Van Thuy NGUYEN, Thi Hong Dao TRAN, Thi Xuan Binh NGO / Journal of Distribution Science 20-2

(2022) 11-18 11

Print ISSN: 1738-3110 / Online ISSN 2093-7717

JDS website: http://kodisa.jams.or.kr/
http://dx.doi.org/10.15722/jds.20.02.202202.11

The Influence of Brand Equity on Customer Purchase Decision: A Case

Study of Retailers Distribution

Van Thuy NGUYEN1, Thi Hong Dao TRAN2, Thi Xuan Binh NGO3

Received: December 17, 2021. Revised: January 08, 2022. Accepted: February 05, 2022.

Abstract
Purpose: The purpose of this paper is to investigate the influence of brand equity on customer purchase decision (CPD) of products for
retailers distribution (RB) in Ho Chi Minh city, Vietnam. There are five elements in the brand equity model such as brand awareness,
brand association, brand loyalty, perceived quality, and pricing policy. Research design, data and methodology: Qualitative
methodology was used for exploring the research model and variables. The survey was conducted to collect data from 251 respondents
who bought products at RB in Ho Chi Minh city, which is based on a Likert scale. The collected data were analyzed with the reliability
of the scale, exploratory factor analysis, and research hypothesis testing by SPSS 22. Results: The results obtained revealed that brand
awareness, brand association, perceived quality, and pricing policy have a significant impact on CPD for RB. Furthermore, the results
showed that perceived quality is the most significant component in influencing CPD at retailers. Conclusions: From the research results,
some management implications that RB should focus on are perceived quality, choice of pricing policies and strategies, brand building
and development to attract more customers as well as enhance its image to improve customers' purchasing decisions of products at retail
distributors chain.

Keywords : Brand Equity, Perceived Quality, Pricing Policy, Purchase Decision, Retailer Distribution.

JEL Classification Code: M30, M31, M37

1. Introduction12 increase in the number of supermarket systems and large

commercial centers in big cities, especially in Ho Chi Minh
city. Currently, with the explosion of domestic and foreign
In recent years, the Vietnam retailer distribution sector is
supermarket systems that have reputations in the Vietnam
considered to be developing quite strongly, with the total
market such as Co.opmart, Big C, AEON, Lotte, Vinmart,
retail sales of consumer goods and social service revenue
Emart, Bach Hoa Xanh, …, the retail distribution is dealing
increasing rapidly. Consumers can easily find a wide range
with more and more difficulties and challenges in attracting
of goods in the market including local and foreign products,
new clients and retaining existing customers. The main
at different prices, serving different client groups. Besides
challenges in the context of integration is the competitive
the traditional markets and street stores, there has been an

1 First and Corresponding Author, Lecturer, Faculty of Business 3. Lecturer, Faculty of Business Administration, Banking University
Administration, Banking University of Hochiminh City, Vietnam. of Hochiminh City, Vietnam. Email: [email protected]
7000. Email: [email protected]
ⓒ Copyright: The Author(s)
2 Bachelor, Faculty of Business Administration, Banking University
This is an Open Access article distributed under the terms of the Creative Commons
of Hochiminh City, Vietnam. Attribution Non-Commercial License (http://Creativecommons.org/licenses/by-nc/4.0/)
Email: [email protected] which permits unrestricted noncommercial use, distribution, and reproduction in any
medium, provided the original work is properly cited.
12 The Influence of Brand Equity on Customer Purchase Decision: A Case Study of Retailers Distribution

pressure on domestic retailers. Domestic businesses would recall. Brand recognition refers to a person's ability to
deal with several difficulties and challenges in competing distinguish a specific brand from a group of brands. Brand
directly with international firms. Therefore, understanding recall refers to which a person is able to remember a brand
and satisfying the requirement of consumers are critical to a when presented with a product category or need (Keller,
company's long-term survival and development. 1993). There are several levels of brand awareness such as
In the view of challenges of competition and a higher brand recognition, brand recall, top of mind, brand
customers’ demand for the quality of life, brand equity plays dominance, brand knowledge and brand opinion (Aaker,
an important role in the long-term existence and 1991). Brand awareness indicates how much a brand can be
development of retail businesses. Brand equity symbolizes understood by the consumer or extents to which customers
the relation that consumers share with the brand and the way identify and recognize a brand (Rungsrisawat &
they react to the brand and its products. Therefore, the Sirinapatpokin, 2019). Likewise, Dodds, Monroe, and
research influence of brand equity on customer purchase Grewal (1991) believed that brand awareness is an
decision of retailers distribution was conduct to exam the important component in consumer buying intention and
relationship between the brand equity of a retailer and the some brands will accumulate in consumers' mind to affect
customer purchase decisions. Moreover, this study may customer purchase decision.
serve as a reference for distributors to build effective
strategies and develop in the Vietnamese retail industry. Brand Association
A brand association is defined as anything connected in
memory to a brand (Aaker, 1991). In addition, Aaker (1991)
2. Literature Review believed that brand associations may give value to
customers by providing a reason for consumers to buy the
brand and by making positive attitudes or feelings among
2.1. The basic of concepts consumers. A brand association can be created through the
association with attitudes, attributes or benefits (Keller,
Brand Equity 1993). According to Ahsan, Azam, Raihan, Imam, and Islam
A brand is a signal that identifies the source of the product (2020), brand associations are brand attributes that come to
and protects both the client and the manufacturer from mind when customer discuss about a brand.
competitors who may provide products that look to be
identical (Aaker, 1991). Brand equity refers to a critical Brand Loyalty
marketing asset (Ambler, 2003; Davis, 2000) which can According to Keller (2003), brand loyalty is the nature of
create a special relationship that distinguishes the the customer and brand connection. Brand loyalty is defined
connections between the company and its stakeholders as a situation that indicates how likely a customer will
(Capron & Hulland, 1999; Hunt & Morgan, 1995) and change to another brand, particularly when that brand makes
fosters long – term purchasing behavior. Yoo, Donthu, and alteration, either in price or in product feature (Aaker, 1991).
Lee (2000) believed that after obviously understanding the According to Oliver (1997), brand loyalty is described as a
aspect of brand equity, business can invest in order to sense of commitment to repurchase a preferred product or
increase intangible asset, promote brand wealth as well as service in the future, regardless of marketing strategies or
raise competitive barriers. According to Falkenberg (1996), contextual factors that may change customer behavior.
increasing brand equity is an essential goal for businesses, Assael (1998) defined brand loyalty as customers satisfying
which is accomplished by attracting connections and their previous experiences with the same brand, which leads
sentiments among potential customers. to repurchase in customers.
Brand equity is a set of brand assets and liabilities which
are associated with a brand name and symbol that contribute Perceived Quality
to or detract from the value offered by a product or service Perceived quality (PQ) is another essential factor of brand
(Aaker, 1991). However, Keller (1993) defines brand equity equity and it is described as a customer’s perception of the
is the influence that brand knowledge has on customer’s overall quality or superiority of a product or service (Aaker,
reaction to a marketing of brand, with the impact happening 1991; Lehmann, Keller, & Farley, 2008). Likewise,
when the brand is known and the consumer has strong, Akkucuk and Esmaeili (2016) believe that perceived quality
positive brand associations. relates to customers' knowledge of what they see and feel
when they look at and touch a product of a company.
Brand Awareness According to Zeithaml (1988), perceived quality is not the
Brand awareness involves brand recognition and brand real quality of products or services; alternatively, it is
 Van Thuy NGUYEN, Thi Hong Dao TRAN, Thi Xuan Binh NGO / Journal of Distribution Science 20-2 (2022) 11-18 13

described as the general view of customers about products customers plan to buy specific items, they go through a
or services of a brand. This argument is reinforced by number of stages that impact their purchase decision process
Bhuian (1997) definition of perceived quality as the and post - purchase behavior.
customer's assessment of a product's additional values.
Moreover, positive perceived quality may influence 2.3. Hypothesis
customer purchase decision, facilitate differentiation of
brand, enable the execution of brand extension, allow
companies to establish premium prices and perceived To examine the relationship between brand equity
quality is linked to corporate profitability (Aaker, 1991). dimensions and purchase decision, the following hypothesis
have been developed:
Pricing Policy
H1: Brand awareness has a positive impact on customer
Price plays an important role in the configuration of brand purchase decision for retailers distribution.
equity proposition (Aaker, 1991). Price is generally a
significant element affecting customer purchase behavior. H2: Brand association has a positive impact on customer
Consumers respond to discounter costs because of the purchase decision for retailers distribution.
values and benefits that discounted prices provide. H3: Brand loyalty has a positive impact on customer
According to Sato (2015), price is a broad phrase that purchase decision for retailers distribution.
encompasses a wide range of factors, and each firm is
unique. Therefore, each business should choose pricing H4: Perceived quality has a positive impact on customer
policies and strategies that work best for them, especially in purchase decision for retailers distribution.
the competitive market. Businesses can set prices in a H5: Pricing policy has a positive impact on customer
variety of way. In small companies, the owner determines purchase decision for retailers distribution.
the pricing. While in large ones, high level managers or
administration can set the price which is generally based on
the objective they want to achieve. Therefore, price policy Based on the research, literature review and hypotheses
may be seen as a philosophy of each individual business. development, Figure 1 shows a research model.

2.2. Purchase decision Brand

Awareness
H1
According to Prasad and Jha (2014), customer buying
Brand
decision can be defined as the way toward social occasion Association
H2
and data processing, selecting and evaluating the best option Purchase
Brand H3
in order to deal with a specific issue and make a purchasing Equity
Decision
Brand Loyalty for retailers
decision. Consumer purchase decision - making may be an
H4 distribution
unpredictable process and buyer can rely on the data on a
specific item as well as their own experience to make a Perceived
H5
buying decision. Quality
Schiffman and Kanuk (2007) found that customer
generally search for information relevant about a specified Pricing Policy
consumption - related demand from their past experiences
before seeking information from other sources. In other Figure 1: Research model framewok
word, previous purchase experience is considered as an
internal source of information on which a customer depends
before making a decision. Furthermore, numerous
customers' decision tends to be created by combining 3. Methodology
previous buying experience, marketing programs and non -
commercial information sources. 3.1. Scale development
According to Blackwell, Miniard, and Engel (2001), in
order to understand customers' purchase decisions,
marketing managers should grasp their consumption There are five components of brand equity in research
procedure as well as the benefits of organizational products model including (1) Brand Awareness, (2) Brand
and services in their views. The authors also stated that when Association, (3) Brand Loyalty, (4) Perceived Quality, (5)
Pricing Policy.
14 The Influence of Brand Equity on Customer Purchase Decision: A Case Study of Retailers Distribution

Table 1: Research scale 4. Results and Discussion

Quantity of
Scales observed Source
variables 4.1. Descriptive
Yoo et al. (2000),
Brand Awareness 5
Nigam & Kaushik (2011)
Descriptive statistics were used in order to analyse the
Yoo et al. (2000),
Brand Association 4
Nigam & Kaushik (2011)
results of the current research, to find out the percentage and
the frequencies of the selected respondents. The structure of
Brand Loyalty 4 Yoo et al. (2000)
the study sample is presented in Table 2.
Dodds et al. (1991),
Perceived Quality 4
Lehmann et al. (2008)
Table 2: Sample descriptive
Pricing Policy 4 Sato (2015)
Purchase Decision 5 Yoo et al. (2000) Criteria Gender Total Percentage
Male Female Other
18 - 24
3.2. Sample and data collection years old
35 111 3 149 59.4%

25 - 34
18 30 0 48 19.1%
Non-probability convenience sampling was used in this years old
study and data was collected using questionnaires that 35 - 44
Age 7 17 0 24 9.6%
comprised of survey questionnaire. This study uses a 5 point years old
Likert - scale questionnaire instrument to collect 45 - 55
1 12 0 13 5.2%
information. years old
Hair, Anderson, Tatham, and Black (1998) stated that the Above 55
8 9 0 17 6.8%
years old
minimal sample size for exploratory factor analysis is five
times the total number of observed variables (n=5*m). In Student 31 96 2 129 51.4%
this study, there are 26 observed variables. Therefore, the Occupation Employed 29 71 0 100 39.8%
minimum sample size is N = 5 x 26 = 130. Unemployed 9 12 1 22 8.8%
Once a
35 74 2 111 44.2%
month
3.3. Data analysis Frequency
2 - 3 times a
visiting 18 76 1 95 37.8%
month
mart
The Statistical Package for Social Science 22 (SPSS - 22) 4 - 5 times a
10 20 0 30 12.0%
were used to analyze the collected data. The following stages month
are used to analyze the collected data: More than 5
times a 6 9 0 15 6.0%
Stage 1: Test validity by Cronbach’s Alpha. The scale is month
evaluated in this study using the following criteria: the Under
observation variables will be eliminated when the correlation 500.000 19 69 2 90 35.9%
of the total variable is less than 0.3 (these variables make VND
little contribution to the description of the concept to be 500.000
measured). Cronbach's Alpha reliability greater than 0.6 will Spending at
VND -
17 42 1 60 23.9%
1.000.000
be used to select the scale in this study. mart
VND
Stage 2: EFA (Exploratory factor analysis). The conditions 1.000.000
for analyzing exploratory factors must satisfy the following VND -
29 66 0 95 37.8%
requirements: 0.5 ≤ KMO ≤ 1; Bartlett's test has Sig < 0.05; 2.000.000
VND
Factor loading ³ 0.5; Percentage of variance > 50%.
2.000.000
Stage 3: Regression analysis. Regression determines the VND -
2 2 0 4 1.6%
weight of each independent component influencing the 3.000.000
VND
dependent factor, resulting in a regression equation. In this
study, the dependent variable is purchase decision, while the Above
3.000.000 2 0 0 2 0.8%
independent variables are brand awareness. brand VND
association, brand loyalty, perceived quality and pricing Total of respondents 69 179 3 251 100%
policy.
 Van Thuy NGUYEN, Thi Hong Dao TRAN, Thi Xuan Binh NGO / Journal of Distribution Science 20-2 (2022) 11-18 15

4.2. Result of reliability test by Cronbach’s Alpha Table 5: Result EFA of independent factors
Component
Items
The results show that the Cronbach's Alpha coefficient of BAW PQ PP BAS BL
the scales has the following values: Brand Awareness
BAW4 .808
(0.897), Brand Association (0.871), Brand Loyalty (0.886),
BAW1 .777
Perceived Quality (0.944), Pricing Policy (0.889), Purchase
BAW5 .776
Decision (0.885). In conclusion, the result of Cronbach’s
Alpha with six factors indicated that the reliability BAW2 .746
coefficient of all observed variables is greater than 0.6. BAW3 .692
Moreover, the total variable’s correlation coefficients of PQ3 .839
observation variables in the scale are greater than 0.3. As a PQ1 .819
result, all observed variables are accepted and will be used PQ2 .805
in the next factor analysis. PQ4 .740
PP2 .842
4.3. Result of Exploratory factor analysis PP4 .839
PP1 .742
PP3 .710
4.3.1. Factor analysis for independent variable
BAS3 .836
According to the result of scale reliability assessment BAS2 .817
above, the researcher performed a factor analysis of 20 BAS1 .773
observation variables of independent variables influencing BAS4 .724
customer purchase decision for retailers distribution in BL2 .886
HoChiMinh city. BL1 .879
BL3 .824
Table 3: The result of KMO and Bartlett's Test
Kaiser-Meyer-Olkin Measure of Sampling According to the EFA result, 20 variables have a loading
.913
Adequacy. factor coefficient greater than 0.5, which is satisfactory. As
Approx. Chi-Square 3813.753 a result, no variables are removed from the scale. In
Bartlett's Test of conclusion, there are 20 observed variables are accepted and
df 190
Sphericity will be used in the next factor analysis.
Sig. .000

4.3.2. Factor analysis for dependent variable

The table 3 shows that the KMO coefficient is 0.913 (0.5
≤ KMO ≤ 1). In addition, the result of Bartlett's test is Table 6: The result of KMO and Bartlett’s Test
3813.753 with Sig. = 0.000 less than 0.05. As a result, the KMO and Bartlett's Test
data used for factor analysis is appropriate.
Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .831
Approx. Chi-Square 669.036
Table 4: Eigenvalues and covariance deviations
Bartlett's Test of Sphericity df 10
Initial Eigenvalues
Component Sig. .000
Total % of Variance Cumulative %
1 8.910 44.550 44.550
The table 6 shows that the KMO coefficient is 0.831 (0.5
2 2.463 12.316 56.865
3 1.856 9.282 66.147
£ KMO £ 1). In addition, the result of Bartlett's test is
669.036 with Sig. = 0.000 less than 0.05. As a result, the data
4 1.240 6.201 72.348
used for factor analysis is appropriate.
5 1.103 5.516 77.864

Table 7: Eigenvalue and covariance deviations

The table 4 shows that at a value of Eigenvalue ³ 1 with
factor extraction method, varimax rotation allows extracting Initial Eigenvalues
Component
5 factors from the observation variable. Total value of Total % of Variance Cumulative %
deviation is 77.864% > 50%: satisfactory. 1 3.431 68.619 68.619
16 The Influence of Brand Equity on Customer Purchase Decision: A Case Study of Retailers Distribution

The table 7 shows that the Eigenvalue coefficient of the remaining 60.1% are due to external variables. Because
factor is 3.431 (greater than 1). In addition, total value of adjusted R square is more than 50% so this study gives
deviation is 68.619% > 50%: satisfactory. management implications.

Table 8: The factor rotation matrix of the dependent Table 11: Anova analysis
variable ANOVAa
Component Matrixa
Sum of Mean
Component Model df F Sig.
Squares Square
1
Regression 80.631 5 16.126 73.724 .000b
PD5 .848
PD1 .835 1 Residual 53.591 245 .219
PD4 .827 Total 134.222 250
PD2 .826 a. Dependent Variable: PD
PD3 .804
b. Predictors: (Constant), PP, BL, BAS, BAW, PQ

The table 8 shows that after performing factor rotation by

the varimax method, five observed variables have formed a In Anova analysis (Table 11), the significance level is
single convergent group with all convergence values greater 0.000 (less than 0.05), F=73.724. Thus, the linear regression
than the minimum standard of 0.5. model was constructed in accordance with the whole.

Table 12: Result of dependent variables’ linear regression

4.4. Result of test model
Coefficientsa
Unstandardized Standardized Collinearity
t Sig.
Table 9: Pearson correlation analysis Coefficients Coefficients Statistics
Model
Std. Tolera
Correlations B Beta VIF
Error nce
BAW BAS BL PQ PP PD (Constant) .223 .199 1.119 .264
Pearson ** ** ** ** **
.586 .475 .368 .727 .620 1 BAW .110 .055 .113 1.981 .049 .504 1.985
Correlation
PD Sig. (2-tailed) BAS .097 .047 .105 2.083 .038 .640 1.562
.000 .000 .000 .000 .000 1
BL .077 .039 .088 1.942 .053 .789 1.267
N 251 251 251 251 251 251
PQ .411 .057 .442 7.274 .000 .442 2.265
**. Correlation is significant at the 0.01 level (2-tailed).
PP .211 .054 .211 3.892 .000 .554 1.806

The table 9 shows that significance level of the dependent

variable (purchase decision) for independent variables is 4.5. Discussions
0.000 (less than 0.05). This indicates that there is a strong
correlation between the dependent variable and the The result of VIF at table 12 indicates that
independent variable. Because the independent variables multicollinearity does not occur because the VIF of each
have a strong correlation with the dependent variable, the variable is less than 3 (Knock & Lynn, 2012). The regression
study will put into the model to explain the dependent coefficient significance level of BL is more than 0.05, so this
variable. variable is removed. There are BAW, BAS, PQ and PP are
less than 0.05, so these independent variables have a
Table 10: Model summary meaningful explanation for the dependent variable and BL
Model Summary is excluded from the model.
Adjusted R Std. Error of Firstly, PQ has a positive impact on retailers distribution's
Model R R Square
Square the Estimate customer purchasing decisions and this is the factor that has
1 .775a .601 .593 .46770 the strongest influence on customer behavior (b=0.411,
a. Predictors: (Constant), PP, BL, BAS, BAW, PQ Sig=0.000). This result is similar to the study of Nigam and
Kaushik (2011), Rungsrisawat and Sirinapatpokin (2019),
According to the result of the analysis (Table 10), the and Le (2021). It reflects the reality for customers when
value of the adjusted R square is 0.593. This proves that five shopping at the supermarket they are very concerned about
independent variables are put into the model have an impact the quality of service provided. Especially during the
on the change of independent variables (59.3%), while the Covid19 outbreak in Vietnam. Secondly, PP also has a
 Van Thuy NGUYEN, Thi Hong Dao TRAN, Thi Xuan Binh NGO / Journal of Distribution Science 20-2 (2022) 11-18 17

positive impact on customer consumption decisions loyalty, perceived quality and pricing policy that influence
(b=0.211, Sig=0.000). During the Covid period, retailers customer purchase decision for retail distributors. After the
have implemented price stabilization programs to share completion of a survey and data analysis, the results
difficulties with consumers when the amount of essential revealed that majority of the respondents believed that brand
goods is not adequately supplied by Vietnam's decision to awareness, brand association, perceived quality and pricing
social distancing. Thirdly, BAW has significant effect on policy influenced their purchase decision at retailers chain.
consumer decisions and this is the third most influential The results from correlation and regression analysis showed
factor in this saver (b=0.110, Sig=0.049). Such as: that biggest contributor was from perceived quality (41.1%),
Co.opmart is one of the businesses supplying consumer meaning majority of the respondents felt that perceived
goods with the slogan “Friend of every home” that has gone quality has the greatest impact on their purchase decision.
deep into the subconscious of customers who are The second strongest correlation and contribution was from
housewives. In addition, since 2005 Co.opmart has been pricing policy, accounting for 21.1%. Brand awareness was
among the top 500 retail companies in Asia. Fourthly, BAS the third contribution, taking up 11% and brand association
is a factor that has positive impact as consumer behavior had the least impact on customer purchase decision,
(b=0.097, Sig=0.038). However, in this study the BL factor accounting for 9.7%.
for the distributors brand was statistically significant at 90% The study also helped to expose that a product is
(b=0.077, Sig=0.053) in relation to the consumer decisions purchased on basis of brand awareness, brand association,
of the retailers customers. As such, the regression results perceived quality and pricing policy.
showed that BAW, BAS, PQ and PP variables meant
research and that the H1, H2, H4, H5 hypotheses were 5.2. Implications
accepted at 95% and H3 at 90% significance.
From the results of the research, it has been observed that
perceived quality has the most significant role in purchase
5. Conclusion and Implications decision (β = 0.411). This result showed that the high quality
products at distributors already recognized and accepted by
major respondents, which means distributor at HoChiMinh
5.1. Conclusion city provides high quality products over time. Therefore,
retailers distribition should focus on perceived quality in
The objective of this research is to examine the impact of order to improve customer purchase decision.
brand equity on customer purchase decision. As a result, the Pricing policy is the second factor affecting consumer
researcher investigated several components such as brand purchase decisions for retailers chain (β=0.211). Customers
awareness, brand association, brand loyalty, perceived consider that pricing policies are always in line with their
quality and pricing policy that affect customer purchase preference. Moreover, good pricing policy could encourage
decision. The result of this study provides important customers to buy more products so retailers should choose
information about the influence of brand equity on customer pricing policies and strategies that work best for them as
purchase decision. well as attract customers, especially in the competitive
The study is conducted 251 surveys from customers who market.
bought products at retail distributors in Ho Chi Minh city, Brand awareness is the third factor affecting consumer
which is based on a Likert scale from 1-5 in order to evaluate purchase decisions for retail distributors (β=0.110). Most
the impact of brand equity on customer purchase decision. respondents are aware of reatiler’ brand and quite familiar
In addition, this study used statistical methods, scale with Big C, Co.opmart, Vinmart, ... Besides, customer can
evaluation through reliability test Cronbach’s Alpha, know what the retailer’s brand looks like or recognize
exploratory factor analysis (EFA), regression analysis and retailer’s brand among other competing brands. Therefore,
analytical validity test difference of the sample. The results reatailers distribution should build and develop their brand
of the regression analysis are shown by the following to attract more customers.
equation: Brand association is the least factor affecting consumer
purchase decisions for retailers distribution (β=0.097).
PD = 0.110 * BAW + 0.097 * BAS + 0.411 * PQ When customers remember distributors, they can quickly
+ 0.211 * PP recall its symbol or logo. Moreover, retailer’s brand is
different from its competing brands so they should enhance
their image in order to attract customers.
According to the theoretical model, there are five
elements namely brand awareness, brand association, brand
18 The Influence of Brand Equity on Customer Purchase Decision: A Case Study of Retailers Distribution

5.3. Limitations and future research Capron, L., & Hulland, J. (1999). Redeployment of Brands, Sales
Forces and General Marketing Expertise Following
Horizontal Acquisitions: A Resource-Based View. Journal of
As with any study, there are several limitations in this Marketing, 63(2), 41-54.
study. The first limitation is the time and location of the Davis, S. M. (2000). Does brand asset management strategy
survey, which means that many consumers who bought matter?. Brand Asset Management: Driving Profitable
products for retailers distribution in Ho Chi Minh city could Growth through Your Brands, Jossey-Bass, San Francisco, CA,
not be surveyed. Secondly, this study focused on five 3-18.
components of brand equity, namely brand awareness, brand Dodds, W. B., Monroe, K. B., & Grewal, D. (1991). Effects of price,
association, brand loyalty, perceived quality and pricing brand, and store information on buyers’ product evaluations.
Journal of marketing research, 28(3), 307-319.
policy, ignoring important elements of brand equity such as
Falkenberg, A. (1996). Marketing and the Wealth of Firms. Journal
advertising, reputation, commercial image and so on. The of Macromarketing, 16(1), 4-24.
third limitation is the sampling method used in this study for Hair, J. F., Black, W., Babin, B., & Anderson, R. (1998).
the reason that convenience sampling is a non - probability Multivariate Data Analysis. Prentice Hall.
sampling, which is not representative of the entire Hunt, S. D., & Morgan, R. M. (1995). The Comparative Advantage
population in Ho Chi Minh City. Finally, this study only Theory of Competition. Journal of Marketing, 59(2), 1-15.
used a sample size of 251 respondents, which is only Keller, K. (1993). Conceptualizing, Measuring and Managing
guaranteed by the theory of sample selection. If the sample Customer-Based Brand. Journal of Marketing, 57(1), 1-22.
size is bigger, the study's value will be higher. Keller, K. (2003). Strategic Brand Management: Building,
Measuring and Managing Brand Equity (2nd ed.). Pearson.
Given the promising results that were achieved as well as
Kock, N., & Lynn, G. (2012). Lateral collinearity and misleading
the limitations of the study stated above, there are numerous results in variance-based SEM: An illustration and
potential avenues for further research that might be explored. recommendations. Journal of the Association for information
Among these future researches should increase the sample Systems, 13(7), 546-580.
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