF TABLES uy Ch Table Factors affecting the brand equity in previous researches 16 Table Factors affecting the brand equity in previous researches 20 Table Measurement 25 Table Business situation of Hai Ha Company over a period of years 31 Table Sample distributions by gender 34 Table Sample distributions by gender 35 Table Sample distributions by gender 36 Table Descriptive analysis for all factors 37 Table Reliability Testing statistics 39 Table 10 Cronbach’s Alpha of Brand Awareness variable 40 Table 11 Cronbach’s Alpha of Brand Associations variable .41 Table 12 Cronbach’s Alpha of Perceived Quality variable 42 Table 13 Cronbach’s Alpha of Brand Loyalty variable .43 Table 14 Cronbach’s Alpha of Brand Equity variable .44 Table 15 KMO and Bartlett's Test after EFA 45 Table 16 Rotated Component Matrix 45 Table 17 Total Varience Explained 46 Table 18 Pearson correlation coefficients 47 Table 19 Model Summary 48 Table 20 ANOVA .48 Table 21 Regression coefficient 49 Table 22 Summary of hypothesis testing result 50 Table 23 Test the difference in the assessment of brand equity in gender 52 Table 24 Test the difference in the assessment of brand equity among .53 Table 25 Test the difference in the assessment of brand equity among income levels 54 ên đề ực th p tậ tn Tố ệp i gh vi LIST OF FIGURES uy Ch Figure Brand equity model of Aaker 12 Figure Brand equity model of Keller 13 Figure Brand equity model of Eda Atilgan, Safak Aksoy and Serkan Akinci .14 Figure Brand equity model of Vietnam’s consumer goods market 15 Figure Brand equity model of beverage industry 16 Figure Model of factors affecting the brand equity of Hai Ha Confectionery Joint Stock Company 18 Figure Research process 22 Figure Sample distributions by gender 34 Figure Sample distributions age group 35 Figure 10 Sample distributions by income levels 36 ên đề ực th p tậ tn Tố ệp i gh vii EXECUTIVE SUMMARY uy Ch Today, globalization and integration are becoming the fundamental and indispensable trend that dominate the economic situation of each country Globalization is opening up opportunities and challenges to every country, especially developing countries like Vietnam In order to build a brand that can stand up to such fierce competition, Vietnamese businesses must have a long-term strategy of building, developing, promoting and protecting brands from now on However, branding is still a relatively new problem to most Vietnamese businesses, many of them only focus on producing products without exploiting, even wasting their inherent assets, that is the brand ên Established in 1960, Hai Ha Confectionery Joint Stock Company (HAIHACO) is one of the leading confectionery manufacturers in Vietnam with more than 1,300 employees and total revenue reached 100,8 billion VND at the end of year 2018 Besides, the company has set clear development goals and orientations One of those goals is to promote branding activities and enhance products’ brand to maintain the position of business in the confectionery market Consequently, this research aims to identify factors affecting the brand equity of HAIHACO through aspects: brand awareness, brand association, perceived quality and brand loyalty By measuring the aforementioned variables, the study will help company devise a long-term strategy to build and develop the brand - this is an effective tool to enhance the competitiveness of Hai Ha Confectionery Joint Stock Company đề ực th p tậ tn Tố i gh ệp The author collected secondary data via internet and primary data through some in-depth interviews and survey questionnaire The study applied linear regression which is analyzed by SPSS 20 software based on independent variables and from that will find out their influence on the brand equity of Hai Ha Confectionery Joint Stock Company For this purpose, responses were collected from customers directly at the counter of Hai Ha with sample size of 128 individuals, in which survey questions created by the author are the input to analyze the factors affecting the brand equity of Hai Ha Confectionery Joint Stock Company The results revealed that brand awareness is the most influential factor affecting brand equity, followed by perceived quality, brand associations and brand loyalty, respectively However, it does not mean that the company just need to focusing on improving the elements of brand associations and brand loyalty, besides, promoting and maintaining well brand awareness and perceived quality for customers to have a good impression of the brand Finally, the author has proposed some solutions to develop and enhance the brand equity of Hai Ha Confectionery Joint Stock Company such as establishing a marketing department, renewing the production headquarters and the displaying shops of the company, promoting advertising activities to promote the value of HAIHACO brand, improve the packaging uy Ch ên đề ực th p tậ tn Tố ệp i gh CONCLUSION uy Ch Hai Ha Confectionery Joint Stock Company is a large enterprise in Vietnam's confectionery manufacturing industry and has gained a certain position by: leading the Northern market and occupying the second largest market share in the country only after Kinh Do However, due to the trend of economic integration and the increasingly fierce competition of competitors in the confectionery market, the company has set up a strategy to build and develop the brand, and at the same time consider it as one of the leading tools to enhance the position and prestige in the market This is a completely right step in the direction of the company's overall development strategy, helping the Company create a foothold in the hearts of our country's consumers ên In the process of implementing the branding and development strategy, the Company has achieved great achievements However, there still exist some negative influences on the process of brand development It results in the actual effectiveness of the strategy not meeting the initial expectations of the entire board of directors and employees in the company đề ực th tậ p After a 2-month internship at the Company's Market Planning Department, I conducted a research on the "Factors affecting the brand equity of Hai Ha Confectionery Joint Stock Company" After the process of researching and assessing the situation to find out the causes of outstanding problems, I applied the knowledge gained in the university lecture hall and from the reality into specific conditions of company With the enthusiastic guidance of Assoc Prof PhD Dao Thi Thanh Lam and the assistance of officials and employees of Hai Ha Confectionery Joint Stock Company, especially the Market Planning Department, I have boldly proposed some solutions to develop the brand of company in the future tn Tố ệp i gh I hope this topic has partly reflected the current situation of the Company and with the proposed solutions, there will be many practical applications that contribute to the process of developing HAIHACO brand, helping it become more and stronger in domestic and regional markets 62 REFERENCES VIETNAMESE - Nguyễn Đình Thọ & Nguyễn Thị Mai Trang (2002) Nghiên cứu thành phần giá trị thương hiệu đo lường chúng thị trường hàng tiêu dùng Việt Nam Trường Đại học Kinh Tế Hồ Chí Minh - Lê Đăng Lăng (2014) Mơ hình giá trị thương hiệu – Nghiên cứu ngành nước giải khát Trường Đại học Kinh tế - Luật (VNU – HCM) uy Ch ENGLISH ên - Aaker, D.A (1991) Managing Brand Equity New York: The Free Press - Aaker, D.A (1996) Measuring Brand Equity Across Products and Markets California Management - Aaker, D.A (1996) Building strong brands New York: The Free Press - Assael, H. (1995) Consumer Behavior And Marketing Action SouthWestern College Publishing - Bowen, J.T and Shoemaker, S (1998) Loyalty A Strategic Commitment Cornell Hotel and Restaurant Administration Quarterly - Chaudhuri A (1999) Does Brand Loyalty Meadiate Brand Equity Outcomes? Journal of Marketing Theory and Practice - Atilgan, E., Aksoy, S and Akinci, S (2005) Measuring Determinants of the brand equity: A verification approach in the beverage industry in Turkey Marketing Intelligence & Planning - Farquhar, P.H (1989) Managing Brand Equity Marketing Research - Jacoby, J., Kyner, D.B (1973) Brand Loyalty vs Repeat Purchasing Behavior Journal of Marketing Research đề ực th p tậ tn Tố ệp i gh - Keller, K.L (1993) Conceptualizing, Measuring, and Managing Customer – Based Brand Equity Journal of Marketing - Kim, W.G and Kim, H (2004) Measuring customer-based restaurant brand equity Cornell Hotel and Restaurant Administration Quarterly - Lassar, W., Mittal, B and Sharma, A (1995) Measuring customer-based brand equity” Journal of Consumer Marketing 63 - Ries, A., and Trout, J (1981). Positioning: The battle for your mind New York: McGraw-Hill - Yasin, M.N., Noor, M.N., and Mohamad, O (2007) Does image of country – of – origin matter to brand equity? Journal of Product & Brand Management - Yoo, B., Donthu, N and Lee, S (2000) An Examination of Selected Marketing Mix Elements and Brand Equity Journal of Marketing Science - Lassar, W., Mittal, B and Sharma, A (1995) Measuring customer-based brand equity Journal of Consumer Marketing - Jalilvand, M.R., Samiei, N., Mahdavinia, S.H., 2011 The Effect of Brand Equity Components on Purchase Intention International Business and Management uy Ch ên đề ực th p tậ tn Tố ệp i gh 64 APPENDIX IN-DEPTH INTERVIEW QUESTIONS A BASIC INFORMATION Name: Job: uy Ch B QUESTIONS What are the strengths and weaknesses of Hai Ha Confectionery Joint Stock Company? From your point of view, is HAIHACO a strong brand and having an influence or attraction on consumers compared to other brands? In your opinion, what factors can affect the brand equity of Hai Ha? What policies and incentives does the company provide to customers? Do you have any suggestion to promote Hai Ha Confectionery brand? ên đề ực th Thank you for your help! p tậ tn Tố ệp i gh 65 APPENDIX SURVEY QUESTIONS A REFINEMENT QUESTIONS Have you ever been using the products of Hai Ha Confectionery Joint Stock Company? Yes No What are those products? / Can you name those products? ………………… Ch uy B ASSESSMENT OF FACTORS AFFECTING THE BRAND EQUITY OF HAI HA CONFECTIONERY JOINT STOCK COMPANY ên đề Please indicate your level of agreement in the statements below For each statement, you mark an X in one of the numbers from to as follows: Very disagree Disagree Normal Agree Strongly agree ực th p tậ Degree evaluation CRITERIA I can identify Hai Ha Confectionery brand and their products among other competitors I can recognize Hai Ha Confectionery’s products I can recognize the logo of Hai Ha Confectionery brand Brand associations When it comes to Hai Ha Confectionery brand, I can easily imagine some characteristics of it The image of Hai Ha Confectionery is unique compared to competing brands Hai Ha confectionery brand is 66 constantly ệp I know about Hai Ha Confectionery brand i gh tn Brand awareness Tố No innovating to meet the image needs Products of Hai Ha Confectionery is worth of money Perceived quality Products of Hai Ha Confectionery have high quality 10 Products’ quality of Hai Ha confectionary brand is very consistent 11 Products of Hai Ha Confectionery are safe and reliable Ch Brand loyalty I was delighted with the product during my last use experience 13 Hai Ha Confectionery brand will be my first choice 14 Hai Ha Confectionery brand is the only that I buy and use 15 I am willing to buy products of Hai Ha Confectionery with a higher price than similar products of other brands 16 I am willing to recommend Hai Ha confectionery brand to others uy 12 ên đề ực th ệp i gh 67 tn 18 I want to use the products of the Hai Ha confectionery brand instead of other brands even if they have similar products and the same quality Tố Hai Ha Confectionery brand is very prestigious, is trusted and chosen by many people p 17 tậ Brand equity C BASIC INFORMATION Please tick on the information of your selection You can only choose one option only Gender: Male Female Age: Below 25 25 - 40 Above 40 uy Ch Monthly income levels: Below 3.000.000 VND 3.000.000 – 10.000.000 VND Above 10.000.000 VND ên đề Some recommendations or other opinions for Hai Ha Confectionery Joint Stock Company: …………………………………………………… ực th Thank you for your help! p tậ tn Tố ệp i gh 68 APPENDIX STATISTICS Appx1 Reliability Testing on “Brand Awareness” Reliability Statistics Cronbach's Alpha N of Items 847 Item-Total Statistics uy Ch Scale Corrected Cronbach's Scale Mean if Variance if Item-Total Alpha if Item Item Deleted Item Deleted Correlation Deleted 586 846 BA2 10.99 9.173 721 790 BA3 10.82 9.692 745 780 BA4 10.76 10.264 694 803 ực th 10.630 đề 10.48 ên BA1 p tậ Appx2 Reliability Testing on “Brand Associations” Reliability Statistics tn 850 Tố Cronbach's Alpha N of Items Scale Corrected Cronbach's Scale Mean if Variance if Item-Total Alpha if Item Item Deleted Item Deleted Correlation Deleted AA1 10.02 7.661 727 794 AA2 10.27 7.724 672 817 AA3 9.76 7.697 699 806 AA4 9.98 7.701 662 822 69 ệp i gh Item-Total Statistics Appx3 Reliability Testing on “Perceived Quality” Reliability Statistics Cronbach's Alpha N of Items 835 Item-Total Statistics Scale Corrected Cronbach's Scale Mean if Variance if Item-Total Alpha if Item Item Deleted Item Deleted Correlation Deleted 6.75 3.480 745 731 PQ2 7.05 3.037 704 767 PQ3 6.75 3.433 650 815 uy Ch PQ1 ên đề Appx4 Reliability Testing on “Brand Loyalty” Reliability Statistics th p tậ 889 ực Cronbach's Alpha N of Items 17.078 713 869 BL2 12.39 16.649 723 868 BL3 11.42 18.451 723 868 BL4 11.85 16.773 794 850 BL5 11.43 17.775 712 869 70 ệp 11.84 i gh BL1 tn Scale Corrected Cronbach's Scale Mean if Variance if Item-Total Alpha if Item Item Deleted Item Deleted Correlation Deleted Tố Item-Total Statistics Appx5 Reliability Testing on “Brand Equity” Reliability Statistics Cronbach's Alpha N of Items 903 Item-Total Statistics Scale Corrected Cronbach's Scale Mean if Variance if Item-Total Alpha if Item Item Deleted Item Deleted Correlation Deleted 3.46 1.416 831 BE2 3.61 1.090 831 uy Ch BE1 ên đề Appx6 Explanatory Factor Analysis (EFA) statistics KMO and Bartlett's Test ực Approx Chi-Square 1294.015 Sig .000 tn Tố 120 p df tậ Bartlett's Test of Sphericity 897 th Kaiser-Meyer-Olkin Measure of Sampling Adequacy ệp i gh 71 Rotated Component Matrixa Component BL4 839 BL2 838 BL1 726 BL5 636 BL3 619 AA2 Ch 750 uy AA3 713 AA4 ên AA1 674 712 đề 853 BA4 810 BA2 709 BA1 513 ực th BA3 p tậ 690 PQ2 657 ệp i gh PQ1 tn 891 Tố PQ3 Extraction Method: Principal Component Analysis Rotation Method: Varimax with Kaiser Normalization.a a Rotation converged in iterations 72 Appx7 Multiple Linear Regression Analysis Correlations BE Pearson Correlation BE AA BA PQ BL 691** 814** 621** 648** 000 000 000 000 128 128 128 128 128 691** 656** 566** 641** 000 000 000 128 128 128 128 530** 565** 000 000 Sig (2-tailed) N AA 656** Sig (2-tailed) 000 000 N 128 128 Pearson Correlation 621** 566** 530** Sig (2-tailed) 000 000 000 N 128 128 128 128 Pearson Correlation 648** 641** 565** 617** Sig (2-tailed) 000 000 000 000 N 128 128 128 128 ực 128 128 tậ 128 617** p 128 i gh ệp 73 000 tn ** Correlation is significant at the 0.01 level (2-tailed) Tố BL 814** th PQ Pearson Correlation đề BA 128 ên N 000 uy Sig (2-tailed) Ch Pearson Correlation 128 Model Summaryb Model R 861a Adjusted R Std Error of R Square Square the Estimate 742 734 DurbinWatson 55168 1.881 a Predictors: (Constant), BL, BA, PQ, AA b Dependent Variable: BE ANOVAa df Mean Square F Sig Regression 107.657 26.914 88.432 000b Residual 37.435 123 304 Total 145.092 Model uy Ch Sum of Squares 127 ên đề a Dependent Variable: BE b Predictors: (Constant), BL, BA, PQ, AA th Coefficientsa Std Error t -.209 222 AA 175 081 148 2.156 033 BA 576 066 553 8.686 000 PQ 189 075 155 BL 151 069 146 -.941 Sig Tolerance VIF p B (Constant) Beta tậ Model Collinearity Statistics ực Unstandardized Standardized Coefficients Coefficients 348 Tố 2.233 518 1.931 2.510 013 553 1.809 2.202 030 480 tn 448 i gh ệp a Dependent Variable: BE 2.082 Collinearity Diagnosticsa Variance Proportions Condition Model Dimension Eigenvalue Index (Constant) AA BA PQ 1 4.859 1.000 00 00 00 00 056 9.350 40 00 00 00 037 11.473 14 08 57 14 025 13.826 32 12 08 79 023 14.600 13 80 35 07 a Dependent Variable: BE 74 BL 00 49 15 16 19 Residuals Statisticsa Minimum Maximum Predicted Value Mean Std Deviation N 9457 5.2483 3.5352 92070 128 -1.84270 1.26698 00000 54292 128 Std Predicted Value -2.813 1.861 000 1.000 128 Std Residual -3.340 2.297 000 984 128 Residual uy Ch Appx8 Independent Sample T-test and One-way ANOVA T-test Group Statistics N Mean Male 63 3.4048 1.11028 13988 Female 65 3.6615 1.01976 12649 ên Std Error Mean đề BE Gender Std Deviation ực th p tậ tn Tố ệp i gh One-way ANOVA of age groups Test of Homogeneity of Variances Levene Statistic df1 BE Based on Mean df2 Sig 1.291 125 279 Based on Median 861 125 425 Based on Median and with adjusted df 861 124.402 425 Based on trimmed mean 1.257 125 288 75 ANOVA BE Sum of Squares df Mean Square F Sig 1.565 783 682 508 Within Groups 143.527 125 1.148 Total 145.092 127 df2 Sig 125 122 Between Groups Ch One-way ANOVA of income levels Test of Homogeneity of Variances BE Based on Mean uy Levene Statistic df1 2.142 ên 1.863 125 159 Based on Median and with adjusted df 1.863 124.858 159 Based on trimmed mean 2.175 đề Based on Median th 125 118 ực tậ p ANOVA Mean Square F Sig 3.434 1.717 1.515 224 Within Groups 141.658 125 1.133 Total 145.092 127 Between Groups 76 ệp df i gh Sum of Squares tn Tố BE
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