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The Impact of Rebranding on Customer- Based Brand Equity: an Exploratory Study on Absa Bank

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The Impact of Rebranding on Customer- Based Brand Equity: an Exploratory Study on Absa Bank THE IMPACT OF REBRANDING ON CUSTOMER- BASED BRAND EQUITY: AN EXPLORATORY STUDY ON ABSA BANK Collinson, P. Research Report RESM8419 Cover Page Name Paige Collinson Student Number 15016324 Qualification BCom Honours in Strategic BranD Management Module Name Research MethoDology Module Code RESM8419 Assignment Assignment 5 Submission Date 25 October 2019 Supervisor Elle-SanDrah RheeDer Topic The Impact of RebranDing on Customer-baseD BranD Equity: An Exploratory StuDy on Absa Bank Word Count 12 316 worDs Collinson, P. Research Report RESM8419 Anti-Plagiarism Declaration Form I, Paige Collinson, Bachelor of Commerce Honours in Strategic BranD Management stuDent at Vega School of BranD LeaDership, hereby Declare that the following research report adheres to the anti-plagiarism guiDelines as stipulateD by the InDepenDent Institute of EDucation. This research report serves as partial completion of the Research MethoDology (RESM8419) moDule. As such, this Dissertation is my own original work anD has not previously been submitteD to another university or higher eDucation institution for Degree purposes. Any seconDary research material has been appropriately referenceD accorDing to the HarvarD referencing methoD which can be founD in the reference list at the back of this Document. 25 July 2019 Signature Date Collinson, P. Research Report RESM8419 Abstract In an attempt to reDefine themselves as a truly African bank, Absa Bank rebranDeD themselves in 2018. However, the extent to which this rebranD has impacteD the branD’s customer-baseD branD equity is yet to be exploreD. As such, the following research report serves to explore customer-baseD branD equity in terms of Absa Bank’s rebranD to proviDe insights into the value of the branD accorDing to Absa Bank customers. This is a qualitative, exploratory stuDy. As such, the Data collection methoD is in-Depth semi- structureD interviews. This will aiD in answering the research questions as it is necessary to gain in-Depth customer perceptions regarDing Absa Bank’s rebranD. In orDer to explore customer-baseD branD equity in the context of Absa bank’s rebranD, this stuDy will apply theory to practise. As this is a DeDuctive stuDy, the questions explore salience, performance, juDgements, imagery, feelings anD resonance of Absa Bank accorDing to their customers. As such, these core constructs of Keller’s (1993) Customer-baseD BranD Equity Model will constitute preliminary coDes which will serve in answering the research questions by proviDing insight into the value of the branD accorDing to Absa Bank customers post rebranD. By practically applying the principles of this moDel to Absa Bank, it became eviDent how the poor communication of their rebranDeD iDentity haD a negative ripple effect on the branD’s equity. As such, Absa Bank misseD an opportunity to connect meaningfully with their target market. This illustrates the importance of customer-baseD branD equity as it involves evaluation a branD against customer perceptions, an important component for meaningful branD builDing anD management. This is therefore a practical Demonstration of the importance of the Customer-baseD BranD Equity MoDel as each builDing block plays a pivotal role in generating branD equity. Collinson, P. Research Report RESM8419 Table of Contents Anti-Plagiarism Declaration Form .................................................................................... 3 Abstract .............................................................................................................................. 4 List of Acronyms ............................................................................................................... 8 List of Tables ..................................................................................................................... 9 List of Figures .................................................................................................................. 10 List of Annexures ............................................................................................................ 11 Chapter 1: Introduction and Background to Study ...................................................... 12 1.1 IntroDuction ............................................................................................................... 12 1.2 Contextualisation....................................................................................................... 13 1.3 Rationale ................................................................................................................... 14 1.4 Research Problem .................................................................................................... 14 1.5 Research Purpose .................................................................................................... 15 1.6 Delimitation of the Field of StuDy............................................................................... 15 1.7 Research Question ................................................................................................... 15 1.7.1 Sub-questions................................................................................................. 15 1.8 Research Objectives ................................................................................................. 15 1.9 Dissertation Structure ................................................................................................ 16 1.10 Summary ................................................................................................................... 16 Chapter 2: Literature Review and Theoretical Foundation .......................................... 17 2.1 IntroDuction ............................................................................................................... 17 2.2 Theoretical FounDation ............................................................................................. 18 2.2.1 Keller’s Customer-baseD BranD Equity MoDel ................................................ 18 2.3 Literature Review ...................................................................................................... 20 2.3.1 BranD Equity ................................................................................................... 20 Collinson, P. Research Report RESM8419 2.3.2 Customer-baseD BranD Equity........................................................................ 22 2.3.3 RebranDing ..................................................................................................... 26 2.3.4 Absa Bank’s RebranD ..................................................................................... 27 2.4 Summary ................................................................................................................... 30 Chapter 3: Research Methodology ................................................................................ 31 3.1 IntroDuction ............................................................................................................... 31 3.2 Research Design ....................................................................................................... 31 3.2.1 Research ParaDigm ........................................................................................ 31 3.2.2 Research Approach ........................................................................................ 33 3.3 Research Plan........................................................................................................... 33 3.3.1 Population....................................................................................................... 33 3.3.2 Sampling......................................................................................................... 34 3.3.3 Data Collection MethoD .................................................................................. 34 3.3.4 Data Analysis MethoD ..................................................................................... 36 3.3.5 Trustworthiness .............................................................................................. 37 3.3.6 Ethical ConsiDerations .................................................................................... 38 3.3.7 AnticipateD Contribution ................................................................................. 38 3.4 Summary ................................................................................................................... 39 Chapter 4: Presentation and Interpretation of Findings, Recommendations and Conclusion ....................................................................................................................... 40 4.1 IntroDuction ............................................................................................................... 40 4.2 Presentation and Interpretation of FinDings ................................................................. 40 4.3 Limitations ................................................................................................................. 49 4.4 RecommenDations .................................................................................................... 50 4.5 Conclusion ................................................................................................................ 50 Annexure A ...................................................................................................................... 52 Annexure B .....................................................................................................................
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