Hoàng Thị Quynh Thơm — 11194931 — Business EnglishEXECUTIVE SUMMARYThe research on “Factors affecting the brand equity of VCCorp in providingIntegrated Marketing Communication service fo
Brand equity of VCCorp in providing IMC service
Even though the company has experienced certain success offering IMC service to businesses, the brand equity of this service does not appear to be as strong as expected Specifically, the IMC service brand, which is owned by VCCorp, has not actually reached all potential clients and is only known to those in the relevant businesses Additionally, the market's competition has been more tougher due to the rapid growth of rivals such as Orion Media, Redder Media, Ogilvy & Mather, etc., decreasing consumer knowledge of VCCorp's IMC service brand Also, the customer repurchase rate is relatively low, demonstrating a lack of strong brand loyalty IMC service brand equity would decline if these circumstances remained for a long time.
Hoàng Thị Quynh Thơm — 11194931 — Business English
LITERATURE REVIỀ Go S0 H0 000906 15 2.1 Theoretical BSÍC œ- <5 <5 << s9 9 9 90.04.0901 000096090090 690 15 2.1.1 Definition of Brand FQHẽÍV Hư 15 2.1.2 Definition of Customer-based Brand Equity (CBBE)
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In hypothesis 1 the relationship between the independent variable, brand loyalty, and the dependent variable, customer-based brand equity, was examined.
The result is presented in table 14 and it reveals that brand loyalty positively affects IMC service customer-based brand equity In the first column the Adjusted R Square shows that 10,6% of the variation in IMC service brand equity can be explained by brand loyalty In the second column the score of 0,177 on ‘B’ means that if brand loyalty increases by 1, IMC service brand equity will increase with 0,177 In the third column the t-value of 0,680 indicates that the relation between brand loyalty and IMC service brand equity is not equal to zero The last column shows the significant level of 0,00 which means that the analysis had a statistical significance and hence hypothesis 1 could be accepted.
In hypothesis 2 the relationship between brand awareness and customer- based brand equity was examined The result is presented in table 15 and it reveals that brand awareness positively affects IMC service customer-based brand equity.
In the first column the Adjusted R Square shows that 15,3% of the variation in IMC service brand equity can be explained by brand loyalty In the second column the score of 0,277 on ‘B’ means that if brand awareness increases by 1, IMC service brand equity will increase with 0,277 In the third column the t-value of 1,689 indicates that the relation between brand awareness and IMC service brand equity is not equal to zero The last column shows the significant level of 0,016
Hoàng Thị Quynh Thơm — 11194931 — Business English which means that the analysis had a statistical significance and hence hypothesis 2 could be accepted.
In hypothesis 3 the relationship between brand association and customer- based brand equity was examined The result is presented in table 16 and it reveals that brand association positively affects IMC service customer-based brand equity.
In the first column the Adjusted R Square shows that 17,3% of the variation in IMC service brand equity can be explained by brand association In the second column the score of 0,277 on ‘B’ means that if brand association increases by 1, IMC service brand equity will increase with 0,290 In the third column the t-value of 1,759 indicates that the relation between brand association and IMC service brand equity is not equal to zero The last column shows the significant level of
0,029 which means that the analysis had a statistical significance and hence hypothesis 3 could be accepted.
In hypothesis 4 the relationship between perceived quality and customer- based brand equity was examined The result is presented in table 17 and it reveals that perceived quality positively affects IMC service customer-based brand equity.
In the first column the Adjusted R Square shows that 24,5% of the variation in IMC service brand equity can be explained by perceived quality In the second column the score of 0,351 on ‘B’ means that if perceived quality increases by 1, IMC service brand equity will increase with 0,351 In the third column the t-value
Hoàng Thị Quynh Thơm — 11194931 — Business English of 1,915 indicates that the relation between perceived quality and IMC service brand equity is not equal to zero The last column shows the significant level of
0,000, which means that the analysis had a statistical significance and hence hypothesis 4 could be accepted.
The hypothesis testing results are summarized in the following table.
Hypotheses Relationship Coefficient Supported oefficients
Brand loyalty positively HI influences on customer- 0.177 Yes based brand equity
Brand awrenss positively H2 influences on customer- 0.277 Yes based brand equity Brand association positively influences on H3 0.290 Yes customer-based brand equity
Perceived quality positively influences on H4 0.351 Yes customer-based brand equity
4.7 Discussion of the study 4.7.1 Hypothesis 1
Researcher investigated if brand loyalty has a positive impact on IMC service customer-based brand equity in the regression analysis Hypothesis 1 was accepted because the findings of the analysis indicated a positive influence 10,6% of the variation in the brand equity of the IMC service can be attributed to brand loyalty.
IMC service brand equity and brand loyalty have a 0,177 correlation coefficient, which means that for every unit increase in brand loyalty, IMC service brand equity rises by 0,177 Given that the significance level was 0,000, these findings are regarded as being statistically significant.
Hoàng Thị Quynh Thơm — 11194931 — Business English
'The author compares the research results with previous studies and finds that the brand loyalty factor has a positive influence on brand equity that coincides with the study of Tong & Hawley (2009) By analyzed regression, the researcher could see that brand loyalty was the least influential factor for IMC service brand equity since its standardized coefficient was 0.177.
4.7.2 Hypothesis 2 In the regression analysis for brand awareness the researchers tested if it had a positive effect on IMC service customer-based brand equity The result from the analysis showed that there is a positive relationship, thus hypothesis 2 was accepted Brand awareness can be explained by 15,3% of the variation in IMC service brand equity The correlation coefficient between IMC service brand equity and brand awareness is 0,277, which means that if brand awareness increases by 1 unit the IMC service brand equity increase by 0,55 These results are considered having statistical relevance as the significance level was 0,016.
Brand awareness has a favorable impact on service brand equity, according to prior studies on the subject (Berry, 2000; Page & Lepkowska-White, 2002) For instance, Balaji (2011) asserts that there is a significant relationship between service brand equity and brand awareness This is consistent with the research's findings, which showed that brand equity for IMC services was positively impacted by brand awareness The regression study also revealed that brand equity for IMC's customers was positively impacted by brand awareness Yet, because service brand equity study was not cited as a key component, this conclusion does not correspond to that research Brand awareness is seen by Berry (2000) and Pinar, et al (2014) as having a secondary effect on service brand equity.
The respondents claimed that they only use brands they are familiar with to buy services from This is consistent with the findings of Page and Lepkowska White's study (2002), which found that customers are more likely to select well- known brands The researcher was able to determine that brand recognition was one of the most important factors in determining brand awareness by examining each question and comparing the average scores between them.
Hoàng Thị Quynh Thơm — 11194931 — Business English
4.7.3 Hypothesis 3 The outcome of the regression study showed that brand association had a favorable impact on the equity of the IMC service brand Brand association explains 17.5% of the difference in IMC service brand equity The correlation value was 0.290, meaning that for every unit rise in brand association, the brand equity of IMC services increases by 0.290 These findings show that brand associations have a beneficial impact on the brand equity of IMC services, supporting hypothesis 3 Furthermore, as the significant level was 0,029, the outcome is regarded as statistically reliable Brand association has been mentioned as a factor affecting brand equity in prior service brand equity literature (Nath &
Bawa, 2011; Rios & Riquelme, 2008) This study, which demonstrates that brand associations have a favorable impact on IMC service brand equity, supports that conclusion.
CONCLUSION AND RECOMMENDA TIONS
Conclusion co 5G 5 9 949890989899 98.04 94 010401 0096098098090 51 5.2 Recommendation 5- 5-5 << <9 95999595 9 4105 04.040090090 696 52 5.2.1, Theoretical IHDẽICGfẽOFNS cv gen 52 5.2.2 Practical IHDẽCG@fẽOT-S kh kg ren 52 5.2.2.1 Strengthening brand loyalty - . ô+ es kh nre 52 5.2.2.2 Increasing brand awareness 5 net 52 5.2.2.3 Enhancing positive brand association cecesceesceceseeeeseeeeeeees 53 5.2.2.4 Promoting and improving perceived quality .- 53 5.3 LẽIMẽ(AẨẽOTNS 0 <5 sọ Họ TT 000000000 54 REEERENCES 0 5 cọ HH HH HH H000 00 0090 APPENDẽỀX cú G SG SH 0 00000 080/000.9004000 406090096
Firstly, this research show that brand loyalty, brand awareness, brand association, and perceived quality positively affects IMC service brand equity It can be concluded that perceived quality is the most influential factor for IMC service brand equity The results showed that 24,5% of the variation in IMC service brand equity can be explained by perceived quality The second strongest impact has brand association where 17,5% of IMC service brand equity can be explained by brand association Brand awareness have 15,3% impact on IMC service brand equity, followed by brand loyalty hence it is determined that it is the factor with least impact on IMC service brand equity Since the factors showed to have a positive effect on IMC service brand equity, all four hypotheses within the research were accepted.
Secondly, the results also show the degree of influence of the brand equity dimensions on the IMC service brand equity Particularly, the service quality was considered as the most important aspect for the perceived quality for IMC service.
The result shows that innovation did not have as high effect on the perception of quality for IMC service This means that VCCorp should focus more on innovating the service in order to increase the perceived quality and hence increase the brand equity Differentiation was considered as an important part in order to create positive brand association for IMC service This shows that for IMC service, being associated with differentiation is important and it mainly achieved by the stand out of the service Customer service did not affect brand associations of the IMC service Recognition and recall was considered as the most influential drivers for
Hoàng Thị Quynh Thơm — 11194931 — Business English brand awareness This can be explained with that customers are more inclined to choose a brand they are familiar with Therefore recognition and recall important in order to create high brand awareness for IMC service.
5.2 Recommendation 5.2.1 Theoretical Implications This study has advanced knowledge of the elements influencing IMC services’ brand equity Since there hasn't been any prior research on this topic, this study will contribute to the development of a theoretical framework for understanding the factors that influence IMC service brand equity The author discovered elements influencing brand equity by combining the ideas of brand equity and service brand equity The hypothesis that these elements affecting service brand equity will also affect IMC service brand equity was explored Also, the impact of each component on IMC service brand equity was investigated To test the united theories in another setting, a quantitative research strategy was used.
The result gives an insight into what affects customers on IMC service brand equity.
5.2.2.1 Strengthening brand loyalty The negative review and feedback about VCCorp on online sites has influence on the loyalty of the customers Therefore, the company must spread positive word of mouth to exploit and maintain customer loyalty, thereby increasing IMC service brand equity VCCorp needs to strengthen relationship management activities with customers, such as: Taking care of customers, sending birthday wishes to customers, giving holiday gifts to large enterprises;
Strengthening education to raise employees’ awareness of the importance of taking care of customers, improving customer service capacity of employees in the company to create attachment and loyalty between customers and the company.
5.2.2.2 Increasing brand awareness Although VCCorp created their own brand name and logo in order to raise their brand awareness, they has not yet developed their identity elements integrally Firstly, continue to fully complete the VCCorp brand identity In addition to the brand name and logo, VCCorp needs to continue to design and
Hoàng Thị Quynh Thơm — 11194931 — Business English implement more identity elements, contributing to the promotion of the brand image, such as creating employee uniforms, employee cards, creating mascots to represent the company’s brand image Brand identity needs to be designed to be easy to see, remember, meaningful and consistent.
Second, apply and widely promote to all VCCorp employees; then external communication to create brand awareness For good internal communication, it is necessary to post the official introduction of this identity on the company's general website, then disseminate it to each department Using images displayed at reasonable locations or places on the campus on the set of VCCorp brand recognition signs Next, in order to exploit the effectiveness of external communication, it is necessary to integrate the brand identity into the promotion and communication activities of VCCorp (such as inserting logos in charity programs, and printing logos on gifts or other promotional items, ) to create a maximum effect for brand awareness.
5.2.2.3 Enhancing positive brand association It is necessary to take measures to create a good image in the minds of customers Firstly, optimize the website interface and fanpage content Website must contain detailed, complete, attractive and consistent content with other support channels; take care of the design stage; Incorporating search engine optimization (SEO) helps connect the company to the market Investing in building and updating content on the Website and fanpage increases the visibility and reputation of VCCorp In addition, the company can build new communication channels to convey positive messages and increase brand association.
Second, promote PR by strengthening cooperation agreements with domestic and foreign enterprises closely; organizing or sponsoring marketing contests, continue to perform volunteer programs in ethnic minority areas It is important to invest in a reasonable budget for advertising in marketing and promotion strategies.
5.2.2.4 Promoting and improving perceived quality VCCorp should implement more solutions to enhance quality of customer service, human resources, facilities as their endeavour in improve perceived quality has not been effective as expected Therefore, they should build high-
Hoàng Thị Quynh Thơm — 11194931 — Business English quality human resources: Having an appropriate personnel selection policy, creating a favorable environment and attracting talents; promulgating regulations on fostering and training managers, employees and interns; appointing and creating favorable conditions for management training at home & abroad; periodically organizing programs to improve professional skills, work skills and professional ethics.
Facilities: Continue to improve modern and comfortable facilities, meeting the standards of a leading technology company Set up a hotline and forum page to receive and respond to suggestions about facilities promptly.
Training activities: Planning to periodically update, supplement and perfect the training program of VCCorp's departments; organize professional activities, manage training, inspect and evaluate training quality.
Product research and development: Promote research and propose ideas to create products that are different from the market; reward for innovative, highly practical initiatives.