Testing a model of customer-based brand equity in the Vietnamese banking servic

81 562 1
Testing a model of customer-based brand equity in the Vietnamese banking servic

Đang tải... (xem toàn văn)

Tài liệu hạn chế xem trước, để xem đầy đủ mời bạn chọn Tải xuống

Thông tin tài liệu

Testing a model of customer-based brand equity in the Vietnamese banking servic

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY Lâm Hồng Phong Testing a Model of CUSTOMER-BASED BRAND EQUITY In The Vietnamese Banking Service MASTER’S THESIS In Business Administration Ology code: 60.34.05 Supervisor Dr Trần Hà Minh Quân Ho Chi Minh City 2009 Acknowledgement This research project would not have been possible without the support of many people Firstly I wish to express my deep sincere gratitude to my supervisor, Dr Tran Ha Minh Quan for his invaluable advices and helps Without him, this thesis could not have been completed Special thanks to all instructors without whose knowledge and assistance this study would not have been successful My debt is also acknowledged to Dr Barry Clough from Dragon-Mekong-CTU for his kindness and help in English editing I would like to express my deepest gratitude and honor to my dear parents for not only the love they devote to me but also for the time I took from them which should have been my devotion to them in their aged time My thanks would also go to all of my classmates, my colleagues, especially my “old pals”, Nguyen Thanh Trung and Ms Dang Hai Yen for all of their friendship and encouragement I also wish to thank my friends in Vietcombank, VPBank, Navibank and Tien Phong bank for their great support My thanks would also go to the respondents, without them, my thesis could not have been done Finally, my greatest thanks would go to my dear wife, Vu Thi Thuy Duong and my two sons, Vu and Phuc who are my whole life and are the greatest inspiration and encouragement for me to overcome all difficulties through the duration of my study i Abstract This study reports on the research results by testing the model of customerbased brand equity proposed by Martensen & Grønholdt (2004) into banking industry of Vietnam A study of 295 respondents from two bank brands was conducted in Can Tho city Multiple linear regression technique was used to test the hypotheses and research model According to the results, the original model was applicable in Vietnamese retail banking service with some adaptation Service quality and price were confirmed to have positive impacts on both rational and emotional evaluations However, the other associations such as brand differentiation, brand promise and trust and credibility were found significant in relation with only either rational evaluation or emotional evaluation The different weights of the relationships between brand associations and brand evaluations, and between brand evaluations and customer-brand relationships, have some implications for bank managers who might use them as a source of reference for CRM strategy The study also provided a modified model of customer-based brand equity that could be used as a point of departure for those who would like to conduct a further research into brand equity in banking industry in Vietnam Key word: banking, customer-based brand equity, customer-brand relationship ii TABLE OF CONTENT Acknowledgement i Abstract ii TABLE OF CONTENT iii LIST OF FIGURES v Chapter 1: INTRODUCTION 1.1 Introduction 1.2 Research background 1.3 Problem statement 1.4 Research objective 1.5 Scope and methodology of the study .4 1.5.1 Scope of the study 1.5.2 Research Method .5 1.6 Structure of the study Chapter 2: LITERATURE REVIEW .7 2.1 Introduction 2.2 A brand versus a product 2.3 Brand equity 11 2.3.1 Brand associations 13 2.3.2 Brand evaluations 19 2.3.3 Customer-brand relationship 22 2.4 Generation of hypotheses .24 2.5 Conclusion 25 Chapter 3: METHODOLOGY .27 3.1 Introduction .27 3.2 Business research 27 3.3 Research design .28 3.4 Item generation 29 3.4.1 Scale to measure rational associations 29 Scale to measure price 31 3.4.2 Scale to measure rational and emotional associations 32 Scale to measure brand promise 32 3.4.3 Scale to measure brand evaluations 32 3.4.4 Scale to measure customer- brand relationship 33 3.5 Pilot test 33 3.6 Main survey 34 3.6.1 Brand selection .35 iii 3.6.2 Sampling 35 3.6.3 Sample size 36 3.7 Conclusion .36 Chapter 4: DATA ANALYSIS AND FINDINGS 38 4.1 Introduction 38 4.2 Descriptions of sample 38 4.3 Scales assessment 40 4.3.1 Reliability testing 40 4.3.2 Exploratory factor analysis 42 4.4 Testing the research model and the hypotheses 46 4.4.1 Testing correlations between all constructs .46 4.4.2 Testing research model 46 4.5 Findings and conclusion 56 4.5.1 Findings 56 4.5.2 Conclusion .58 Chapter 5: CONCLUSIONS AND IMPLICATIONS 59 5.1 Introduction 59 5.2 Conclusions of the study 59 5.2.1 Summary of all hypotheses 59 5.2.2 Conclusions of the study 60 5.3 Implications of the study 61 5.3.1 Theoretical implications 61 5.3.2 Practical implications 62 5.4 Limitations and recommendations for further research .63 List of References 65 Appendix – Questionnaire (Vietnamese version) .68 Appendix – Observed variables 71 Appendix - Descriptive Statistics of variables 73 iv LIST OF FIGURES FIGURE 1.1 OUTLINE OF CHAPTER FIGURE 1.2 STRUCTURE OF THE STUDY FIGURE 2.1 THE STRUCTURE OF CHAPTER FIGURE 2.2 A BRAND VERSUS A PRODUCT .9 FIGURE 2.3 ORIGINAL MODEL OF CUSTOMER–BASED BRAND EQUITY 14 FIGURE 2.4 RESEARCH MODEL OF CUSTOMER-BASED BRAND EQUITY 26 FIGURE 3.1 OUTLINE OF CHAPTER 27 FIGURE 3.2 RESEARCH PROCESS 30 FIGURE 4.1 OUTLINE OF CHAPTER 38 FIGURE 4.2 AGE GROUPS OF RESPONDENTS 39 FIGURE 4.3 FREQUENCY OF TRANSACTIONS 40 FIGURE 4.4 RELATIONSHIPS BETWEEN RATIONAL EVALUATION AND THE BRAND ASSOCIATIONS 47 FIGURE 4.5 RESULTS OF MODEL I 50 FIGURE 4.6 RELATIONSHIPS BETWEEN EMOTIONAL EVALUATION AND THE BRAND ASSOCIATIONS 51 FIGURE 4.7 RESULTS OF MODEL II 53 FIGURE 4.8A – HYPOTHESIS 11 TESTING RESULT 54 FIGURE 4.8B RESULTS OF MODEL III B 55 FIGURE 4.9 ADJUSTED MODEL OF CBBE IN BANKING SERVICE 58 FIGURE 5.1 – OUTLINE OF CHAPTER 59 v LIST OF TABLES TABLE 4.1 – SAMPLE CHARACTERISTICS 39 TABLE 4.2 – RELIABILITY OF THE MEASUREMENT INSTRUMENT 41 TABLE 4.3 – ROTATED COMPONENT MATRIX 44 TABLE 4.4 – EFA RESULT FOR INDIVIDUAL MEASUREMENT SCALES .45 TABLE 4.5 – CORRELATION MATRIX .48 TABLE 4.5A MODEL SUMMARY .49 TABLE 4.5B – COEFFICIENTS A 49 TABLE 4.6 – SUMMARY OF HYPOTHESES TESTING RESULTS (MODEL I) .50 TABLE 4.6A - MODEL II SUMMARY .51 TABLE 4.6B - COEFFICIENTSA 52 TABLE 4.7 – SUMMARY OF HYPOTHESES TESTING RESULTS (MODEL II) 52 TABLE 4.7A - MODEL III A SUMMARY 53 TABLE 4.7B - COEFFICIENTSA 54 TABLE 4.8A - MODEL III B SUMMARY 55 TABLE 4.8B – COEFFICIENTS A 55 TABLE 4.9 – SUMMARY OF HYPOTHESES TESTING RESULTS (MODEL IIIA,B) .56 TABLE 5.1 SUMMARY OF HYPOTHESES 60 vi Chapter 1: INTRODUCTION 1.1 Introduction This chapter portrays general introduction for the current study with which research problem, research objectives and research questions are provided as the rationale for this study An introduction to the methodology to be used and the scope of the study is also addressed in this chapter At the end of the chapter, the structure of this study is provided The Outline of this chapter is shown in figure 1.1 Figure 1.1 Outline of chapter 1.1 Introduction 1.2 Research background 1.3 Problem statement 1.4 Research objectives 1.5 Scope and Methodology 1.6 Structure of the study 1.2 Research background In a more globalized and integrated economy with increasing deregulation, competition in the banking industry become significantly fiercer Research into less successful financial brands shows that inadequate support for the brand and, confusion and lack of understanding of branding are two important factors that constrain the success of these brands (Chernatony and Cottam, 2006) For banks today, the strength and marketing power of an institution’s brand is rapidly becoming one of the critical levers for differentiation and hence competitive advantages Without doubt, a good brand increases value for a particular product or service, and thus it is called brand equity In marketing literature, brand equity is defined and measured differently Brand equity is either conceptualized or measured, or both Despite the fact that there are different conceptions about brand equity, however, there are two major viewpoints from which to consider brand equity: the financial perspective and customer-based perspective Financial perspectives focus on the financial outcome for the firm (Taylor et al, 2005), for example, by using certain techniques to extract the brand equity’s value from the intangible value of the firm The other perspective focuses largely on the knowledge and relations that customers have with the brand (Aaker, 1991; Keller, 1993, 2001) Compared to the former perspective, the later is more fruitful in marketing literature Despite the important role of brand equity, however, much attention and efforts are devoted to the brand equity in goods marketing, while research into its contribution to service, especially in banking industry, is very limited Recent years have seen a significant and rapid growth of the banking industry in Vietnam, especially in the growth of the Vietnamese commercial join stock banks This trend opens up abundant choices for the customer, but also banks with fierce competition, so banks now face the crucial problem of customer switch In this circumstance, the disadvantage of Vietnamese banks is apparently not only weakness in financial strength, technology, diversification of products and services, but also insufficient attention in branding Branding strategy is one of the most critical weaknesses of Vietnamese banks (Tap Chi Ke Toan, 2007) 1.3 Problem statement Building a strong brand with significant (brand) equity is seen as providing a host of possible benefits to a firm, including greater customer loyalty (Keller, 2001) Brand equity is one of the most important marketing concepts and has been an area of interest for marketing academics and practitioners as well There are a numbers of models of brand equity in common marketing settings (Farquhar,1989; David A Aaker, 1991; Kevin L Keller, 1993, 2001; Ambler et al, 2002; Netemeyer et al, 2004; Martesen and Grønholdt, 2004) or in financial service perspectives (Taylor et al, 2005) However, to my best knowledge, there is no model of brand equity that particularly focuses on banking service It might be worthwhile and necessary to build a brand equity model in banking service Brand equity in banking service deserves elaboration in some regards “ First and foremost, unlike other financial firms, banks act as intermediaries between borrowers and lenders and, in so doing, they offer a unique form of asset transformation” (Shelagh Heffernan, 2005) Bank transactions usually involve a large sum of money and hence, trust and price (in terms of interest rates…) appear to be critical matters in the industry Second, bank transactions, especially lending, are more complicated than transactions for other products and services For example, before a loan is approved, it takes time and effort to get through an assessment process that is strictly regulated (by the State bank and/or by laws) Finally, most of the brand equity models are conceptualized by Western authors and validated in developed countries This poses the question of whether or not these models work well in a developing country like Vietnam 1.4 Research objective As noted above, in a highly competitive banking sector, a strong brand is likely to sustain competitive advantage for the bank that holds the brand It is widely agreed in the literature that strong brand increases customers’ trust of the invisible purchase Strong brands enable customers to better visualize and understand intangible products They reduce customers’ perceived monetary, social, or safety risk in buying services ... financial brands shows that inadequate support for the brand and, confusion and lack of understanding of branding are two important factors that constrain the success of these brands (Chernatony and... knowledge, there is no model of brand equity that particularly focuses on banking service It might be worthwhile and necessary to build a brand equity model in banking service Brand equity in banking service... brand awareness, 3) perceived quality, 4) brand associations (which are driven by brand 11 identity: the brand as a product, the brand as an organization, the brand as a person and the band as

Ngày đăng: 06/11/2012, 15:52

Hình ảnh liên quan

Xin chân thành cảm ơn quí vị đã nhận lời tham trả lời phỏng vấn. Bảng câu hỏi này chỉ tập trung tìm hiểu quí vị nghĩ gì về thương hiệu ngân hàng [X] và mối quan hệ giữa quí vị và thương hiệu  này - Testing a model of customer-based brand equity in the Vietnamese banking servic

in.

chân thành cảm ơn quí vị đã nhận lời tham trả lời phỏng vấn. Bảng câu hỏi này chỉ tập trung tìm hiểu quí vị nghĩ gì về thương hiệu ngân hàng [X] và mối quan hệ giữa quí vị và thương hiệu này Xem tại trang 75 của tài liệu.
Xin cảm ơn quí vị đã dành thời gian hoàn tất bảng câu hỏi này! - Testing a model of customer-based brand equity in the Vietnamese banking servic

in.

cảm ơn quí vị đã dành thời gian hoàn tất bảng câu hỏi này! Xem tại trang 77 của tài liệu.

Từ khóa liên quan

Tài liệu cùng người dùng

Tài liệu liên quan