Abstract:
Brand names and identities are powerful means of differentiation. Brand equity describes the value of a brand and a brand's component values, and is viewed in terms of financial measures and consumer-based measures. Consumer-based measures reveal how the marketing activities can affect consumer behaviour towards a particular firm's brand. There are numerous conceptual models for measuring consumer-based brand equity, but there is no consensus on what the multi-dimensional aspects of brand equity are. Moreover, research measuring different components of brand equity has mainly examined durable products. The conceptual frameworks provided by Aaker (1991) and Keller (1993) have been used as measures of consumer-based brand equity by many researchers. The objective of this research is to compare and contrast both Aaker's (1991) and Keller's (1993) models of consumer-based brand equity, and to examine the different measures of brand equity using a non-durable product category - carbonated drinks. This research also examines the impact of the measures on the purchase intention of consumers. The findings suggest that the measures of brand personality, organisational associations, perceived quality and brand loyalty explain brand equity effectively. It is demonstrated that Keller's (1993) model of brand equity fits the data better than Aaker's (1991) model. It is also shown that brand loyalty has a stronger influence on the purchase intention of consumers than either of the marketing mix elements (price and package type of carbonated beverages). It is concluded that enhancing consumer-brand relationships by creating a favourable brand image reduces the number of brands that consumers consider when making a purchase decision, and thus, enhances their brand loyalty. This in turn has a strong impact on the purchase intention of consumers. Brand awareness may help in retrieving the brand from the consumer's memory; however, brand image is the key to creating and sustaining loyal consumers for non-durable products.
