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The Link between Brand Equity and Loyalty: Evidence from Traditional Medicine Market in Kumasi Metropolis, Ghana

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  • Peter Kwasi Oppong
  • Maxwell A Phiri

Abstract

Building a vibrant brand in a highly competitive market is of strategic importance as it provides greater loyalty which generates large market share and decreases competitive pressure on a firm. However, there is a lack of empirical evidence on the role of brand equity in supporting the formation of loyalty in the traditional medicine market. The aim of this research is to investigate the impact of brand equity on loyalty in the traditional medicine market. Based on the dimensionality of Aaker`s brand equity framework, four research propositions were put forward and evaluated by using structural equation modelling. The study relied on a sample of 348 customers who buy herbal medicines from the traditional medicine market in Kumasi metropolis. The study established that perceived quality, brand association and awareness significantly contribute to enhance the value of the brands which in turn, creates loyalty in the traditional medicine market in the Kumasi Metropolis. Recognizing the strategic importance of loyalty to the success of a firm, traditional health practitioners should direct their efforts towards developing perceived quality, brand association and awareness to enhance the value of their brands to support loyalty in the Kumasi traditional medicine market.

Suggested Citation

  • Peter Kwasi Oppong & Maxwell A Phiri, 2019. "The Link between Brand Equity and Loyalty: Evidence from Traditional Medicine Market in Kumasi Metropolis, Ghana," Journal of Economics and Behavioral Studies, AMH International, vol. 11(1), pages 11-21.
    • Handle: RePEc:rnd:arjebs:v:11:y:2019:i:1:p:11-21
    DOI: 10.22610/jebs.v11i1(J).2740
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    References listed on IDEAS

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    1. Netemeyer, Richard G. & Krishnan, Balaji & Pullig, Chris & Wang, Guangping & Yagci, Mehmet & Dean, Dwane & Ricks, Joe & Wirth, Ferdinand, 2004. "Developing and validating measures of facets of customer-based brand equity," Journal of Business Research, Elsevier, vol. 57(2), pages 209-224, February.
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    Cited by:

    1. Ernest Osei & PETER KWASI OPPONG, 2020. "The Role of Computer Education in the Behavioral Intentions to Use Information Technology in Hospitals in Kumasi, Ghana," Journal of Economics and Behavioral Studies, AMH International, vol. 12(4), pages 13-22.

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