The Impact of Brand Awareness On Custome PDF

South American Journal of Management, Volume-1, Issue-1, 2015
THE IMPACT OF BRAND AWARENESS ON

CUSTOMER LOYALTY: A CASE STUDY OF
SINAPI ABA SAVINGS AND LOANS GHANA
LIMITED
Case study : by Isaac Tandoh,Ghana
(PhD In Management Student of Texila American University)
Email: - [email protected]
ABSTRACT
Given a much broader array of product choices offered in the current financial market and
ubiquitous marketing efforts in Ghana, customers often turn to a favorite brand to facilitate
their purchase decisions. Brand awareness creation and strategies seem to serve as a roadmap
to customer decision facilitator. This study is principally focused on the impact of brand
awareness on customer loyalty, a case study of Sinapi Aba Savings and Loans Ghana limited.
Data was drawn from both primary and secondary sources and the main instrument for data
collection was the questionnaire and interview involving 301 respondents sampled from the
customers of Sinapi Aba Savings and Loans Ghana Limited across Ghana and a brand
manager of Sinapi Aba Savings and loans Limited.
Generally, the study revealed that, brand awareness strategies practice is a very prominent
feature in the savings and loans industry in Ghana and customers are very much aware of the
various brand awareness strategies practiced by Sinapi Aba Savings and Loans Ltd. Events
influencing actual decision to patronize the services of savings and loans industry which
included brand trust, Corporate reputation, peer group opinion, recall of ad’s, service delivery
and employee appearance ranked highest.
The study recommends that savings and loans companies in Ghana need to do a continuous
follow up to establish long term relationship with new customers when implementing brand
awareness strategies.
KEYWORDS
Brand, awareness, strategies, relationship, trust, reputation
INTRODUCTION
BACKGROUND OF THE STUDY
Brand awareness is an important indicator of consumers’ knowledge about a brand, the

strength of a brand’s presence in the consumers’ minds and how easily that knowledge can be
retrieved from memory (O’Guinn, Allen &Semenik 2009). It is the probability that
consumers will easily recognize the existence and availability of a company’s product or
service. Customer loyalty is a measure of the extent to which consumers are loyal to a
particular brand over a period of time, which emphasizes a consistent repurchase of the same
brand (Sheth& Mittal 2004). Customer loyalty results in an emotional attachment to the
brand, which is driven primarily by commitment and affection. The consumer develops
affection for the brand in a manner similar to a friendship (Ball, Coelho &Machas 2004).
The present-day marketplace is flooded with a wide variety of product brands. Consequently,
synchronizing with this inundated of diverse brands in the market has become lurid for the
simple consumer (Suresh, Monahan &Naresh 2012). Organisations develop brands with the
principal objective of drawing and retaining consumers (Alvarez &Casielles
2005).Researchers and practitioners alike have recognised the importance of loyal customers,
because such customers frequently spend more, purchase more regularly, are motivated to
search for information, are more resistant to competitors’ promotions and are more likely to
spread positive ‘word of mouth’ (Bytyqi&Vegara 2008; Chaudhuri& Holbrook 2001; Dick
&Basu 1994; Keller 2008).
The increasing of consumer awareness has made consumers choose to buy their acquainted
and favorable brand. Therefore, if businesses want to overcome their competitors, they have
to make consumers adore to purchasing their products and brands. Macdonald and Sharp
(2000) mention that even though consumers familiarize and are willing to purchase a product,
brand awareness is still an important factor to influence purchase decision. When consumers
want to buy a product, and a brand name can come to their minds at once, it reflects that
product has higher brand awareness. Consumers’ purchase decision can be influenced if a
product has higher brand awareness (Dodds, Monroe,&Grewal, 1991; Grewal, Monroe &
Krishnan, 1998). This explains why a product with higher brand awareness will have higher
market share and better quality evaluation. In addition, while consumers select a product,
they care about perceived quality and brand awareness. Perceived quality can help consumers
to have a subjective judgment on overall product quality that make a product hold a salient
differentiation and become a selective brand in consumers’ minds (Aaker, 1991). Besides,
businesses have to build up brand loyalty. Some studies suggest that the cost to attract a new
customer is more than five times of maintaining a loyalty customer (Reichheld and Sasser,
1990; Barsky, 1994).
The banking in Ghana has become very competitive as customers have grown and become
very chic. Customers switch from one bank to another looking for service brands that will
meet their expectations. Others will close their accounts and stop doing business with the
bank that is not able to meet their brand expectations. These problems are likely to render
some banks non-competitive in the short run and a possible liquidation in the long run. There
is therefore the need to consider brand awareness as very important in planning a business
strategy for creating customer loyalty. The research work will create the awareness to banks
in Ghana especially, Sinapi Aba Savings and Loans Ltd to embark on brand awareness driven
activities.
PROBLEM STATEMENT
The Ghanaian banking industry, like any other developing country, has experienced an
incursion of new entrants in recent year. The savings and loans companies are established to
provide banking services for people in order to mobilize savings and also, to provide funds
for the development of their micro businesses and industrial activities. Savings and Loans
focuses on the provision credit specifically for the purpose of purchasing consumer goods
and miscellaneous expenses. Again, they assist government to implement its policies and
provide expert advice to small scale businesses that need loans to mention but few. It is
important to state here that Savings and Loans in Ghana now perform all the functions that
any established traditional bank does. The big question is what impact has brand awareness
on customer loyalty.
The Savings and Loans fraternity in Ghana tries to be innovative in developing new products
and services as well as policies that would create brand awareness for their customers.
However, the inability to understand exactly what customer expectations are creates a gap
between the expectation and perception of customers hence customers’ loyalty become
doubtful and irresolute. According to Valerie and Mary (2010), firms will want to close this
gap between what is expected and what is received to enhance customers’ loyalty and build
long term relationships with them. The inability to create brand awareness affects the
profitability and subsequently, its ability to face competition. Hence, this study is being
conducted to assess the impact of brand awareness of Sinapi Aba Savings and Loans Ltd on
customer’s loyalty.
OBJECTIVES
The general objective of the research is to assess the impact of brand awareness on
customers’ loyalty of Sinapi Aba Savings and Loans Ltd.
. The specific objectives are;
1. To identify the various types of brand awareness strategies practiced in Sinapi Aba
Savings and Loans Ltd.
2. To determine the factors that promotes or impairs the effectiveness of the practice.
3. To assess the influence of brand awareness on customers’ loyalty of Sinapi Aba
Savings and Loans Ltd
RESEARCH QUESTIONS
1. What are the brand awareness strategies practiced in Sinapi Aba Savings and Loans
Ltd?
2. What are the factors that promote or impair the effectiveness of the practice?
3. How does brand awareness influence customers’ loyalty of Sinapi Aba Savings and
Loans Ltd?
JUSTIFICATION
The business environment has become very competitive in the 21st century due to the growth
in technology, infrastructure and access to information around the globe. this has made the
environment very complex and consumer preferences keep changing because of the low
switching cost in the market. due to this increasing demand of consumers in the market,
management of business organizations have to increase their resources with attention focused
more on attracting and retaining its customers.
The ever-increasing competition in the global market has prompted organisations to be
determined and ensure brand awareness; satisfaction of customer needs and wants more
efficiently and effectively than ones competitors (Kotler, 1988). Brand awareness therefore
has the effect of increasing brand market performance. These insights demonstrate that brand
awareness is also an important contributor to the purchase decisions of consumers. Based on
the foregoing insights, a positive and predictive association between brand awareness and
customer loyalty can be envisaged.
This research therefore will be very beneficial to all savings and loans companies, banks and
other organizations in the area of customer’s loyalty creation. The research will help the
savings and loans companies to tailor their operations to brand enhancement. With this they
will remain very strong and competitive.
Companies are scrambling to boost brand awareness and keep their current customers rather
than devoting additional resources to chase potential customers. It is indeed very expensive to
attract new customers but relatively cheaper to maintain current customers. The key to
ensuring this lies in a sound knowledge and understanding of brand awareness.
SCOPE
The study was carried out in four branches of Sinapi Aba Savings and Loans Ltd. The target
population included managers and customers of the four branches of Sinapi Aba Savings and
Loans Ltd. The four branches were selected because they have the largest customer base.
BRIEF OVERVIEW OF METHODOLOGY
The research depended so much on survey with a set of statements using scale. The
customers were asked to evaluate each statement in terms of their perception and
expectations of performances of the service being measured. Unstructured interview was used
to collect data from managers and employees of the bank on brand awareness policy of the
bank. Data collected was analyzed using Statistical Package for Social Science (SPSS) and
regression model.
ORGANIZATION OF THE STUDY
The research was organized into five main chapters. Chapter one focused on the introductory
aspect of the topic. Other areas under this chapter included the problem statement, research
objectives and questions, justification, brief overview of research methods and the
organization of the study. Chapter two dealt with the literature review of previous studies
conducted in the area of brand awareness and customer loyalty. The methodology of the
study was showcased in the third chapter. The fourth chapter looked at the research findings
and analysis of the data collected. Finally, chapter five presented summary of research
findings, conclusions, recommendations and suggestions for future research.
LITERATURE REVIEW
INTRODUCTION
This chapter provides the relevant literature and theoretical framework for the present study.
The first section begins with a discussion of a brief history of branding and a discussion of
branding from both business and consumer perspectives. The second section discusses the
lovemarks theory including three dimensions of brand image (Roberts, 2004). In the third
section, literature on consumer-based brand equity, forming a theoretical framework for the
present study, is reviewed. The fourth section explores logical linkages among brand
awareness, the three dimensions of brand image, the lovemark experience, Customer loyalty,
overall brand equity.
BRANDING HISTORY
Prior to the 19th century, manufacturers were limited to trading their products in their local
markets (Jones & Morgan, 1994; Moore & Reid, 2008). In the late eighteenth and early
nineteenth centuries, through improvement of production processes, transportation, and
communication, the industrial revolution led to the development of international trade among
countries (Jones & Morgan, 1994; Keller, 2008). Domestic manufacturers expanded their
businesses to buyers in foreign countries, beginning to use a trademark for consumers to
recognize, and to differentiate products/service from those of global competitors (Moore &
Reid, 2008). A trademark refers to any distinctive word, design, or non-descriptive mark
attached to goods or services (Cohen, 1986). According to the American Marketing
Association, between the nineteenth to early twentieth century, a brand was regarded the
same as a trademark (e.g., a name, sign, logo, and symbol) (Kotler & Keller, 2006). The
purpose of branding during this period of time was to reinforce the perceived value of a
product through positive associations that consumers have with it (Farquhar, 1989). The
earliest U.S. branding pioneers were Levi Strauss & Co. (founded in 1853), Heinz (1869),
Coca-Cola (1886), Tylenol (1893), Nabisco (1898), and Marlboro (1902). These brands
defined their identity through associations with their products‘performance, tangible
attributes, originality, and culture (Keller, 2008).
In the twentieth century, the purpose of branding evolved from associations with tangible
product features to intangible, symbolic features emblematic of personality and lifestyle
(Gobé, 2001; Healey, 2008; Moore & Reid, 2008; Neumeier, 2006; Schmitt, 1999).
Traditional marketing focused on creating brands that provide tangible benefits through
product features and quality; whereas, recent marketing has focused on intangible aspects of
branding, tapping into sensory and emotional elements of brand experience (Gobé, 2001;
Pine & Gilmore, 1999; Schmitt, 1999). Therefore, providing consumers with a deep
emotional experience, associated with a brand, became increasingly important for brand
managers seeking to obtain positive responses from consumers (Carroll & Ahuvia, 2006;
Gobé, 2001; Healey, 2008; Roberts, 2004, 2006; Thomson et al., 2005).
BRANDING
Today, a successful brand is one of the most important assets to many businesses (Broyles et
al., 2009; Esch et al., 2006; Pappu & Quester, 2006; Keller & Lehmann, 2006). A brand is a
unique element (e.g., name, symbol, and design) that identifies the products or services of
one organization from those of competitors, and contributes to enhancing the value of the
offerings (Aaker, 1991; Farquhar, 1989; Solomon & Stuart, 2002). Therefore, branding is the
process of using a name, symbol, design, and experience to differentiate goods/services by
providing distinct images, associations, and experiences related to the offerings and firms
(Neumeier, 2006; Schmitt, 1999). A consistent image, positive associations, and favorable
attitudes formed from memorable experiences are essential in building a strong brand
(Farquhar, 1989). Branding benefits both businesses and consumers in a variety of ways.
BENEFITS OF BRANDING FOR COMPANIES
Researchers agree that branding provides a variety of important benefits to the industry. First,
a clear brand identity helps marketers successfully differentiate their offerings from their
competitors (Aaker, 2007; Keller, 2008). Second, successful branding helps firms reduce
advertising costs by increasing awareness of the brand name (Keller & Lehmann, 2006;
Keller, 2008). Third, branding helps a firm to become a leader among the competitors in the
same product category (Keller, 2008). As a consequence, a desirable brand identity not only
helps increase the profit margin resulting from consumers‘willingness to pay a premium for
products, it may lead to profitable brand extensions into the same or different market. Finally,
certain characteristics of branding help firms safeguard their product features through legal
protection from counterfeiting (Keller, 2008; Keller & Lehmann, 2006; Schmitt & Simonson,
1997).
BENEFITS OF BRANDING FOR CONSUMERS
Branding provides consumers with three major benefits: risk reduction, information
efficiency, and self-expression (Aaker, 2007; Keller, 2003, 2008; Riesenbeck & Perrey,
2007). Keller (2008) argued that branding helps consumers decrease the chance of choosing a
product that may not perform well or meet their expectations. Thus, risk reduction is
accomplished by providing assurance of consistent quality. Riesenbeck and Perrey (2007)
suggested that branding may help consumers recognize and become aware of offerings in a
specific product category, which helps them efficiently categorize vast amounts of
information available about the product. Finally, branding involves creating cognitive
structures that help consumers organize knowledge and experience regarding different
products, which may help consumers transfer characteristics of the brand onto themselves
(Riesenbeck & Perrey, 2007). This process, in turn, could affect consumers‘perception of a
brand as a reflection of their personality, character, social status, and lifestyle (Aaker, 2007).
LOVE MARKS THEORY
Hunt (2002) explained the nature of scientific theory, based on Rudner‘s (1966)
conceptualization of a theory: ―a systematically related set of statements, including some
lawlike generalizations, that is empirically testable‖ (Rudner, 1966, p.10). Hunt suggested a
general theory should have three key criteria: (1) systematic connections, (2) interrelated law-
like generalizations, and (3) empirical testing. First, systematical connections criterion
implies all concepts/propositions in a theory are interrelated or deductively connected with
each other in an formal language system which describes fundamental formation rules and
definitions within a theory (Hunt, 2002). Second, lawlike generalizations criterion refers to a
generalized framework, specifying a relationship between concepts or propositions in a
theory (Hunt, 2002). Proposed concepts or propositions in a theory must be in the form of a
generalized condition (e.g., if x increases, y will increase). Third, empirically testable
criterion implies a theory must be applicable to other experimental conditions (e.g., using
different sample or stimuli) (Hunt, 2002). Robert‘s (2004) lovemark framework meets two of
three criteria (i.e., systematic connections and interrelated law-like generalizations), but it
does not meet the empirical testing criterion. Thus, the present study empirically tests the
lovemark framework by examining the connected relationships between the variables.
Roberts‘(2004) ―lovemarks‖ theory suggested a company must go beyond creating a brand
to creating a lovemark in order to build customer loyalty. According to Roberts‘, a lovemark
is defined as a deep emotional connection that distinguishes a lovemark experience from a

brand experience. The author asserted that ―lovemarks are brands, events, and experiences
‖ (Roberts, 2006, p. 15). In Roberts‘s view, a lovemark is
that people passionately love
defined as a combination of high brand love and respect. Roberts (2004, 2006) discriminated
between lovemarks and brands, products, and fads, based on the level of love and respect
experienced by a consumer (see Figure 2.1).
Products are noted as having low levels of love and respect; fads have a high level of love but
a low level of respect, brands have a low level of love but high level of respect, and
lovemarks have high levels of both love and respect. For example, Apple may be considered
as having high love and high respect, whereas Dell may have a low level of love but high
level of respect. Long waiting lines for a new product (e.g., a 3G ipad 2) show consumers‘
high love and respect toward Apple brand, which consumers have not shown for Dell‘s new
product. A kipper tie may be an example of a fad (Roberts, 2005).
The kipper tie has extreme breadth (4.5-5 inches) in garish colors and patterns resembling a
kipper, which had a high level of love in the mid 1960s to late 1970s.
To create a lovemark, a brand must provide the consumer with three elements of experience:
mystery, sensuality, and intimacy (Roberts, 2004, 2006). All these three elements of
experience are conceptualized as antecedents of a lovemark (Roberts, 2004).
This research suggests that these lovemark antecedents can be viewed as three dimensions of
brand image, because both lovemark antecedents and the brand image concept tap into
consumers‘rational and emotional perceptions of and associations with a particular brand.
Although these three dimensions (i.e., mystery, sensuality, and intimacy) may not fully
capture the entire brand image concept, the present study proposes these three dimensions do
capture key experience-related associations of brand image. Each of these three dimensions
will be discussed below.
Respect
Brands Love marks
High respect High respect
Low love High Love
Love
Products Fads
Low respect Low respect
Low love High love
Figure 2.1. Love/Respect Axis Separating Lovemarks from Brands, Fads, and Products
(Roberts, 2006, p. 18)
THE THREE DIMENSIONS OF BRAND IMAGE
Brand image has been discussed as an important concept in consumer behavior, because
consumers‘ brand and product choices are based on their assessment of brand image (Dobni
& Zinkhan, 1990). Traditionally, marketing researchers (Bullmore, 1984; Dichter, 1985;
Frazer, 1983; Gardner & Levy, 1955; Keller, 2001, 2008; Newman, 1957; Pohlman & Mudd,
1973) have acknowledged the cognitive and affective facets of experience associated with
brand image; however, most studies have not captured the sensory aspect of brand
experience.
Specifically, Dichter (1985) and Newman (1957) defined brand image as the total set of
impressions shaped by consumer interactions (e.g., observation and consumption) with a
brand. Bullmore (1984) and Gardner and Levy (1955) referred to brand image as beliefs,
perceptions, feelings, and attitudes towards a brand. Frazer (1983) and Pohlman and Mudd
(1973) argued that brand image is more strongly related to intangible aspects, such as social
meanings and symbolic value than physical features of products. Similarly, Keller (2001,
2008) defined brand image as a consumer‘s perceptions and feelings associated with a brand,
its offerings, and imagery attributes, such as user profiles, purchase/usage situations, brand
personality, values, history, heritage, and experiences.
Based on brand image definitions from previous studies and following Roberts‘ (2004)
lovemarks theory, the present study views brand image as an encapsulation of a consumer‘s
direct or indirect (e.g., through advertising) brand experience, with a focus on intangible
aspects of the brand. Moreover, the present study proposes that mystery, sensuality, and
intimacy represent facets of the cognitive, sensory, and emotional dimensions of brand
image. According to Roberts (2004), these three dimensions of brand image positively
contribute to creating a lovemark experience, which leads consumers to become avid fans of
a certain offering by a company.
MYSTERY
The cognitive aspect of brand image reflects mental thoughts of a brand, which consumers
establish by considering product attributes, service, performance, and symbolic or
psychological meanings of a brand (Bullmore, 1984; Friedmann & Lessig, 1987; Gardner &
Levy, 1955; Gensch, 1978). The personal meanings linked to memory of past brand
experiences lead consumers to create a distinct perception towards a brand in their mind
(Friedmann & Lessig, 1987).
Mystery captures the cognitive experience, shaped by past and present interactions with a
brand as well as future dreams and aspirations reflecting a certain lifestyle (Roberts, 2004,
2006). As sub components of mystery, Roberts included the telling of great stories, which
taps into a culture‘s myths, iconic characters, and dreams; instills inspiration; and combines
past, present, and future. Roberts (2004) believes that a firm delivers brand identity by telling
a story of the brand. Great stories formed through brand experience may entail favorable
myths and iconic characteristics that stimulate positive feelings and perceptions within
consumers. Positive associations with the brand may result from the personal dreams,
aspirations, or inspirational spirit expressed by the story. Consumers‘past brand experiences
may influence their present and future perception towards a brand/firm.
SENSUALITY
The sensory aspect of brand image refers to brand experiences, shaped through a consumer‘s
physical senses (i.e., vision, smell, sound, touch, and taste). Sensuality reflects pleasant
sensory experiences (Roberts, 2004). Music in the store or on a Website, a color scheme or
design style, and the smell of the store‘s environment are examples of the sensory
experiences that may lead to sensuality. Roberts (2004) proposes that visual elements of a
product, such as a display, logo design, packages, and beautiful colors, music, olfactory
stimulation, and variety in textures, foster emotional experiences. Other practitioners (Gobé,
2001; Schmitt & Simonson, 1997) agreed that providing sensory experience is very important
for generating positive perceptions of a brand.
INTIMACY
The emotional aspect of brand image refers to brand experiences involved a consumer‘s
feelings of interacting with a brand. Intimacy captures the affective and connective
experiences between consumers and brands (Roberts, 2004). For example, a firm‘s
understanding of consumers‘ opinions and preferences, consumer‘s long-term commitment,
and consumer‘s enjoyment of interaction with a brand may foster positive emotions and
perceptions towards the firm or its offerings. Researchers in psychology (Sternberg, 1986,
1997) and marketing (Fournier, 1998; Shimp & Madden, 1988) have indicated the
importance of intimacy in evoking positive emotions and perceptions for a romantic partner
or for a brand/firm, respectively.
BRAND AWARENESS
Brand awareness means the ability of a consumer can identify, recognize and recall a brand in
different situations (Aaker, 1996; Keller, 1993). Brand awareness consists of brand recall and
brand recognition. Brand recall means when consumers see a product category, they can
recall a brand name exactly, and brand recognition means consumers has ability to identify a
brand when there is a brand cue. That is, consumers can tell a brand correctly if they ever saw
or heard it. Tangible attributes of branding, such as a brand name, logo, symbol, icon, and
metaphor, facilitate consumers‘ awareness of a brand (Neumeier, 2006). Moreover,
advertising and positive word-of-mouth regarding a brand may enhance brand awareness,
which plays an important role in consumer decision-making (Aaker, 1996, 2007; Pitta &
Katsanis, 1995).Moreover; Hoeffler & Keller (2002) indicate that brand awareness can be
distinguished from depth and width. Depth means how to make consumers to recall or
identify brand easily, and width expresses infers when consumers purchase a product, a brand
name will come to their minds at once. If a product owns brand depth and brand width at the
same time, consumers will think of a specific brand when they want to buy a product. That is,
the product has higher brand awareness. Moreover, brand name is the most important element
in brand awareness (Davis, Golicic & Marquardt,
2008). As a consequence, brand awareness will affect purchase decision through brand
association, and when a product owns a positive brand image, it will help in marketing
activities (Keller﹐1993). A brand name offers a symbol that can assist consumers to identify
service providers and to predict service results (Herbig & Milewicz, 1993; Janiszewski &
Van Osselaer, 2000; Turley & Moore, 1995).
Brand awareness plays an important role on purchase intention because consumers tend to
buy a familiar and well known product (Keller, 1993; Macdonald & Sharp, 2000). Brand
awareness can help consumers to recognize a brand from a product category and make
purchase decision (Percy & Rossiter, 1992). Brand awareness has a great influence on
selections and can be a prior consideration base in a product category (Hoyer & Brown,
1990). Brand awareness also acts as a critical factor in the consumer purchase intention, and
certain brands will accumulate in consumers’ mind to influence consumer purchase decision.
A product with a high level of brand awareness will receive higher consumer preferences
because it has higher market share and quality evaluation (Dodds et al., 1991; Grewal et al.,
1998).
PERCEIVED QUALITY
Perceived quality is a result of consumers’ subjective judgment on a product (Zeithaml, 1988;

Dodds et al., 1991; Aaker, 1991). Bhuian (1997) also consider perceived quality is a
judgment on the consistency of product specification or an evaluation on added value of a
product. Garvin (1983) proposes that perceived quality is defined on the basis of users’
recognition while objective quality is defined on the basis of product or manufacturing
orientation. The differences between objective quality and perceived quality lie in that
objective quality has a pre-design standard to a product, and perceived quality is influenced
by internal and external product attributes which is an evaluation basis for consumers
(Olshavsky, 1985; Zeithaml, 1988). Kan (2002) points out that objective quality is that
consumers will use their experience and knowledge to evaluate overall product benefit,
function, durability, technology and reliability when consumers purchase a product.
Perceived quality is a consumer judgment on the accumulative product benefits and a
subjective feeling on product quality (Zeithaml, 1988; Dodds et al., 1991). Aaker (1991)
argues that perceived quality can show the salient differentiation of a product or a service and
becomes a selective brand in consumers’ mind.
The reason why perceived quality is different to real quality is because (a) a previous bad
image of a product will influence consumers’ judgment on product quality in the future.
Moreover, even the product quality has been changed, consumers will not trust that product
because of their unpleasant experience in previous (Aaker, 1996), (b) manufacturers and
consumers have different views on the judgment of the quality dimensions (Morgan, 1985;
Aaker, 1996), (c) consumers seldom hold enough information to evaluate a product
objectively. Though consumers have enough information, they may be insufficient in time
and motivation to do a further judgment, and in the end they can only select little important
information and make an evaluation on quality (Aaker, 1996; Wan, 2006). In addition,
perceived quality is a relative concept which possesses situational, comparative, and
individual attributes. Perceived quality will be affected by factors such as previous
experience, education level, and perceived risk and situational variables such as purchase
purpose, purchase situation, time pressure, and social background from consumers (Holbrook
& Corfman, 1985). In sum, perceived quality is a consumer subjective judgment on product
quality, and he or she will evaluate product quality from their previous experiences and
feelings.
PURCHASE INTENTION
Engel, Blackwell and Miniard (1995) present the most recognized model of consumer
purchase decision-making. This model divides the consumer purchase decision process into
five stages: (1) problem recognition, (2) information search, (3) alternative evaluation, (4)
purchase decision, and (5) post-purchase behavior. Also, Mowen and Minor (2001) maintain
that consumer decision making are a series of processing results from perceiving problems,
searching for solutions, evaluating alternatives, and making decisions. Engel, et al. (1995)
further contend that purchase intention can be divided into unplanned buying, partially
planned buying and fully planned buying. Unplanned buying means that consumers make all
decisions to buy a product category and a brand in a store. It can be regarded as an impulse
buying behavior. Partially planned buying means that consumers only decide a product
category and the specification before buying a product, and brands and types will decide in
the shop later. Fully planned buying means that consumers decide which product and brand
to buy before entering the shop. Kotler (2003) proposes that individual attitudes and
unpredictable situations will influence purchase intention. Individual attitudes include
personal preferences to others and obedience to others’ expectation and unpredictable
situations signify that consumers change purchase intention because a situation is appearing,
for example, when the price is higher that expected price (Dodds et al., 1991).
Consumer purchase intention is considered as a subjective inclination toward a product and
can be an important index to predict consumer behavior (Fishbein & Ajzen, 1975). Zeithaml
(1988) uses possible to buy intended to buy and considered to buy as measurement items to
measure purchase intention.
CONSUMER BEHAVIOR
To better understand the importance of consumer-based brand equity on consumer

perceptions of a brand, it is necessary to have an overview of consumer behaviour. Belch and
Belch (2004) defined consumer behaviour as “the process and activities people engage in
when searching, selecting , purchasing, using, evaluating and disposing of product and
services so as to satisfy their needs and desire”.
According to Ugala (2001), two types of consumer behaviour exist, i.e. cognitive and
experience-oriented consumer behavior. Consumers with cognitive behaviour are logical and
rational consumers while experience oriented consumers have more emotional reason to want
to purchase a product. Dalqvist and Linde (2002) characterized consumer behaviour into four
i.e. rational, learned, unconscious and social behavior and they are represented by these three
steps: knowledge→ Attitude→ Action.
• Rational behaviour: consumers with rational behaviour first get some knowledge
about the product and what it may offer. By assessing this information, they get an
attitude toward the product and finally act; whether or not to buy the product. This
type of behaviour is mostly common when consumers are purchasing expensive
products for example cars. (KNOWLEDGE→ATTITUDE→ACTION)
• Unconscious behaviour: consumers with unconscious behaviour begins with an

attitude towards the product, this attitude may either come from emotions or feelings.
This attitude will lead the consumers to find out more information about the product
and get knowledge about it and finally act their choice.
(ATTITUDE→KNOWLEDGE→ACTION)
• Learned behaviour: this type of behaviour stems from habits. These Consumers do
not plan their choice of product, they do it by habit. Example of this behavior is when
buying a newspaper. (ACTION→KNOWLEDGE→ATTITUDE)
• Social behaviour: consumers with social behaviour choose their products as a result
of the social environment which they live in. Their status, lifestyle and influence from
others determine the product they will buy.
(ACTION→ATTITUDE→KNOWLEDGE)
Culture has been seen to have one of the greatest influences on consumer behaviour.
According to Kotler et al (1999), apart from cultural factors other factors such as social,
personal, and psychological factors have influence on consumer’s behaviour.
• Cultural factors have to do with the culture, subculture or social class in which a
consumer identifies his /her with.
• Social factors have to do with the consumer’s family, reference groups and the
consumer’s role and status.
• Personal factors are the lifecycle status and age of consumers. Also, the economic
situation, occupation, self-concept and consumers personality.
• Psychological factors include perception, motivation, learning, attitude and belief of

the consumers.
CONSUMERS BUYING BEHAVIOR
According to söderlund (2001), consumers buying behaviour has to do with the attitude,
intention, preference and strength to commitment and the consumer’s ways of identification.
Consumers buying behaviour can also be referred to as the buying behaviour of the final
consumer. Consumer buying behaviour is a complicated issue due to the fact that many
internal and external factors have effect on consumers buying decision.
According to Kotler et al (1999), there are five stages of consumers buying behavior. This
can be seen in the diagram below.
Need
Recognition
Information
Search
Evaluation of
Alternatives
Purchase
Decision
Post-
Figure 1: buying decision process; Source: Kotler et al (1999) pg.254
Purchase
Behavior
From the diagram above, it can be seen that consumers passes through five stages in their
buying process. According to Kotler (1999), Consumers do not pass through all the stages in
their everyday purchase. For example in everyday commodity purchase, information search
and evaluation are omitted. In other words, consumers faced with complex purchase situation
pass through all this stages.
• Need recognition: this is when the consumers defined their problem or need. A need
could arise either as a result of internal or external stimulus. Example of an internal
stimulus is when you need to eat something as a result of hunger. External stimulus
arises from commercial on television after which the consumer thinks that the
brand/product is needed. Therefore it is of importance that marketers find out what

stimulus attracts interest in their brand.
• Information search: this is when consumers start to search for information either
through commercial source, personal source, public source, and experiential source.
This information enhances the consumer’s knowledge and awareness of the available
brand.
• Alternative evaluation: this is the stage whereby the consumers evaluate and rank
alternative brand based on the information they have. Such information can be price
or quality etc.
• Purchase decision: this is when consumers purchase the product. Consumer’s

perception of a brand can be influenced by unforeseen situational factors and attitude
of others.
• Post-purchase decision: this is when the consumers compare their expectation and
perceived performance. Kotler et al (1999) stated that they get satisfied when their
expectations are the same with the product performance.
Differences in consumers behaviour depends on the type of product the consumer is buying.
Kotler et al (1999) designed a buying behaviour model which consisted of four different
buyer behaviours.
Table 1: four type of buyer’s behavior, source: Kotler et al (1999) p.251
High involvement Low involvement
Significant differences Complex buying Variety-seeking

between brands behavior behavior
Few differences Dissonance-reducing Habitual buying

between brands behavior behavior
Complex buying behavior is when consumers purchase a high quality brand and before
making the purchase he seeks a lot of information about it.
Habitual buying behavior is when consumers purchase a product out of habit.
Variety seeking buying behavior is when consumers go around shopping and experiment
with a variety of product.
Dissonance reducing buying behavior is when a buyer is so highly involved with buying a
product as a result of the fact that it is expensive or rare.
FACTORS INFLUENCING CONSUMER PERCEPTIONS OF A BRAND
Kotler (2005) defined perception as the process by which information is received, selected,
organised and interpreted by an individual. Some of the factors that influence consumer
perceptions of a brand include:
Quality: this is one of the factors which consumers take into account when making their
choice of brand. According to Uggla (2001), quality is an integrals part of brand identity.
Price: McDonald and Sharp (2000) stated that price can be used as a reason for brand choice
in two ways; either by going for the lowest price in order to escape financial risk or the
highest price in order to achieve product quality. According to söderlund (2000), price, place
and brand are three important factors when deciding consumers purchase choice in everyday
product.
Influence by others: according to Kotler et al (1999), influence by others plays a vital role in
consumer’s decision processes. Consumers have the habit of consulting each other regarding
a new product or brand and seeking their advice. The advices of other people have a strong
affect on consumers buying behaviour. However, the degree of such affect depends on the
situation or individual. Later adapters tend to be more influenced than early adapters.
Influence by others cannot be sharpened by marketers. A buyer can also be influence
culturally i.e. value, behaviour and preferences from family or other institution or socially
i.e. by a small group like family or membership group. Purchase decision could also be
influenced by attitude of others. For example, a consumer wants to buy MacLean, while in
the shop he or she comes in contact with a friend who says Colgate makes my teeth brighter
and whiter. The consumer can be forced to buy Colgate.
Advertising: the main aim of advertisement is to create awareness. Advertisement is a
conspicuous form of communication. According to Aaker (1991), if advertising, promotion
and packaging embrace a regular positioning strategy over a period of time, there is the
tendency that the brand will be strong. Some ways of reaching and communication to
consumers through advertising is through television, cinema, radio, bill board etc.
Packaging: this is the process of designing the cover of a brand/product. According to Kotler
et al (1991), packaging is a form of advertisement in the sense that it sales duties such as
attracting consumers, describing and selling the product.
Convenience: according to Lin and Chang (2003), convenience of a brand has a significant
effect on consumer. In other word, easy access to brand/product in store is vital when buying
low involvement product.
CUSTOMER LOYALTY
Aaker (1996) assumes that a loyal consumer base represents a barrier to entry, a basis for a
price premium, time to respond to competitors, and a bulwark against deleterious price
completion, and Customer loyalty is a core dimension of brand equity. In addition, Customer
loyalty is the final destination of brand management, and if a company wants to test the
weakness or strength of its customers’ loyalty, it can easily check whether consumers still
favor its product in contrast to competitors. Customer loyalty is consumer attitudes on a
brand preference from previous use and shopping experience of a product (Deighton,
Henderson, & Neslin, 1994; Aaker, 1991), and it can be measured from repurchase rate on a
same brand. Assael (1998) defines that Customer loyalty is that consumers satisfy their past
experience in use of the same brand and incur repurchase behavior. Customer loyalty means
brand preferences that consumers will not consider other brands when they buy a product
(Baldinger & Rubinson, 1996; Cavero & Cebollada, 1997). Customer loyalty represents a
repurchase commitment in the future purchase that promise consumers will not change their
Customer loyalty in different situations and still buy their favorable brands (Oliver, 1999).
Customer loyalty includes behavior factors and attitude factors. Behavior loyalty represents
repurchase behavior, and loyalty attitude means psychological commitment to a brand
(Aaker, 1991; Assael, 1998; Oliver,1999; Prus & Brandt, 1995; Farr & Hollis, 1997). Thus,
purchase frequency is not equal to loyalty. For instance, consumers to repurchase a product
do not mean they like it but due to a convenient factor or a variety seeking behavior to
purchase a certain specific product occasionally (Tseng, Liao, & Jan, 2004).
A true Customer loyalty can be called when consumers are both inclined to these two factors,
otherwise, it can only be called a spurious Customer loyalty if only attitude or behavior
factors are found (Baldinger & Rubinson, 1996). Loyalty can also be separated from short
term loyalty and long term loyalty. Short term loyalty is not a real Customer loyalty because
a long term customer will not buy other brands even if there is a better choice (Jones &
Sasser, 1995). In addition, Bloemer and Kasper (1995) argue that a real Customer loyalty
should include brand preferences and repurchase behaviors that present in a long term
commitment, brand commitment and psychological processing (decision making and
evaluation) function while Fornell (1992) proposes that Customer loyalty can be measured
from customer repurchase intention and price tolerance. Consumers with a strong
commitment to a particular brand will constantly search for any marketing activity related to
the brand (Brown, 1952; Barwise & Ehrenberg, 1987; Chaudhuri, 1995; Baldinger &
Rubinson, 1996; Bandyopadhyay, Gupta, & Dube, 2005). Furthermore, Customer loyalty can
be measured in two dimensions: affective loyalty and action loyalty. Affective loyalty is a
specific brand preference from accumulative satisfaction to previous using experiences.
However, affective loyalty just represents that a repurchase intention. It does not mean that
consumers will take purchase action. It is very hard to say that consumers hold Customer
loyalty (Jacoby & Chestnut, 1978; Oliver, 1999; Kan, 2002). Action loyalty indicates that
consumers not only have preferences to a specific brand but also perform purchase action
repetitively, and become action inertia (Jacoby & Chestnut, 1978; Oliver, 1999; Kan, 2002,
Lin, 2005).
A favorable attitude shaped by a positive consumption experience leads to Customer loyalty,
defined in terms of attitudinal and behavioral perspectives (Dick & Basu, 1994). In terms of
the attitudinal perspective, Customer loyalty can evoke when consumers have favorable
beliefs about and attitudes towards a brand (Keller, 1993). Attitudinal brand loyalty reflects a
deep commitment to patronage of a preferred brand by continuing to like its products (Oliver,
1999). Similarly, Chaudhuri and Holbrook (2001) and Fournier (1998) supported that
attitudinal brand loyalty taps into commitment, reflecting willingness to keep or maintain a
positive relationship with a brand. Dick and Basu (1994) suggested including both categories
of loyalty in conceptualizing loyalty.
In terms of a behavioral perspective, Aaker (1991) explained that brand loyalty should be
measured by the number of brands purchased, percent of purchases, and future purchase
intention. When a consumer is loyal, he or she continuously purchases the brand, even though
the brand makes changes, such as increasing price or altering product features (Aaker, 1991).
Aaker (1991) identified five levels of brand loyalty as shown in the brand loyalty pyramid
(Figure 2.3). The bottom loyalty level includes switchers, who are not loyal to the brand.
These consumers may constantly look for variety, or are sensitive to price and buy the brand
on sale. The second loyalty level is habitual buyers, who tend to continue to buy the brand
not seeking alternative brands. The third level is satisfied buyers with switching costs. They
are unwilling to change to a substitute brand, due to switching costs in time, money, and
performance risk. The fourth level consists of buyers who like the brand, due to emotional
attachment. These consumers shape a friendship with the brand, based on a positive long-
term relationship. The top loyalty level is committed buyers. They will continue to purchase
the brand regardless of price or change, because they are more closely tied to possessing or
using the brand than buyers who only like the brand (Aaker, 1991).
RELATIONSHIPS BETWEEN BRAND AWARENESS, IMAGE,

LOYALTY, AND THE LOVEMARK EXPERIENCE
BRAND AWARENESS AND BRAND IMAGE

Brand awareness is comprised of recognition and recall, which contributes to a consumer
creating a set of brands she/he considers for a certain product category (Aaker, 1991; Keller,
1993). A well-established brand name creates a sense of familiarity with the brand (Aaker,
1991). For instance, Gap is a well-known U.S. brand for casual clothing,
Tiffany for jewelry,Starbucks for coffee, Apple for a computer and the I-pod, and Tide for
detergent. Aaker (1991) and Keller (1993) noted that brand awareness is needed to shape a
brand image, which can be created when consumers recognize a brand name, product
features, and tangible/intangible benefits. Prior studies (Esch et al., 2006; Kim et al., 2009)
have found brand awareness to be positively associated with brand image. Based on the
findings of the aforementioned studies, the present study posits:
H3. Brand awareness will be positively associated with brand image.
BRAND AWARENESS AND BRAND LOYALTY

Aaker (1991) noted that brand awareness can affect perceptions and loyalty. Previous
research empirically tested the relationship between brand awareness and brand loyalty (Jung
& Sung, 2008; Kim et al., 2003; Yoo & Donthu, 2001, 2002; Yoo et al., 2000). By
empirically testing Aaker‘s (1991) theory, Yoo‘s research (Yoo & Donthu, 2001, 2002; Yoo
et al., 2000) demonstrated that brand awareness and positive associations influence brand
loyalty. However, Yoo‘s research combined brand awareness and associations into a
unidimensional concept. Jung and Sung (2008) supported Yoo‘s research findings by
showing the effect of both brand awareness and associations on brand loyalty. Likewise,
Pappu‘s studies (Pappu & Quester, 2006; Pappu et al., 2005) demonstrated the positive effect
of brand awareness on loyalty; however, this research distinguished between brand awareness
and brand associations. In support of the findings from the existing research, the present
study examines the relationship between brand awareness and brand loyalty. Thus, the
present study proposes:
H4. Brand awareness will be positively associated with brand loyalty.
BRAND AWARENESS AND THE LOVEMARK EXPERIENCE (I.E., HIGH

BRAND LOVE AND RESPECT)
Mehrabian and Russell (1974) proposed that consumers tend to approach situations they like
and avoid those that they don‘t like. Based on Mehrabian and Russell‘s (1974)
approach/avoidance theory, consumers may spend more time exploring information of a

brand that they like, which may strengthen their affect towards and beliefs about a brand
through selective perception. Consumers may selectively perceive information to reinforce
their positive attitudes or beliefs (Blackwell, Miniard, & Engel, 2005). Consumers even
search for information about the brand after they have made their purchase to confirm their
decision (Blackwell et al., 2005). Thus, the level of brand awareness may be associated with
positive affect (i.e., brand love) and cognitions (i.e., brand respect).
Thus, the present study hypothesizes the following:
H5. Brand awareness will be positively associated with the lovemark experience.
H5-a. Brand awareness will be positively associated with high brand love.
H5-b. Brand awareness will be positively associated with high brand respect.
BRAND IMAGE AND THE LOVEMARK EXPERIENCE (I.E., HIGH BRAND

LOVE AND RESPECT)
Brand image captures cognitive, affective, and sensory associations (i.e., mystery, sensuality,
and intimacy) consumers have with a brand. Marketing research has shown that a positive
brand image augments both cognitive and emotional brand experiences, such as brand trust,
attachment, engagement, sense of community, and loyalty (Broyles et al., 2009; Esch et al.,
2006). For instance, consumers may come to love the retailer Hot Topic (teen apparel brand),
because they have a positive brand image due to experiencing its ―goth‖ inspired store
environment, exploring its alternative music bands promoted on its Website, and attended its
sponsored musical events. Brand image may be also associated with cognitive evaluations on
a brand. For example, a consumer may have respect for Patagonia (active sportswear),
because of the positive perceptions of quality of its product, and knowledgeable and
experienced brand representatives. Thus, the present study proposes:
H6. Brand image will be positively associated with the lovemark experience.
H6-a. Brand image will be positively associated with high brand love.
H6-b. Brand image will be positively associated with high brand respect.
BRAND IMAGE AND BRAND LOYALTY

Keller‘s (1993, 2001) conceptual research suggested a strong connection between a positive
brand image and brand loyalty. Keller (1993) explained that consumers‘ repeated buying
behavior represents brand loyalty, which reflects a favorable attitude towards a brand. Esch et
al.‘s (2006) empirical research supported Keller‘s proposition by showing a statistically
significant effect of positive brand image on current/future purchases. Thus, the present
research posits:
H7. Brand image will be positively associated with brand loyalty.
THE LOVE MARK EXPERIENCE AND BRAND LOYALTY
Marketing research has empirically supported Dick and Basu‘s (1994) conceptual model of
antecedents/consequences of brand loyalty. According to Chaudhuri and Holbrook (2001)
and Taylor et al. (2004), brand affect (i.e., positive emotional responses towards a brand)
influences brand trust, which consisted of beliefs of reliability, quality, willingness to rely on,
dependence, trustworthiness, security, and honesty. Based on these definitions of brand affect
and trust in these studies, brand affect is comparable to brand love and brand trust reflects the
concept of brand respect suggested by Roberts (2004). These studies and others have found
that brand affect (e.g., love) influenced both attitudinal and behavioral brand loyalty (Carroll
& Ahuvia, 2006; Chaudhuri & Holbrook, 2001; Pawle & Cooper, 2006; Taylor et al., 2004;
Whang et al., 2004). A significant effect of brand trust on brand loyalty found in previous
research (Chaudhuri &
Holbrook, 2001; Pawle & Cooper, 2006; Taylor et al., 2004) supports that brand respect may
lead to brand loyalty. Considering the findings of previous studies, the present research
included both attitudinal and behavioral measures of loyalty to capture overall brand loyalty.
Therefore, the present research proposes:
H8. The lovemark experience (i.e., high brand love and respect) will be positively associated
with brand loyalty.
H8-a. High brand love will be positively associated with brand loyalty.
H8-b. High brand respect will be positively associated with brand loyalty.
BRAND LOYALTY AND OVERALL BRAND EQUITY
Brand equity is strongly interrelated with brand awareness, image, and loyalty (Gil, Andres,
& Salinas, 2007; Keller, 1993, 2001; Yoo et al., 2000). Previous studies found a strong effect
of brand loyalty on overall brand equity (Gil et al., 2007; Taylor et al., 2004; Tong &
Hawley, 2009b; Yoo et al., 2000). Yoo et al. (2000) demonstrated that the relationship of
loyalty to overall brand equity was much stronger than that of other equity dimensions (i.e.,
perceived quality and a combination of awareness and associations). Based on this finding,
Yoo et al. (2000) suggested that Customer loyalty is the most important dimension that
affects an increase in overall brand equity. Other studies supported this proposition (Gil et al.,
2007; Taylor et al., 2004; Tong & Hawley, 2009b). Therefore, the following hypothesis is
proposed:
H9. Customer loyalty will positively influence overall brand equity.
The existing agreement among scholars on the positive effects of brand love and respect on
Customer loyalty as well as the direct relationship between brand loyalty and overall brand
equity, it is viable to combine these dimensions into a single model. Based on the extensive
review of literature, the present study proposed an expanded consumer based brand equity
model that incorporates the lovemark experience for brands as an antecedent of the brand
loyalty and overall brand equity
BRAND EQUITY IN SERVICE INDUSTRY
According to Bateson and Hoffman (1999), similarity in the characteristics of the service
branding has made it bothersome for consumers to differentiate between different services
until they have experienced it. They went further to say that as a result of this, there have
been arguments on the fact that there are more perceived risk connected with purchasing of
services than goods.
Blackwell et al (2001) referred to perceived risk as the confusion faced by consumers about
the potential positive and negative effect of their purchase decision. William (2002)
highlighted the fact that in order for consumers to reduce the perceived risk connected with
purchasing of services, they have resulted in buying brands that they trust and are familiar
with.
Berry (1999) noted that branding of services enhances customer’s trust of the invisible and
can also reduce perceived social, monetary and safety risk in purchasing services which are
hard to ascertain before purchasing. According to Mackay (2001) and Kim et al. (2003),
while there are lots of literatures on the equity of goods, literatures based on service branding
are limited. Krishnan and Hartline (2001) also stated that while brand equity connected with
tangible goods have gained greater attention in the literatures, fundamental understanding of
the nature of brand equity in service has not yet been developed. They went further to say that
most articles on brand equity for services focus on theoretical and anecdotal evidence.
Turley and Moore (1995) stated that limitation of service branding in literatures is as a result
of the fact that few articles that examine correctly the development of service brands are
normally inconsistent. Some study which present brand equity of services are: Muller and
woods (1994) for example, talks more on brand management rather than product
management in the restaurant industry; Stressing the need for a clear concept of the restaurant
industry, dependability of brand name and building brand image.
Muller and wood (1998) recommended three main issues that a service brand should
concentrate on in order to build a strong brand equity and acquiescence in the market place;
• Quality product and service.
• Performance of service delivery.
• Establishing a symbolic and evocative image.

He went further to say that a combination of these three issues in the development of a
restaurant brand will give rise to charging premium price and enhance customer’s loyalty.
Murphy (1990) diagnoses generic brand method in restaurant industry such as simple,
monolithic and endorsed.
Cobb-walgren et al (1995) study used customer based perceptual measure of brand equity.
Their study adopted Aaker (1991) conceptualization as adopted by Keller (1993) i.e. brand
awareness, brand association and perceived quality. Two different type of brand from service
category (hotel and house hold cleanser) were used to investigate the effect of brand equity
on consumer’s preference and purchase intention. The result of their study shows that brand
equity increases both consumer’s preference and purchase Intention.
Another example of a study which offered a good way of understanding brand equity in the
service industry is the study of Prasad and dev. (2000). Their study was based on a customer
centric index of hotel brand equity, seeing customer as a means of profit and cash flow. They
converted customer’s view of brand performance and customer’s awareness into numerical
indicators.
Conclusively, one of the most important benefits of service branding is that it helps to reduce
perceived risk faced by consumers about the potential positive and negative effect of their
purchase decision and it also help to reduce search cost.
METHODOLOGY
INTRODUCTION
This section of the research assesses the procedures used in conducting the research under
study. It discusses the Research design, population study, sampling design, data collection
methods, data analysis and the limitations likely to be experienced during the study and the
company profile of Sinapi Aba Savings and Loans Ltd.
RESEARCH DESIGN
Research design according to Kerlinger (1986) is “the plan and structure of investigation
conceived so as to obtain answers to research questions”. The design of a research specifies
the methods and procedures for acquiring the information needed. It represents the overall
operational framework of the project that stipulates what information is to be collected from
which source and by what procedure.
The research was a survey and a case type. Both quantitative and qualitative data research
techniques were used to complement each other as both approaches have advantages.
Qualitative studies refer to all non-numeric data or data that have not been quantified and can
be a product of all research strategies. It can range from a short list of responses to open-
ended questions in an online questionnaire to more complex data such as transcript of in-
depth interview or entire policy document (ibid). The survey strategy was used because it
allows a researcher to collect a large amount of data from a sample in a highly economical
way and it is also comparatively easy to explain and understand. Interview was used to
collect the qualitative data from respondents. Here, the researcher physically met respondents
and asked the questions face to face. The interview method was used because it helped to
gather first hand information from respondents and this information helped to a large extent
to answer research questions and objectives.
POPULATION OF THE STUDY
The population of the study was limited to branch managers and all customers of four
branches of Sinapi Aba Savings and Loans Ltd in Kumasi metropolis in the Ashanti Region
of Ghana. The bank has five branches in Kumasi metropolis. They include Adum, Tafo,
Central market and Ellis Avenue. The total customer base of the four branches is 13,807.
Purposive sampling technique was used to select four branches. These four branches were
chosen because they have the largest number of customers.
Table 3.1 Population of the study
Branch Number of customers
Adum 4,384
Tafo 3005
Central Market 2,854
Nhyiaso Ellis Avenue 3,564
Total 13,807
Managers 4
Total population 13,811
Source: Researchers Field Survey, 2014
SAMPLE AND SAMPLING PROCEDURE
A sample is a deliberate choice of a number of people in a given population which provides

the researcher with data from which conclusions can be drawn. There was the need to sample
since the researcher was constrained by time and financial resources and therefore
impracticable to survey the entire population. The non probability sampling was used to draw
a sample from the population. The sampling procedure employed to draw the sample was the
consecutive sampling which is similar to convenience sampling except that it seeks to include
all accessible respondents as part of the sample. This non-probability sampling technique can
be considered as the best of all non-probability samples because it includes all subjects that
are available that make the sample a better representation of the entire population (Castillo,
2009). The sample size for the entire study was 304. The simple proportion method was used
to determine the sample size of each of the four branches selected. The table below shows the
percentage distribution of the sample size among the four selected branches.
Table 3.2 sample size
Branch Percentage Number Of Customers Selected

Adum 33.3% 100
Ellis Avenue 30.6% 92
Tafo 22.1% 66
Central Market 14.0% 42
Total 100% 300
Manager 1
Grand total 301
Source: Researchers Field Survey, 2014
The justification for this was from Patton (2002 cited in Saunders et al, 2007). According to
him the sample size for non-probability sampling in business research is dependent on the
research questions and research objectives in particular. It is therefore the logical relationship
between the sample selection technique and the purpose and focus of the research that is
important, generalization being made to theory rather than population. This means that it is
the quality of the theoretical inferences that can be made from data collected using non-
probability samples that is used to assess the extent to which generalization can be made.
This is the basis of the justification of the sample size chosen for the study.
METHOD OF DATA COLLECTION
Information was collected from both primary and secondary sources.
PRIMARY DATA
The primary data were obtained from a survey via a structured questionnaire. The researcher
used the delivery and collection questionnaire and structured interviews to administer the
questions to collect information from respondents. With the former, questionnaires were
delivered by hand to each respondent and collected later. With the latter, the researcher
physically met respondents and asks the questions face to face. Again, structured interview
was used to collect information on brand awareness policies and implementations of the
savings and loans company under review. The questionnaire items for customers covered the
following areas:
• Customer decision making procedures and

• Customer loyalty
Structured interview served as the main data collection instrument used. The structured
interview proves to be the most common research instrument, appropriate enough to help the
researcher ask questions and obtain data with ease. In all, the structured interview was in five
parts consisting of thirty two (32) items. Seven (7) related to respondents demographics,
seven (7) on brand awareness strategies practiced in Sinapi Aba Savings and Loans Ltd, Six
(6) related to factors that may enhance or impair awareness strategies practice in Sinapi Aba
Savings and Loans Ltd, five (5) on events that influence the actual customer to patronize the
services of Sinapi Aba Savings and Loans Ltd and seven (7) on the post actions of consumers
after dealing with the savings and loans.
SECONDARY DATA
The data that was collected from secondary sources included published materials in the print
and electronic media, journals and publications on the internet. Historical data and document
from Sinapi Aba Savings and Loans forms part of the secondary data
VALIDITY AND RELIABILITY
Academic research requires the establishment of validity and reliability of research

instruments. Validity explains that the research should be able to measure what it is supposed
to measure (Gravetter et al., 2006). Content validity in this research is ensured as the data
collection tool (questionnaire) and the scale (lickert scale) were adopted from established
academic researchers that have already been subjected to validity test. The methodology
employed here is therefore consistent with most studies in the field of management and
businesses.
Reliability implies that the same matter that is researched repeatedly by the same or different
person must render the same result. The questionnaire message in this study complies with
this criterion to a reasonable extent, but cannot be 100% right as respondents’ mood may
influence their responses. A reliability was further enhanced by a pilot (pre-test) conducted to
modify some questions that were not clearly constructed. With the high level of validity of
these instruments, the results here in obtained could be generalized from the sample to the
population.
ETHICAL CONSIDERATIONS
At the onset of the data collection, the researcher sought permission from the head of
management who introduced the researcher to the staff of the office. The intent and purpose
of the study was personally explained to the respondents, although the questionnaire itself
contained an opening introductory letter requesting for respondents and cooperation in
providing the required result information for the study.
The respondents were assured of the confidentiality of the information provided and that the
study findings were to be used for academic purposes only. Respondents were further assured
of their personal protection and that they had authority to refuse or accept to be interviewed.
Also no personal identification was required on the questionnaire in other not to attribute any
particular information to any respondent.
DATA PROCESSING ANALYSIS AND PRESENTATION

DATA ANALYSIS
Analyzing data involved reducing and arranging the data, synthesizing searching for
significant patterns and discovering what was important. Ary et al (2002) has noted three
steps involved in analyzing data: organizing, interpreting and summarizing data.
Statistical tools such as tables, bar graphs and pie chart were used. The analysis was done
with the help of Statistical Package for Social Science (SPSS) and Microsoft Excel. The
closed ended questions were given numerical codes which were done in a varying scale
depending on the responses. The Cronbach’s coefficient was used in assessing the reliability
analysis of the data obtained. Data was analyzed in the form of reliability analysis,
descriptive statistics and multiple regression analysis. The results of data analyzed are
presented in the form of tables and charts.
REGRESSION ANALYSIS MODEL
Coefficient of determination(R-Squared): In a multiple regression, R-Square is interpreted

as the proportion of variation in the response variable explained by all the predictor variables
simultaneously. A high R-Square indicates that the data points are close to the values
predicted by the multiple regression equation and that, as a group the independent variables
are a good predictor of the dependent variable. A low R-Square indicates that the data points
are scattered away from the values predicted by the multiple regression equation and that the
independent variables are a poor predictor of the dependent variable.
Standard Error (S.E): The standard error of measurement (S.E) estimates how repeated
measures of a person on the same instrument tend to be distributed around his or her “true”
score. The true score is always unknown because no measure can be constructed that
provides a perfect reflection of the true score. S.E is directly related to the reliability of a test;
that is, the larger the S.E, the lower the reliability of the test and the less precision there is in
the measures taken and scores obtained.
P-Value: In statistical hypothesis testing, the p-value is the probability of obtaining a result
at least as "impressive" as that obtained, assuming the null hypothesis is true, so that the
finding was the result of chance alone. Generally, one rejects the null hypothesis if the p-
value is smaller than or equal to the significance level, often represented by the Greek letter a
(alpha). If the level is 0.05, then the results are only 5% likely to be as extraordinary as just
seen, given that the null hypothesis is true.
The regression (prediction) equation on the above model is as follows: The regression
equation of the best-fit lin e is g iv en in th e fo rmat Y = β 0 + βi Xi+S. E , wh ere β 0 is the
intercept and β is the slope of the line for the predicted linear relationship between
Y(dependent variable) and X (Independent variable). Xi= X1 + X2+ X3……. βi=
β1+β2+β3…..
S.E=0 Y= β 0 + β1 X1+ β2 X2 + β3 X3
Let Customer Loyalty = Y, Brand awareness strategies =X1, Factors enhancing brand
awareness =X2, Events that influenced actual customer decision to patronize the services
=X3,
Let B1coefficient of X1, B2 coefficient of X2, B3 coefficient of X3. From Table 4.5 above,
letting Y be function of X1, X2, X3 and substituting the coefficients, we have the equation
Y= B0+ B1 X1+ B2 X2 + B3 X3
Then Y= 1.36+0.17X1 +0.22X2 +0.13X3
The implication is that the above model can be used to predict customer loyalty.
DATA ANALYSIS AND DISCUSSION OF RESULTS
INTRODUCTION
This chapter presents the analysis of data collected for the study. For the purpose of
responding to the objectives of this study, a sample of 300 customers and a manager of Sinapi
Aba Savings and Loans Ltd was used. The study mainly assesses the impact of brand
awareness on customer loyalty in Sinapi Aba Savings Loans Ltd. Data have been analyzed in
the form of descriptive statistics and multiple regression analysis. The results of data
analyzed have been presented in the form of tables and charts below.
Customers who took part in the survey were asked to give information about their age,
gender, level of education and length of time investing in the bank. Table 4.1 below give
descriptive statistics for the age ranges, gender, and level of education and length of time
doing business with the bank and the corresponding frequencies and percentages
Table 4.1: Demography of Derma Sinapi Aba Savings Loans Ltd respondents
Variables Frequency Percentage (%)
Ages of Respondents
18-24 69 23
25-30 84 28
31-34 36 12
35-40 12 4
41-55 75 25
56+ 24 8
Total 300 100
Genders of Respondents
Male 174 58
Female 126 58
Total 300 100
Level of Education
Masters 36 12
Degree 120 40
Secondary 81 27
MCLS/JHS 39 13
None 24 8
Total 300 100
Marital status
Married 159 53
Widowed 30 10
Separated 18 6
Single 93 31
Total 300 100
Period of transaction at the Savings and

Loans
Over 10 years 30 10
5- 10 years 30 10
1-5 years 150 50
Less than a year 90 30
Total 300 100
Type of Account Respondents operate

Savings 105 35
Current 141 47
Fixed Deposit 3 1
Savings and Current 45 15
Savings, Current and Fixed Deposit 6 2
Total 300 100
Source: Authors field survey, 2014
Age:
From table 4.1, 23% of respondents were between the age of 18-24, 28% were between 25 -
30, 12% were between 31-34, 4% were between 35-40, 25% were between 41-55 and 8%
were 56years above. This shows that most of the respondents were mature people. This is
further shown figure 4.1 below.
Figure 4.1: Age of respondents
Ages of Respondents
56+
18-24
8%
23%
41-55
25%
25-30
31-34 28%
12%
35-40
4%
Gender:
From table 4.1, 58% of the respondents were male while 42% were female. This shows that
research was not gender balanced.
Level of education:
From table 4.1, 40% of respondents were degree holders, 12% were masters’ holders and
27% secondary/ senior high WASSCE were certificate holders, 13% of the respondents were
MCLS/JHS certificate holders and 8% were illitrates. This implies that most of the customers
were illitrates and have some sort of education. Figure 4.2 below gives further clarity.
Figure 4.2: Level of education

40% 40%
35%
30%
27%
25%
20%
15% 13%
12%
10% 8%
5%
0%
Masters Degree Secondary MCLS/JHS None
Marital status:
From table 4.1, 53% of the respondents were married, 31% were single, 10% were widowed
and 6% were separated.
Period of transaction at the bank:
From table 4.12 below, 10 % of the respondents have been doing business with the bank for
over 10 years, 10% have worked between 5-10 years, and 50% and 30% have worked
between 1-5 year and for less than a year respectively. This implies that the Savings and
Loans retain its customers. This is shown in figure 4.3 below
Figure 4.3: Type of Account Respondents operate

Period of transaction at the savings and loans

50%
30%
10% 10%
Over 10 years 5- 10 years 1-5 years Less than a year
Type of Account Respondents operate
Respondents were also asked to state the kind of accounts they have in the bank. Table 4.3
gives statistical description of the types of accounts of customers and potential investors.
Thirty-five percent (35%) had only saving accounts, forty-seven percent (47%) had only
current account, one percent (1%) had fixed deposit, fifteen percent (15%) had savings and
current accounts and two percent (2%) kept savings, current and fixed deposit accounts. this
is shown in figure 4.4 below
Figure 4.4: Type of Account Respondents operate

Savings, Current
and Fixed
Deposit, 2%
Fixed Savings and
Deposit, 1% Current, 15%
Savings, 35%
Current, 47%

Research Question 1:
What are the brand awareness strategies practiced in Sinapi Aba Savings and Loans Ltd?
Brand awareness strategies practiced
The general perception of customers on the brand awareness strategies practiced in Sinapi
Aba Savings and Loan Ltd is presented table 4.2 in frequency and mean scores below.
Table 4.2: Brand awareness strategies practice (Descriptive statistics)

Totally Cannot Totally
Variables disagree disagree decide agree agree N mean
Leveraging the web 92 81 51 41 35 300 2.49
Establishing yourself as a social authority 38 42 83 103 34 300 3.18
Traditional advertising 9 14 18 119 140 300 4.22
Sponsoring events 94 79 35 53 39 300 2.55
Product placement 32 39 32 132 65 300 3.53
Non-traditional advertising 125 41 24 61 49 300 2.56
Attending local events 12 51 98 68 71 300 3.45

In general, the customers thought that brand awareness strategies were used to a large extent
(Mean = 3.14).
From the value of means generated in Table 4.2 below, it can be concluded that traditional
advertising with the highest mean (4.22) per customer was practiced to the largest extent by
the savings and loans Ltd. This is followed by Product placement (mean, 3.53), Attending
local events (mean, 3.45), Establishing yourself as a social authority (mean, 3.18), Non-
traditional advertising (mean, 2.56), Sponsoring events (mean, 2.55) and Leveraging the web
(mean, 2.49). Using Leveraging the web as a promotional strategy in savings and loans
industry was practiced to the least extent compared with the 6 other promotional strategies
(Product placement, Attending local events, Establishing yourself as a social authority, Non-
traditional advertising, Sponsoring events, Traditional advertising) in the view of customers.
Table 4.2 above shows that amidst brand awareness strategies including leveraging the web,
establishing yourself as a social authority, sponsoring events, attending local events, product
placement, non-traditional advertising, the brand awareness strategies which customers
thought was mostly practiced was traditional advertising (with highest Mean).
The brand awareness strategy with the highest mean is that which most customers thought
was practiced most in Sinapi Aba Savings and Loans Ltd. In the same vein the strategy with
the smallest mean (Leveraging the web) is the least practiced in the view of respondents.
Sinapi Aba Savings and Loans Ltd has one common documented brand awareness strategies
and other activities which are to be followed by all branch managers. In compliance with the
corporate policy, the document designated as classified could not be released to a third party
and for that matter was not made available to the researcher. However, in response to the
interview questions, manager referred to the said documents which gave the researcher a fair
idea of the document. As a result, the manager interviewed gave responses which are
discussed below.
MANAGEMENT’S PERCEPTION
Every organization should have policies and programmes that is followed in order to provide
brand awareness strategies to its customers and clients. This section discusses the brand
awareness strategies policies of Sinapi Aba Savings and Loans Ltd. designed. Data was
collected from the marketing manager in charge of brands and communication who has been
with the savings and loans for almost 10 years and the results are analysed below
The management of the savings and loans made it clear that brand awareness strategies
practiced by the Sinapi Aba Saving and Loans Ltd include the following, traditional
advertisement (eg. the use of television, radio, news paper advertisement), sponsoring events,
articles in business and financial magazines, attending local events to enhance corporate
brand and they also use product placement to enhance product brand, while they have
categorized it into two part namely; deposit products (eg. Kiddy account, current account and
fixed deposit) and lending products (eg. SME loans, school fees, etc). Management further
explained that the savings and loans use the traditional advertisement (especially radio
advertisement) quite more often than the other strategies.
Based on the empirical data collected from 300 customers to ascertain customer perception
on brand awareness strategies practiced an overall mean score of 3.14. This means that the
savings and loans is adhering to its brand awareness policies and practices and that majority
of the customers are agree with management perceptive on the issue brand awareness
strategies practiced. Though there seem to be some sort of agreement, the magnitude of 0.14
(over the average mean score of 3.0) seems insignificant on the face value but in terms of real
numbers it is not the best.
Research Question 2: What are the factors that promote or impair the effectiveness of the
practice?
Factors enhancing brand awareness strategies
The general perception of customers on the factors enhancing brand awareness strategies
practiced in Sinapi Aba Savings and Loan Ltd is presented table 4.3 in frequency and mean
scores below.
Table 4.3 Factors enhancing brand awareness strategies (Descriptive statistics)

Variables disagree disagree decide Agree agree N mean
Sales Promotions and Offers 34 48 36 88 94 300 3.53
An Internet Presence that Supports the
Brand Strategy, eg. Blogging 87 109 49 40 15 300 2.93
A Simple, Consistent Brand Message 41 40 21 100 98 300 3.58
A Distinctive, Timeless Logo and brand
name 54 43 30 90 83 300 3.35
Excel at Customer Service 21 36 40 104 99 300 3.75
Celebrity Endorsement 84 72 31 90 23 300 2.65
Public Relations 46 54 20 104 76 300 3.37

Parent company support 97 87 54 45 17 300 2.33
Total 3.21

In general, the customers thought that factors that enhanced brand awareness in the savings
and loans industry were present to a large extent (Mean = 3.21).
Table 4.3 below shows that amidst the factors that has influence on potential customers in the
savings and loans sector i.e. Sales Promotions and Offers, An Internet Presence that Supports
the Brand Strategy, eg. Blogging, A Simple, Consistent Brand Message, A Distinctive,
Timeless Logo and brand name, Service Celebrity Endorsement, Public Relations, Parent
company support, Excel at Customer Service (highest Mean, 3.75) was found to be most
prominent. This means customers of the savings and loans industry indicated that excel at
customer service enhanced brand awareness more than the other factors stated above. This was
followed by A Simple, Consistent Brand Message (mean, 3.58), Sales Promotions and Offers
(mean, 3.53), Public Relations (mean, 3.37), A Distinctive, Timeless Logo and brand name (mean,
3.37), An Internet Presence that Supports the Brand Strategy, eg blogging (mean, 2.93), Celebrity
Endorsement (mean, 2.65) and Parent company support (mean, 2.33).
MANAGEMENT’S PERCEPTION
Management of the savings and loans also said that factors that enhance the brand awareness
strategies practiced by the Sinapi Aba Saving and Loans Ltd include the following; phone in
calls, organizing quiz competition, sales promotions and offers, customer service, public
relations. According the manager, cashiers and employees are to serve customers with great
deal of courtesy and respect. Cashiers are to call customers by their names with high degree
of respect and dignity by using Mr., Mrs, Brother, Sister, Honourable to mention but few.
Also, cashiers are to stay much focused and pay attention to the customer. Offering services
while receiving calls is highly unacceptable by the bank. The savings and loans has personals
who have been trained to respectfully listen and attend to all manner of customer complaints.
According to the manager, the personals have been trained to tolerate all manner of people
who may come to the bank with complaints no matter how stupid it may look.
Aba Saving and Loans Ltd’s official or advertised hours starts from 8a.m to 2.p.m. Some
customers come to the saving and loans hall after 2.p.m. As a result they now works up to
4p.m.to provide banking services to such customers. Again, the savings and loans accepts
deposits of their customers after the extended time. That is, customers who come to the
saving and loans hall after 4p.m. to deposit money are entertained. It was also discovered that
some of their branches operate on Saturdays. These measures are to ensure that Sinapi Aba
Saving and Loans Ltd are accessible to its customers as possible.
The data collected from manager revealed that, the saving and loans has also introduced
customers’ day which is celebrated in December. Customers are rewarded and very well
refreshed. Some customers receive branded made key holders, T-shirts, toffee to mention but
few.
With reference to the data collected from 300 customers on factors enhancing brand
awareness strategies of the savings and loans has an overall mean deviation of 3.21. This is
consistent with the policy of the saving and loans as indicated by management. However,
there is still more room for improvement in order to enhance brand awareness strategies since
the magnitude is 0.21 above the average accepted mean score of 3.0.
Research Question 3:
How does brand awareness influence customers’ loyalty of Sinapi Aba Savings and Loans
Ltd?
Events that influenced actual customer decision
The general perception of customers on the brand events that influenced actual customer
decision to patronize the services of Sinapi Aba Savings and Loans Ltd is presented table 4.4
in frequency and mean scores below.
Table 4.4: Events that influenced actual customer decision to patronize the services
Variables disagree disagree decide Agree agree N mean
Brand trust 41 33 51 107 68 300 3.07
Corporate reputation 39 70 40 73 78 300 3.27
Peer group opinion 19 82 45 80 74 300 3.36
Recall of ad’s 37 43 49 85 86 300 3.47
Service delivery and employee
appearance 14 36 42 112 96 300 3.8
Total 3.394

The customers thought that in the case of actual decision to patronize the services, there were
a number of events that influenced actual decision to patronize the services.
Table 4.4 above shows that among event influencing actual decision to patronize the services
of savings and loans industry which included brand trust, Corporate reputation, peer group
opinion, recall of ad’s, service delivery and employee appearance ranked highest (mean, 3.80
) . This means service delivery and employee appearance as compared to other strategies
influenced actual decision to patronize the services than other events.
In broad-spectrum, the customers thought that the events that influenced actual customer
decision to patronize the services of Savings and Loans industry were present to a large
extent (Mean = 3.39).
POST ACTIONS OF CUSTOMERS
The study assessed customer post actions after service delivery behaviour based on their post-
actions using a company’s brand awareness activities. Customers were required to score
questions using a 5-point Likert scale anchored and was to measure their behaviour. The
Means deviations have been reported in Table 4.4 below.
From Table 4.5 below, comparatively, post-service actions after service delivery by the
savings and loans under the influence of a company’s brand awareness indicated by
customers to the largest extent was that, The customers to a large extent indicated that
anytime they were dissatisfied with a service vice, they will register their complaints to the
customer care anytime (highest Mean, 3.72). See Figure 4.4 below for detailed percentage
scores.
The services customers received through brand awareness strategies embarked upon by
savings and loans industry determined to a large extent their behaviour. Customers who are
satisfied with the service they receive from the savings and loans. The most unlikely action
customers undertook after buying service through customer brand awareness activities was to
grumble and complain to friends not to deal with the savings and loans anytime they
dissatisfied as indicated in table 4.5 below.
Table 4.5 below also shows that, customers had most similar views that, they become more
loyal to the savings and loans as a Post Actions had in general a mean score of 3.29.
Table 4.5: Post actions of customers

Variables disagree disagree decide Agree agree N Mean
I testified to friends and relatives about their
services 51 45 49 81 74 300 3.27
I made a repeat purchase of the service or product 34 55 39 104 68 300 3.39
I have become more loyal to the savings and loans
ever since 25 65 71 74 65 300 3.3
I acted as a referee to other customers who needed
service and convince them to deal with the savings
and loans 81 50 20 70 79 300 3.05
Anytime am dissatisfied, I grumble and complain
to friends not to deal with the savings and loans. 101 75 30 54 40 300 2.52
I register my complaint to the customer care
anytime am dissatisfied with a service 13 25 40 171 51 300 3.74
Consumer 22 25 39 103 111 300 3.85
I have not left because the Sinapi Aba is loyal to
me 26 29 32 111 102 300 3.18
Total 3.29
RELATIONSHIP BETWEEN BRAND AWARENESS STRATEGIES AND

CUSTOMER LOYALTY
Brand awareness of a savings and loans is best measured by using the gap between the brand
awareness strategies practiced and customers post service delivery behaviour. When
customers begin a relationship with an organization, they already have a specific set of
expectations. These expectations are based on the perceptions of the company. If perception
exceeds your expectations, you're impressed and if the service you receive meets your
expectations you are satisfied.
But if it is below your expectations, you are dissatisfied. Organizations should know that,
creating customer value and loyalty comes from consistently exceeding expectations.
IMPACT OF BRAND AWARENESS ON CUSTOMER LOYALTY

(MULTIPLE REGRESSIONS)
From table 4.6, there is a significant Influence between brand awareness and customers
loyalty (F=33.39, p<0.01). This means brand awareness strategies, factors enhancing brand
awareness, and events that influence actual customer decision to patronize the services jointly
determine customer loyalty. An adjusted R-Square of 0.495 as indicated in table 4.7 below
shows that, brand awareness strategies along with factors enhancing brand awareness, and
events that influenced actual customer decision to patronize the services jointly determine the
customer behavior.
Comparatively, the biggest determinant of customer behavior are the factors that enhance
brand awareness (β =0.350), for example, traditional advertisement. This is followed by
brand awareness strategies, for example, customer services, and lastly events that influenced
actual customer decision to patronize the services, for example, recall of ad’s compared to
other strategies. Among the three determinants, brand awareness strategies (P<0.01) and
factors enhancing brand awareness (p<0.05) have significant impact on customer loyalty. We
can therefore conclude that brand awareness strategies and factors enhancing brand
awareness jointly determine customer behavior. Specifically, an improvement in brand
awareness strategies and factors that enhance brand awareness will lead to corresponding
improvement in customer loyalty toward the savings and loans industry. See table 4.6 below
for details
Table 4.6: Regression results for Brand awareness and Customer Loyalty
Variables B β S.E T Prob
Constant 1.36 0.20 6.72 0.00

Brand awareness strategies 0.17 0.27 0.05 3.12 0.00**
Factors enhancing Brand awareness

0.22 0.35 0.83 2.59 0.01*
Events that influenced actual

customer decision to patronize the
services
0.13 0.20 0.81 1.62 0.11
S.E of estimate 0.365

R-Square 0.495 F-statistic 58.24
Adj. R-square 0.424 P 0.00**
Note: **significant at p<0.01;

* Significant at p<0.05
Challenges encountered
With regard to Challenges encountered in creating brand awareness the manager expressed
that the cost of advertising in both print, audio and audio visual is very expensive, so the
savings and loans is not able acquire the kind of coverage needed. They also said that at time
to get the kind qualified brand awareness ambassadors to champion the brand is very scarce,
frugal and costly.
BEFORE AND AFTER BRAND AWARENESS PRACTICES
According to the manager, there has been difference in pre and post brand awareness
practices, notable among them is the he called the ‘most crucial factor’ where figures (has
introduced customers to the savings and loans) implying that there has been increased
clientele base. It has made them very competitive with new and existing savings and loans
companies. Brand awareness has according to management has made their customers very
loyal and the sustenance of the company and eventually caused the profit to increased.
SUMMARY OF FINDINGS, CONCLUSIONS AND

RECOMMENDATIONS
INTRODUCTION
This chapter presents an overview of the study and its findings, from which conclusions are
made and recommendations proffered for the impact of brand awareness on customer loyalty
of Sinapi Aba Savings and Loans limited.
SUMMARY OF FINDINGS
Below are the findings of the research as gathered from the analyses
BRAND AWARENESS STRATEGIES PRACTICED
The study revealed that brand awareness strategies practice is a very prominent feature in the
savings and loans industry and customers are very much aware of the various brand
awareness strategies practiced by Sinapi Aba Savings and Loans Ltd. The various strategies
identified in the savings and loans industry by customers’ supports the most frequently used
brand awareness strategies practiced as identified by management. The notable brand
awareness strategies practiced included traditional advertising, attending local events,
establishing you as a social authority, non-traditional advertising, sponsoring events and
leveraging the web
The brand awareness strategy that customers were mostly aware was the traditional
advertising. The customers’ awareness of the brand awareness strategies in the savings and
loans industry gives them access to enough information that guides their decision making.
The savings and loans are adhering to its brand awareness policies and practices and that
majority of the customers are agreeing with management’s perceptive on the issue brand
awareness strategies practiced. Though there seem to be some sort of agreement, the
magnitude of 0.14 (over the average mean score of 3.0) seems insignificant on the face value
but in terms of real numbers it is not the preeminent.
FACTORS ENHANCING BRAND AWARENESS STRATEGIES
Factors such as sales promotions and offers, an internet presence that supports the brand
strategy, a simple, consistent brand message, a distinctive, timeless logo and brand name,
celebrity endorsement, public relations, parent company support, excel at customer service
could enhance or impair the effectiveness of brand awareness strategy. The findings
confirmed that, amidst the factors that could enhance the effectiveness of brand awareness
strategies practice, the factor that has the greatest effect was the customer service. This
supports the perception of management who has strictly laid down customer service strategies
to be adhere to by employees. Employees are to serve customers with great deal of courtesy
and respect by calling their names with high degree of respect and dignity by using Mr., Mrs,
Brother, Sister, Honourable. Offering services while receiving calls is highly unacceptable by
the bank. The savings and loans has personals who have been trained to respectfully listen
and attend to all manner of customer complaints.
Aba Saving and Loans Ltd’s official or advertised hours starts from 8a.m to 2.p.m. Some
customers come to the saving and loans hall after 2.p.m. As a result they now works up to
4p.m.to provide banking services to such customers. Again, the savings and loans accepts
deposits of their customers after the extended time.. It was also discovered that some of their
branches operate on Saturdays. These measures are to ensure that Sinapi Aba Saving and
Loans Ltd is accessible to its customers as possible.
The saving and loans has also introduced customers’ day which is celebrated in December.
Customers are rewarded and very well refreshed. Some customers receive branded souvenirs.
INFLUENCE OF BRAND AWARENESS STRATEGIES ON

CUSTOMER LOYALTY
The study revealed that events influencing actual decision to patronize the services of
savings and loans industry which included brand trust, Corporate reputation, peer group
opinion, recall of ad’s, service delivery and employee appearance ranked highest of mean
deviation of 3.80.
The study showed that the post-service actions after service delivery by the savings and loans
under the influence of a company’s brand awareness indicated by customers to the largest
extent was that, anytime they were dissatisfied with a service vice, they will register their
complaints to the customer care center (highest Mean, 3.72)
It was revealed that there was a significant influence of brand awareness strategies on
customer loyalty (behavior). With multiple regression of F=33.39, p<0.01 and an adjusted R-
Square of 0.495. Implying an improvement in the brand awareness strategies will lead to a
corresponding improvement in customer behaviour towards dealing with the savings and
loans at least in the short term. This supports the study by Sam and Buabeng (2011), which
states that, the essence of brand awareness strategies is to provide a direct inducement to act
by providing extra worth over and above what is built into the product at its normal price.
Brand awareness strategies play a significant role in influencing the customer decision
process by shortening the decision process during purchase.
The study revealed that the challenges associated with brand awareness creations includes
high cost of advertising leading stumpy coverage and meagre amateurish brand promoters.
CONCLUSION
Savings and loans industry have a lot of services and products that they make available to
customers through their various communication tools. One of the key tools used in marketing
these services and products is brand awareness.
The study revealed that brand awareness has an influence in the decision of customers
(customer loyalty). It was realized that the customer may not go through the entire decision
making process anytime they want to deal or patronize a savings and loans’ service or
product. This may be so because the evoked sets which present the customer with established
alternatives may inform the customer’s judgments in deciding which service or product to
buy. This may eventually prevent the consumer from going through all the stages of decision
making because of experience and available information to him/her. It was also observed that
the customer would mostly consider which savings and loans is offering the best brands
(corporate or product), brand awareness strategies and kind of services that satisfies their
need and become loyal to. Brand awareness therefore is an inevitable tool for savings and
loans firms if they really want to maintain or increase their market share.
In conclusion, this study has demonstrated that, the customer is aware of the information
around him/her and are always looking forward to take advantage of the brand awareness
strategies practiced by these savings and loans companies. Hence, in order to attract and
influence the customer decisions (becoming loyal) of the savings and loans in today’s
competitive market, brand awareness should be a prominent feature in the savings and loans
daily operations.
RECOMMENDATIONS
Recommendations have been made about measures that could be taken to improve the
practice of brand awareness in the savings and loans industry in order to influence the
customer behavior (customer loyalty) effectively. The following may be noted:
 The savings and loans companies must intensify the use of brand awareness strategies
as customers have shown great interest and are highly influenced by brand awareness
activities.
 The savings and loans should carefully consider all the brand awareness strategies
with low mean deviations. Therefore they should use them conjunction with factors
that enhance brand awareness strategies.
 Brand awareness strategies has short term effect, as a result savings and loans
companies need to do a continuous follow up to establish long term relationship with
new customers when implementing brand awareness strategies.
 Savings and loans companies should engage in continuous research to correctly
approximate customer expectations and plan to meet them to reduce customer
complaints.
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South American Journal of Management, Volume-1, Issue-1, 2015

THE IMPACT OF BRAND AWARENESS ON

BACKGROUND OF THE STUDY

Brand awareness is an important indicator of consumers’ knowledge about a brand, the

BRIEF OVERVIEW OF METHODOLOGY

ORGANIZATION OF THE STUDY

BENEFITS OF BRANDING FOR COMPANIES

BENEFITS OF BRANDING FOR CONSUMERS

LOVE MARKS THEORY

is defined as a deep emotional connection that distinguishes a lovemark experience from a

THE THREE DIMENSIONS OF BRAND IMAGE

Perceived quality is a result of consumers’ subjective judgment on a product (Zeithaml, 1988;

To better understand the importance of consumer-based brand equity on consumer

• Unconscious behaviour: consumers with unconscious behaviour begins with an

• Psychological factors include perception, motivation, learning, attitude and belief of

CONSUMERS BUYING BEHAVIOR

brand/product is needed. Therefore it is of importance that marketers find out what

• Purchase decision: this is when consumers purchase the product. Consumer’s

High involvement Low involvement

Significant differences Complex buying Variety-seeking

Few differences Dissonance-reducing Habitual buying

FACTORS INFLUENCING CONSUMER PERCEPTIONS OF A BRAND

RELATIONSHIPS BETWEEN BRAND AWARENESS, IMAGE,

BRAND AWARENESS AND BRAND IMAGE

BRAND AWARENESS AND BRAND LOYALTY

BRAND AWARENESS AND THE LOVEMARK EXPERIENCE (I.E., HIGH

approach/avoidance theory, consumers may spend more time exploring information of a

BRAND IMAGE AND THE LOVEMARK EXPERIENCE (I.E., HIGH BRAND

BRAND IMAGE AND BRAND LOYALTY

THE LOVE MARK EXPERIENCE AND BRAND LOYALTY

BRAND LOYALTY AND OVERALL BRAND EQUITY

BRAND EQUITY IN SERVICE INDUSTRY

• Quality product and service.

• Performance of service delivery.

• Establishing a symbolic and evocative image.

POPULATION OF THE STUDY

SAMPLE AND SAMPLING PROCEDURE

A sample is a deliberate choice of a number of people in a given population which provides

Branch Percentage Number Of Customers Selected

METHOD OF DATA COLLECTION

Information was collected from both primary and secondary sources.

• Customer decision making procedures and

VALIDITY AND RELIABILITY

Academic research requires the establishment of validity and reliability of research

DATA PROCESSING ANALYSIS AND PRESENTATION

REGRESSION ANALYSIS MODEL

Coefficient of determination(R-Squared): In a multiple regression, R-Square is interpreted

DATA ANALYSIS AND DISCUSSION OF RESULTS

Period of transaction at the Savings and

Type of Account Respondents operate

Total 300 100

Source: Authors field survey, 2014

Figure 4.1: Age of respondents

Source: Authors field survey, 2014

Figure 4.2: Level of education

Masters Degree Secondary MCLS/JHS None

Source: Authors field survey, 2014

Period of transaction at the bank:

Figure 4.3: Type of Account Respondents operate