Assessing Brand Equity and Customer Satisfaction as Tools for Profit Optimization in Nigeria

Orji Marcus Garvey; Akhimien Emmanuel; Solomon Abba Boman; Patience Uloaku Ikegwuiro

doi:doi:10.11648/j.sjbm.20160405.14

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Assessing Brand Equity and Customer Satisfaction as Tools for Profit Optimization in Nigeria

Orji Marcus Garvey, Akhimien Emmanuel, Solomon Abba Boman, Patience Uloaku Ikegwuiro

Published in Science Journal of Business and Management (Volume 4, Issue 5)

Received: 26 September 2014 Accepted: 5 October 2014 Published: 21 September 2016

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Abstract

Brand equity is an intangible value that accrues to a company as a result of its successful efforts to establish a strong brand. Customer satisfaction and brand equity are such relevant aspects of marketing’s contribution to the firm’s profitability. This is because these assets assist the marketing manager to study the markets and they give the firm an idea of how profits are generated, which ultimately lead to the firm’s growth. This study has the objective of assessing Brand equity and customer satisfaction as tools for profit optimization in Nigeria with emphasis on two major Bottling Companies. The study is a survey research, both primary and secondary sources of data were applied, and formulated hypotheses tested using Kendal coefficient of concordance. The findings of the study revealed that there is a relationship between brand equity and customer satisfaction and Nigerian companies’ performances, the companies promotional activities have effect on customer’s level of product satisfaction, and their marketing activities directly optimize profitability. The study therefore recommended that Companies in Nigeria should improve their brand slogan, if possible translate it to local Nigerian languages, and should supplement their traditional advertising and promotion with among other things brand contacts, such as entertainment based retail destination to capture the impulse of youths who are larger in population in order to increase consumption, and optimize profit, also should constantly embark on Brand inventory, as brand inventory helps to suggest what consumers current perceptions may be based on.

Published in	Science Journal of Business and Management (Volume 4, Issue 5)
DOI	10.11648/j.sjbm.20160405.14
Page(s)	165-171
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2016. Published by Science Publishing Group

Keywords

Brand Equity, Customer Satisfaction, Profit Optimization

References

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[2]	Aaker, D. (1991). Managing Brand Equity; New York; Free Press.
[3]	Abdulkareem, M. A (2009) Effect of Brand Equity and Customer Satisfaction on the Performance of Nigerian Bottling Company Limited. Unpublished MBA thesis; Department of business Administration, Ahmadu Bello University Zaria, Nigeria.
[4]	Arthur, W. B. (2012). “Increasing Returns and the New World of Business” Market Journal today, July – August, PP 100-109.
[5]	Amber, T, (2010) Marketing Metrics “Business Strategy Review, Vol, 11 No. 2; PP 59-66.
[6]	Dereck, j. (2001) Introduction to Economics; 3rd edition; Butterworth and Co. publishers Ltd London.
[7]	Hamel, G., & C. K. Prahalad (2009). ‘Competing for the future. Harvard Business review, Vol. 172, No 4: pp 22-128.
[8]	Uko, J. P. (2007) “A Glossary of Marketing Terms (with pedagogical Explanation, Ibadan, Stirling-Hordem Publishers Ltd.
[9]	Kotler, P and Keller K. L. (2006) Marketing Management, 12th Ed. New Jersey, Prentice Hall.
[10]	Mottram, S. (1994). The Power of the Brand, ARF Brand Equity Conference, February. 15 – 16. PP 11-18.
[11]	Mizik, N & Jacobson, R. (2003). Trading Off Between Value Creation and Value Appropriation; The Financial Implications of Shifts in Strategic Emphasis. Journal of Marketing. Vol. 67, pp 63-76.
[12]	Onu, A. J. C. (2000). Marketing Today Precious Treasures Limited, Abuja.
[13]	Osuala, E. C (2005): “Introduction to Research Methodology” 3rd edition, Africana First Publishers Ltd Onitsha.
[14]	Ndagi, J (1999) “Essentials of research methodology for educators’’ University press plc, Ibadan.
[15]	Smith, S. M & Albaum G. S (2010) An Introduction to Marketing Research, Sage Publishers, NY.
[16]	Srivastava, (1998) “Market-Based Assets and Shareholder Value; A Framework for Analysis” Journal of Marketing, Vol. 62, January, 2-18. p 19.
[17]	Williams P. (1999) Making the most of your Assets Marketing Business Review, Vol. 30, pp 3-11.
[18]	Webster (2003) “Can marketing regain its seat at the table? Marketing Science Institute working paper Report, No. 03-113. PP 89-101.
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[20]	www.sevenupcompany.com/accessed15/6/2014.
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APA Style

Orji Marcus Garvey, Akhimien Emmanuel, Solomon Abba Boman, Patience Uloaku Ikegwuiro. (2016). Assessing Brand Equity and Customer Satisfaction as Tools for Profit Optimization in Nigeria. Science Journal of Business and Management, 4(5), 165-171. https://doi.org/10.11648/j.sjbm.20160405.14

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ACS Style

Orji Marcus Garvey; Akhimien Emmanuel; Solomon Abba Boman; Patience Uloaku Ikegwuiro. Assessing Brand Equity and Customer Satisfaction as Tools for Profit Optimization in Nigeria. Sci. J. Bus. Manag. 2016, 4(5), 165-171. doi: 10.11648/j.sjbm.20160405.14

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Orji Marcus Garvey, Akhimien Emmanuel, Solomon Abba Boman, Patience Uloaku Ikegwuiro. Assessing Brand Equity and Customer Satisfaction as Tools for Profit Optimization in Nigeria. Sci J Bus Manag. 2016;4(5):165-171. doi: 10.11648/j.sjbm.20160405.14

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@article{10.11648/j.sjbm.20160405.14,
  author = {Orji Marcus Garvey and Akhimien Emmanuel and Solomon Abba Boman and Patience Uloaku Ikegwuiro},
  title = {Assessing Brand Equity and Customer Satisfaction as Tools for Profit Optimization in Nigeria},
  journal = {Science Journal of Business and Management},
  volume = {4},
  number = {5},
  pages = {165-171},
  doi = {10.11648/j.sjbm.20160405.14},
  url = {https://doi.org/10.11648/j.sjbm.20160405.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.sjbm.20160405.14},
  abstract = {Brand equity is an intangible value that accrues to a company as a result of its successful efforts to establish a strong brand. Customer satisfaction and brand equity are such relevant aspects of marketing’s contribution to the firm’s profitability. This is because these assets assist the marketing manager to study the markets and they give the firm an idea of how profits are generated, which ultimately lead to the firm’s growth. This study has the objective of assessing Brand equity and customer satisfaction as tools for profit optimization in Nigeria with emphasis on two major Bottling Companies. The study is a survey research, both primary and secondary sources of data were applied, and formulated hypotheses tested using Kendal coefficient of concordance. The findings of the study revealed that there is a relationship between brand equity and customer satisfaction and Nigerian companies’ performances, the companies promotional activities have effect on customer’s level of product satisfaction, and their marketing activities directly optimize profitability. The study therefore recommended that Companies in Nigeria should improve their brand slogan, if possible translate it to local Nigerian languages, and should supplement their traditional advertising and promotion with among other things brand contacts, such as entertainment based retail destination to capture the impulse of youths who are larger in population in order to increase consumption, and optimize profit, also should constantly embark on Brand inventory, as brand inventory helps to suggest what consumers current perceptions may be based on.},
 year = {2016}
}

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TY  - JOUR
T1  - Assessing Brand Equity and Customer Satisfaction as Tools for Profit Optimization in Nigeria
AU  - Orji Marcus Garvey
AU  - Akhimien Emmanuel
AU  - Solomon Abba Boman
AU  - Patience Uloaku Ikegwuiro
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PY  - 2016
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DO  - 10.11648/j.sjbm.20160405.14
T2  - Science Journal of Business and Management
JF  - Science Journal of Business and Management
JO  - Science Journal of Business and Management
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PB  - Science Publishing Group
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UR  - https://doi.org/10.11648/j.sjbm.20160405.14
AB  - Brand equity is an intangible value that accrues to a company as a result of its successful efforts to establish a strong brand. Customer satisfaction and brand equity are such relevant aspects of marketing’s contribution to the firm’s profitability. This is because these assets assist the marketing manager to study the markets and they give the firm an idea of how profits are generated, which ultimately lead to the firm’s growth. This study has the objective of assessing Brand equity and customer satisfaction as tools for profit optimization in Nigeria with emphasis on two major Bottling Companies. The study is a survey research, both primary and secondary sources of data were applied, and formulated hypotheses tested using Kendal coefficient of concordance. The findings of the study revealed that there is a relationship between brand equity and customer satisfaction and Nigerian companies’ performances, the companies promotional activities have effect on customer’s level of product satisfaction, and their marketing activities directly optimize profitability. The study therefore recommended that Companies in Nigeria should improve their brand slogan, if possible translate it to local Nigerian languages, and should supplement their traditional advertising and promotion with among other things brand contacts, such as entertainment based retail destination to capture the impulse of youths who are larger in population in order to increase consumption, and optimize profit, also should constantly embark on Brand inventory, as brand inventory helps to suggest what consumers current perceptions may be based on.
VL  - 4
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Author Information

Orji Marcus Garvey

Department of Business Administration, Faculty of Administration, Ahmadu Bello University, Zaria, Kaduna State, Nigeria
Akhimien Emmanuel

Department of Business Administration, Igbinedion University Okada, Edo State, Nigeria
Solomon Abba Boman

Department of Business Administration, Faculty of Administration, Ahmadu Bello University, Zaria, Kaduna State, Nigeria
Patience Uloaku Ikegwuiro

National Water Resource Institute, Kaduna, Nigreia

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APA Style

Orji Marcus Garvey, Akhimien Emmanuel, Solomon Abba Boman, Patience Uloaku Ikegwuiro. (2016). Assessing Brand Equity and Customer Satisfaction as Tools for Profit Optimization in Nigeria. Science Journal of Business and Management, 4(5), 165-171. https://doi.org/10.11648/j.sjbm.20160405.14

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ACS Style

Orji Marcus Garvey; Akhimien Emmanuel; Solomon Abba Boman; Patience Uloaku Ikegwuiro. Assessing Brand Equity and Customer Satisfaction as Tools for Profit Optimization in Nigeria. Sci. J. Bus. Manag. 2016, 4(5), 165-171. doi: 10.11648/j.sjbm.20160405.14

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AMA Style

Orji Marcus Garvey, Akhimien Emmanuel, Solomon Abba Boman, Patience Uloaku Ikegwuiro. Assessing Brand Equity and Customer Satisfaction as Tools for Profit Optimization in Nigeria. Sci J Bus Manag. 2016;4(5):165-171. doi: 10.11648/j.sjbm.20160405.14

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@article{10.11648/j.sjbm.20160405.14,
  author = {Orji Marcus Garvey and Akhimien Emmanuel and Solomon Abba Boman and Patience Uloaku Ikegwuiro},
  title = {Assessing Brand Equity and Customer Satisfaction as Tools for Profit Optimization in Nigeria},
  journal = {Science Journal of Business and Management},
  volume = {4},
  number = {5},
  pages = {165-171},
  doi = {10.11648/j.sjbm.20160405.14},
  url = {https://doi.org/10.11648/j.sjbm.20160405.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.sjbm.20160405.14},
  abstract = {Brand equity is an intangible value that accrues to a company as a result of its successful efforts to establish a strong brand. Customer satisfaction and brand equity are such relevant aspects of marketing’s contribution to the firm’s profitability. This is because these assets assist the marketing manager to study the markets and they give the firm an idea of how profits are generated, which ultimately lead to the firm’s growth. This study has the objective of assessing Brand equity and customer satisfaction as tools for profit optimization in Nigeria with emphasis on two major Bottling Companies. The study is a survey research, both primary and secondary sources of data were applied, and formulated hypotheses tested using Kendal coefficient of concordance. The findings of the study revealed that there is a relationship between brand equity and customer satisfaction and Nigerian companies’ performances, the companies promotional activities have effect on customer’s level of product satisfaction, and their marketing activities directly optimize profitability. The study therefore recommended that Companies in Nigeria should improve their brand slogan, if possible translate it to local Nigerian languages, and should supplement their traditional advertising and promotion with among other things brand contacts, such as entertainment based retail destination to capture the impulse of youths who are larger in population in order to increase consumption, and optimize profit, also should constantly embark on Brand inventory, as brand inventory helps to suggest what consumers current perceptions may be based on.},
 year = {2016}
}

Copy | Download

TY  - JOUR
T1  - Assessing Brand Equity and Customer Satisfaction as Tools for Profit Optimization in Nigeria
AU  - Orji Marcus Garvey
AU  - Akhimien Emmanuel
AU  - Solomon Abba Boman
AU  - Patience Uloaku Ikegwuiro
Y1  - 2016/09/21
PY  - 2016
N1  - https://doi.org/10.11648/j.sjbm.20160405.14
DO  - 10.11648/j.sjbm.20160405.14
T2  - Science Journal of Business and Management
JF  - Science Journal of Business and Management
JO  - Science Journal of Business and Management
SP  - 165
EP  - 171
PB  - Science Publishing Group
SN  - 2331-0634
UR  - https://doi.org/10.11648/j.sjbm.20160405.14
AB  - Brand equity is an intangible value that accrues to a company as a result of its successful efforts to establish a strong brand. Customer satisfaction and brand equity are such relevant aspects of marketing’s contribution to the firm’s profitability. This is because these assets assist the marketing manager to study the markets and they give the firm an idea of how profits are generated, which ultimately lead to the firm’s growth. This study has the objective of assessing Brand equity and customer satisfaction as tools for profit optimization in Nigeria with emphasis on two major Bottling Companies. The study is a survey research, both primary and secondary sources of data were applied, and formulated hypotheses tested using Kendal coefficient of concordance. The findings of the study revealed that there is a relationship between brand equity and customer satisfaction and Nigerian companies’ performances, the companies promotional activities have effect on customer’s level of product satisfaction, and their marketing activities directly optimize profitability. The study therefore recommended that Companies in Nigeria should improve their brand slogan, if possible translate it to local Nigerian languages, and should supplement their traditional advertising and promotion with among other things brand contacts, such as entertainment based retail destination to capture the impulse of youths who are larger in population in order to increase consumption, and optimize profit, also should constantly embark on Brand inventory, as brand inventory helps to suggest what consumers current perceptions may be based on.
VL  - 4
IS  - 5
ER  -

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