AJOU UNIVERSITY

“Term Paper on the Role of Social Media Marketing on Overall

Brand Equity in the Telecommunication Sector in Bangladesh”

Submitted to: Prof. Tae Hun Kim (PhD)

AJOU University

Summited by: MD SAKHAWAT HOSSAIN KHAN

MBA in International Business
ID:202375014

1
Table of contents
Page no
ABSTRACT 03
INTRODUCTION 03
3 Literature Review and Hypothesis 05
3.1Social Media Marketing (SMM)
3.2 Social Media Marketing and Value Co-creation
3.3 Social Media Marketing and Overall Brand Equity

4 METHODOLOGY 10

5 DATA ANALYSIS 11

6 DISCUSSION AND MANAGERIAL IMPLICATIONS 18

7 LIMITATIONS AND FUTURE RESEARCH 19

DIRECTIONS

Reference
 The Role of Social Media Marketing on Overall Brand Equity in the
Telecommunication Sector in Bangladesh

ABSTRACT

The objective of this study is to investigate the role of social media

marketing (SMM) on overall brand equity (OBE) via value co-creation
(VC) in the telecommunication sector in Bangladesh. Moreover, brand
love is tested as a moderator of SMM and VC. A structured questionnaire
was distributed to collect survey data from 241 mobile subscribers using a
systematic sampling method from different areas of Dhaka city in
Bangladesh. The hypotheses were examined using structural equation
modeling (SEM). The findings have shown that social media marketing
has a substantial direct influence on value co-creation which has also a
significant direct influence on OBE. Findings have indicated that VC is
partially mediated by the relationship between SMM and OBE. The results
have asserted that SMM significantly influences OBE. Furthermore, the
results have affirmed that brand love acts as a moderator to strengthen the
relationship between SMM and VC.

2 INTRODUCTION

Social media marketing (SMM) has changed the marketing landscape that
creates an environment where marketers can capitalize on social media
(SM) to co-create value with customers. Thus, the notion of value co-
creation (VC) has drawn much academic and practitioner attention (Chen
et al., 2019). Social media advertising expenditures worldwide amounted to
378.16 billion U.S. dollars in 2020. In Bangladesh, social media (SM) users
are 45.00 million in January 2021 which is accounted for 27.2% of the total
population. These numbers inspire brand marketers to communicate brand
information over SM platforms such as Facebook, Instagram, Twitter,
LinkedIn, YouTube to maintain mutually satisfying customer-brand
relationships. On SM platforms, brand love (BL) is a sign of the
customer’s brand preference which is shown by pressing the “Like” or
“Heart” shape button on Facebook, Instagram. When customers love a
brand on social media, they want to share its content and recommend
others to buy that brand. Therefore, it is practical to posit brand love to be
a critical driver of (VC) which strengthens the relationship between SMM
and VC within the telecommunication sector.

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The promising telecommunication sector in Bangladesh has been growing
hurriedly over time. This sector is ranked as the fifth position in the Asian
mobile market and the ninth place in the global market It has made a
significant contribution to the economic development and Sustainable
Development Goals (SDGs) attainment (GSMA, 2018). At present, four
mobile operators are conducting business in Bangladesh namely Grameen
Phone Ltd. (GP), Banglalink Digital Communications Limited, Robi Axiata
Limited (Robi), and Teletalk Bangladesh Ltd. (Teletalk). Grameen Phone
Ltd. is ranked as the first position in this sector having 79.037 million
mobile subscribers. The mobile subscriber rate has increased radically.
The total subscribers have 170.137 million at the end of 2020 which was
147.000 million at the beginning of 2018 (BTRC, 2021). There is severe
competition encountered by the telecommunication sector in Bangladesh
because of the homogeneous service features, the convergence of
technologies, and the emergence of new digital services (GSMA, 2018). In
these circumstances, telecommunication marketers can distinguish their
offerings through effective SMM which will expedite the VC process
which in turn generate strong overall brand equity for firms. Therefore, the
timely inquiry for the telecommunication marketers to find how and to
what extent social media marketing can build overall brand equity (OBE)
in the telecommunication sector
.
The majority of the study in Bangladesh focused on the relationship of
social media with consumer behavior, purchase intention, brand
awareness. To the best of the authors’ knowledge, no research was
conducted to examine the role of SMM on OBE in the telecommunication
sector in Bangladesh along with mediated and moderated effects of VC
and BL. Therefore, this study will fill the present research gap in emerging
overall brand equity literature from a social media marketing perspective.
This study is organized as follows: After the introductory section,
literature review on social media marketing, value co-creation, brand love,
and overall brand equity. Next, the methodology is explained followed by
data analysis. The last part encompasses discussions and managerial
implications along with research limitations and suggestions for future
research directions.

3 LITERATURE REVIEW AND HYPOTHESES

DEVELOPMENT
3.1 Social Media Marketing (SMM)
SM refers to the web applications, technological systems, and web tools
that assist the partnership and sharing of content with brand communities
defined SMM as “a process by which companies create, communicate, and
deliver online marketing offerings via social media platforms to build and
maintain stakeholder relationships that enhance stakeholders’ value by
facilitating interaction, information sharing, offering personalized
purchase recommendations, and word of mouth creation amongst
stakeholders about existing and trending products and services.”
3.2 Social Media Marketing and Value Co-creation
The notion of value co-creation (VC) refers to is the partnership between a
consumer and a producer in the course of co-DesignCon-ideation, and co-
development of new products and services (Prahalad & Ramaswamy,
2004). The development of social media has transformed customers from
being passive listeners to active partners working with the producers
which resulted in the emergence of a customer-centric marketing strategy.
Cheung et al. (2021) affirmed that effective SMM influences the
customers to involve with VC. SM is a platform where customers can
easily share their brand experience and social media marketers always
encourage customers to express their opinion about brand values to peers

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as
well as suggestions of upgrading the brand value, treating as a critical tool
of VC (Liu et al., 2021; Cheung et al., 2020; Alalwan et al., 2019; Seo and
Park, 2018; Luo et al., 2015). The trendiness of social media content
attracts like-minded consumers to communicate with others which acts as
a catalyst of VC (Ramadan et al., 2018; Dessart et al., 2015). Similarly,
customized and entertaining social media content motivates customers to
share their positive eWOM about a brand which facilitates the value co-
creation process (Yadav & Rahman, 2018; Bianchi & Andrews, 2018; Wu
et al., 2017). Thus, the following hypothesis is suggested:

H1: SMM has a positive effect on VC.

3.4 Value Co-creation and Overall Brand Equity

Brand equity (BE) refers to the set of assets and liabilities of a brand-
related to its brand name and symbol that are used to generate brand value
(Aaker, 1991). Customer-based brand equity indicates the added
incremental financial gains for the firm. On the other hand, Keller (1993)
defined “brand equity as the differential impact of brand knowledge on
customer response to the different marketing stimuli”. Single dimensional
overall brand equity (OBE) is considered in this study which refers to
customer various responses with branded and unbranded products while
representing similar marketing stimuli. It is widely used to assess brand
equity in the telecommunication sector. Very few studies have been
concentrated on the robust link between VC and OBE. To the best of my
knowledge, no empirical studies had been conducted on the effect of VC
on OBE in the telecommunication sector in Bangladesh. Kristal et al.
(2016) asserted that VC has a weak correlation with brand equity (BE).
Contrary to, Omar et al. (2020) stated that value co-creation has a weighty
role in the creation of BE. Likewise, González- Mansilla et al. (2019)
affirmed that the OBE of a firm derives from VC behavior. Therefore, the
following hypothesis is anticipated:

H2: VC has a positive effect on OBE.

H3: VC mediates the relationship between SMM and OBE.

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3.5 Social Media Marketing and Overall Brand Equity
Brand marketers are continuously using different SM i.e., Facebook,
LinkedIn, Twitter, Instagram, YouTube, WeChat, Blog, and Forums to
communicate with consumers and promote their products. It is considered
as a low-cost media to promote products or services compared to
conventional media and is progressively utilized to form customer–brand
relationships (Yadav & Rahman, 2018). Kim & Ko (2012) stated that
SMM is a multidimensional concept that encompasses five dimensions
namely entertainment, customization, interaction, electronic word-of-
mouth (eWOM), and trendiness. These dimensions are considered to
measure SMM in this research. Social media marketing is crucial in
constructing brand value, relationship value, and BE (Yu & Yuan, 2019;
Ismail, 2017; Kim & Ko, 2012). When customers are enthused to use
social networking platforms, they are more likely to have a positive impact
on consumer involvement and BE (Chae et al.,2015). Godey et al. (2016)
affirmed that SMM has a substantial role in customer-based brand equity.
Koay et al.(2020) asserted that BE is the consequence of the successful
SMM activities of a firm. Seo & Park (2018) acknowledged that SMM
activities directly influence the brand equity of a firm. Likewise, Ra’d
Almestarihi et al. (2021) showed that SMM and brand equity are
positively correlated. Consequently, the following hypothesis is offered:

H4: SMM has a positive effect on OBE.

Figure 1. Conceptual framework

3.6 Moderating Role of Brand Love

Brand love (BL) can be defined as the customer’s “degree of emotional
attachment for a trade name”. BL will be visible from consumers sharing
their good experiences on SM and recommend to peers to buy a particular
brand Loureiro et al. (2017) mentioned that “the emotional connection and
the feeling of anxiety when not having the brand, make consumers more
inclined to recommend the brand to others via online platforms”. Customers
who are irritated with the brand’s communications on SM may discontinue
value co-creating activities (Dennhardt et al., 2013). Wallace et al. (2021)
acknowledged that BL is a significant predictor of VC. A customer who
loves a brand is more interested to participate value concretion process
over social media (Roy et al., 2013; Junaid et al., 2020). Likewise,
Kennedy & Guzman (2020) showed that customers interact positively
with a brand when they prefer that brand, concerning both VC and brand
love. To extend the idea of BL from the social media perspective, the
following hypothesis is anticipated:

H5: BL moderates the relationship between SMM and VC.

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4METHODOLOGY
4.4 Data Collection and Sample
This research is quantitative and descriptive in nature aiming to examine
the role of SMM on OBE and the mediating influence of VC on SMM and
OBE. Also, a moderating role of BL on SMM and VC. To attain this
objective, Structural Equation Modelling (SEM) is used in this research
because it allows us to concurrently analyze proposed observed and latent
constructs in the measurement model. In this research, the survey method
is chosen to gather data from the respondents during the period of June-
July in 2021. The sample of respondents of this research was people who
use a particular mobile operator’s services for at least 1 (One) year. A total
of 5 customers were chosen from each Flexiload store by a systematic
sampling method. Three hundred mobile phone users in Dhaka city in
Bangladesh were approached but 265 contributed to this survey. After
removing incomplete and invalid responses, 241 responses were analyzed.
During this survey, two screening questions were asked: “Do you have a
social media account?” and “Do you follow any mobile operator’s social
media page online?” The participants who answered “Yes” in two
questions were invited to fill up the questionnaire. Table 1 illustrates the
demographic details of the participants. The majority of the participants
were male (60.58%) who were aged between 15 and 25 (52.28%). Most of
the respondents had a Bachelor’s degree (52.28%) and a Postgraduate
degree (34.44%). More than half of the respondents were Grameen Phone
Ltd. users (50.21%) and using a particular telecom operator’s service for
1 to 2 years (43.98%). Further, most of the respondents used Facebook
(69.71%).
4.5 Measures
A self-administered questionnaire was used to gather primary data from
smartphone users in Bangladesh. This questionnaire consists of two
sections. The first section contains the respondent’s demographic
information (gender, age, education, name of the mobile operator, year of
usage, and active user of social media). The second section comprises four
(4) constructs namely social media marketing, value co-creation, brand
love, and overall brand equity. Twenty-one (21) measured variables were
adopted under four constructs from the prior research to confirm the
reliability and validity of these constructs (Table 2). The indicator of all
the variables in this research is assessed by a 9-point Likert scale ranging
from 1 (Strongly Disagree) to 9 (Strongly Agree).

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4.6 Reliability and Validity
Demographic Variables Frequency (N = Percentage (%)
241)
Gender
Male 146 60.58%
Female 95 39.42%
Age (Years)
15-25 126 52.28%
26-35 49 20.33%
36-45 44 18.26%
Above 45 22 9.13%
Education
High school or below 12 4.98%
qualification
Bachelor’s Degree 126 52.28%
Postgraduate Degree 83 34.44%
Other 20 8.30%
Name of the Mobile Operator
Grameen Phone Ltd. 121 50.21%
Robi Axiata Ltd. 66 27.39%
Banglalink Digital 43 17.84%
Communications Ltd.
Teletalk Bangladesh Ltd. 11 4.56%
Year of Usage
1-2 Year 106 43.98%
3-4 Year 89 36.93%
5-6 31 12.86%
Above 7 Year 15 6.23%
Active User of Social Media
Facebook 168 69.71%
YouTube 34 14.11%
Twitter 23 9.54%
LinkedIn 10 4.15%
Instagram 6 2.49%
Cronbach’s alpha and composite reliability scores were used to measure
the reliability of all the constructs in the measurement model. The
construct is reliable when the Cronbach’s alpha score and composite
reliability (CR) score are above the suggested threshold criterion of 0.7
(Hair et al., 2010). Table 3 showed that CR and Cronbach’s alpha values
of all the scales were found to meet the cut-off value which indicates the
reliability of all the scales.

Further, all constructs were also examined for convergent and discriminant
validity. Convergent validity is supported if the average variance
extracted (AVE) estimates for each construct exceed 0.50 (Hair et al.,
2010). In this study, AVE values shown in Table 3 range from 0.501 to
0.609 which provides evidence for convergent validity among constructs.
Finally, the AVE value of each variable was compared with the correlation
square of other study constructs to examine discriminant validity. The
results in Table 4 show that the AVE value of each construct was greater
than the corresponding correlation square coefficients, which confirms the
discriminant validity among constructs

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4.7 Structural Model Assessment and Hypotheses Testing
A covariance-based structural equation model (SEM) using AMOS 23 was
performed and the results show all the fit indices in the acceptable range.
The fit indices are GFI =.911, CFI = 0.935, NFI=.900, TLI = .921, RMSEA
= 0.066 which represent suitability of structural model.
The results of the direct paths are shown in Table 5. The results of path
analysis show that social media marketing has a significant impact on
value co-creation (β=.323, p =.000 <.001), supporting H1. Similarly, value
co-creation has a substantial impact on overall brand equity (β=.225, p
=.003 <
.01), supporting H2. Further, social media marketing has a substantial
direct impact on overall brand equity (β=.479, p =.000 < .001), supporting
H4.
Table 2. Lists of Measurement Items

Constructs Measurement Items Sources

Social Entertainment E1: Social media contents of my Kim & Ko
Media (SMM_1) mobile operator seem interesting. (2012)
Marketing E2: Using my mobile operator’s
(SMM) brand in social media is fun.
Interaction IN1: Conversation or opinion
(SMM_2) exchange with others is possible
through my mobile operator’s social
media. IN2:My mobile operator’s
social media enables information
sharing with others.
IN3: It is easy to give my opinion
through my mobile operator’s social
media.
Trendiness T1: The trendy content of my
(SMM_3) mobile operator is shared via social
media.
T2: The content shared by my
mobile operator’s social media is
the newest information.
Customizati C1: My mobile operator’s social
on media offers customized services.
(SMM_4) C2: My mobile operator’s social
media provides customized
information search.
WOM W1: I wanted to share brand
(SMM_5) information about products, or
services from my mobile operator’s
social media to my friends.
W2: I wanted to post content from
my mobile operator’s social media
to my blog.

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4.8 Moderated-Mediation Analysis
The bootstrapping method offered by Preacher & Hayes (2004) and
MacKinnon et al. (2004) was applied to test the mediation effects with
5000 resamples with a 95% confidence interval. Results are shown in
Table 6 confirm that value co-creation partially mediates social media
marketing efforts and overall brand equity, supporting H3. Then,
moderating effect of brand love was evaluated using the product indicator
approach to create the interaction term. The resulted interaction term is
“social media marketing × brand love”.Table 6 illustrates the influence of
interaction terms on value co- creation is statistically significant.
Therefore, H5 is supported.
Figure 2. Measurement model

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5DISCUSSION AND MANAGERIAL IMPLICATIONS
The findings show that SMM significantly influences VC which is
consistent with the prior studies (Cheung et al., 2021; Tajvidi et al., 2020;
Zadeh et al., 2019). Thus, telecom marketers should expedite the value co-
creation activities of customers by posting trendy, entertaining, customized,
and interactive social media content with the latest brand-related offerings.
This will attract customers to interact with social media brand pages which
will be beneficial for marketers to get direct feedback from customers.
Marketers should also encourage co-creation behavior by rewarding active
consumers who provide suggestions regarding new telecom products
designing process, improvement for existing offerings
 Table 3. Reliability and Validity Estimates of Confirmatory Factor
Analysis Model
Average
Constructs Items Factor Loadings Variance Composit Cronbach α
(Standardized) Extracted e
(AVE) Reliability
(CR)
SMM1 .784
SMM2 .764
Social Media SMM3 .644 .501 .816 .807
Marketing SMM4 .654
(SMM) SMM5 .573
VC1 .744
Value Co- VC2 .806 .609 .824 .820
Creation (VC) VC3 .790
BL1 .704
Brand Love BL2 .713 .526 .769 .768
(BL) BL3 .757
OBE1 .855
Overall Brand OBE2 .775 .537 .821 .818
Equity (OBE) OBE3 .650
OBE4 .629

and service delivery, as well as voting for a new logo or packaging design.
As indicated earlier, very limited studies have been directed to test the
robust link between VC and OBE. Findings indicate that value co-creation
contributes to building strong overall brand equity which is in line with the
earlier studies The findings of the study also confirm that value co-
creation is the valuable bridge between SMM and OBE which is not tested
yet, filling the current research gap. Hence, marketers who want to build
brand-customers relationships should construct effective social media
marketing strategies so that they will inspire customers to co-create value
with the brand which in turn influences the overall brand equity of a firm.
Marketers should provide more weight on the value co-creation behavior
of the customers which is a substantial predictor of overall

Latent Variables Social Media Value Co- Brand Love Overall Brand

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 Marketing Creation Equity
Social Media 0.708
Marketing
Value Co- .279 0.780
Creation
Brand Love .631 .378 0.725
Overall Brand .478 .339 .599 0.733
Equity

Table 4. Discriminant Validity

brand equity. The outcomes of the research asserted that SMM has a direct
effect on the OBE of a firm which is corroborated with prior studies (Koay
et al., 2020; Jayasuriya et al., 2017). Hence, brand marketers should share
authentic, accurate, and informative information about telecom brands
which will directly contribute to improving overall brand equity.
Interestingly, this study found that brand love strengthens the relationships
between SMM and VC which is not tested yet, adding value to the social
media marketing literature. The stronger the brand love, the higher will be
the co-creation activities. Therefore, marketers should share emotional
content over social media which will foster strong love for this brand that
motivates a high level of co-creation activities such as posting positive
reviews, comments on social media brand page
6 LIMITATIONS AND FUTURE RESEARCH DIRECTIONS
This study is not free from weaknesses and calls for further research.
These findings cannot be generalized because this study was based on a
specific sector in a particular geographic area i.e., telecommunication
sector in Bangladesh. So, cross-cultural studies on other sectors need to be
conducted to generalize the outcomes of this research. Future research
could investigate the existing model along with some important constructs
namely, brand experience, brand evangelism etc.

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