Assessing Brand Equity and Customer Satisfaction as Tools for Profit Optimization in Nigeria
Science Journal of Business and Management
Volume 4, Issue 5, October 2016, Pages: 165-171
Received: Sep. 26, 2014; Accepted: Oct. 5, 2014; Published: Sep. 21, 2016
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Authors
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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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.
Keywords
Brand Equity, Customer Satisfaction, Profit Optimization
To cite this article
Orji Marcus Garvey, Akhimien Emmanuel, Solomon Abba Boman, Patience Uloaku Ikegwuiro, Assessing Brand Equity and Customer Satisfaction as Tools for Profit Optimization in Nigeria, Science Journal of Business and Management. Vol. 4, No. 5, 2016, pp. 165-171. doi: 10.11648/j.sjbm.20160405.14
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