Understanding The Dynamics of Brand Equity Formation: A Pilot Study of Ondoor and Emerging Retail Ventures
Keywords:
brand image, Brand loyalty, brand association, customer satisfaction, brand equityAbstract
Purpose: The primary objective of this study is to interpret the complex relationship between various factors contributing to the brand equity of the emerging retail venture "Ondoor,” focusing on three distinct types of variables: independent, intervening, and dependent. The independent variables incorporate brand awareness, brand image, brand loyalty, and brand association. Customer satisfaction serves as the intervening variable, while brand equity at Ondoor is the dependent variable. By identifying and analyzing these variables, we aim to provide valuable insights for businesses to enhance their brand equity strategies. Methodology: This research utilizes a quantitative methodology, employing surveys to gather data on brand awareness, brand image, brand loyalty, brand association, customer satisfaction, and brand equity. A structured questionnaire is distributed to a sample of Ondoor customers, and the collected responses are analyzed using statistical software such as Smart PLS4 and Jamovi. Findings: The research findings emphasize the pivotal roles played by brand association and customer satisfaction in driving brand equity for Ondoor. It is revealed that brand associations significantly affect brand equity, indicating the importance of promoting positive perceptions and connections with the brand among consumers. Customer satisfaction emerges as a crucial intervening factor, with a notable influence on brand equity. Satisfied customers are more likely to exhibit better brand loyalty and contribute positively to brand equity. Managerial Implications: The study emphasizes how crucial it is to focus resources on creating and preserving strong brand connections for Ondoor and related businesses. By actively influencing consumers' thoughts and connections with the brand, businesses may increase the value of their brand equity and cultivate a devoted following. Putting more of an emphasis on improving customer happiness helps build brand equity. Value of Originality: By highlighting the importance of brand association and customer happiness as major drivers of brand equity, particularly within the context of Ondoor, this research adds to the body of previous knowledge. Businesses may achieve a competitive advantage and promote long-term brand growth in the ever-changing marketplace by incorporating these insights into their strategic decision-making processes.
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