The Relationship Between Elements of Marketing Mix and Brand Equity

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w r A ISSN: 2223-5833 Management Review Research Article Open Access The Relationship between Elements of Marketing Mix and Brand Equity Fathian S1*, Slambolchi A2 and Hamidi K3 1Department of Management and Accounting, College of Humanities, Islamic Azad university of Hamedan Branch, Hamedan, Iran 2Faculty Member of Management, Islamic Azad University of Hamedan Branch, Hamedan, Iran 3Faculty Member of Management and Accounting, Islamic Azad University Hamedan Branch, Hamedan,Iran

Abstract Today, achieving the stable competitive advantage is one of the most important tools in the business world. To this aim, with creating and using the powerful brand equities, the firms have entered into different competitive fields. Perceive importance which lies on effect of selected marketing mix elements on Brand equity in current situations within competitive markets helps the decision makers to get more information on how to use selected marketing mix elements, and choose a mix of these elements which leads to increasing brand equity, and in the end leads to profitability, because from managerial perspective, brand equity proposes competitive advantage for the company. The paper aims to investigate the relationship between elements of marketing mix and brand equity.

Keywords: Brand equity; Marketing Mix; Brand of a “systems view” of brands and products, and how the marketing mix elements created by pricing, promotional, service, and distribution Introduction decisions, combined with the product itself, help in creating brand The significance of understanding brand equity from the customer’s equity and affecting buyer decision making. This study looks at how perspective was explained by Keller [1]: “Though the eventual goal elements of marketing mix can affect the brand equity. of any marketing program is to increase sales, it is first necessary Literature Review to establish knowledge structures for the brand so that consumers respond favorably to marketing activities for the brand.” Keller further Branding and brand equity stated: “While positive customer based brand equity can lead to greater There has been a lack of consensus in regards to defining brand revenue, lower costs and higher profit, it has direct implications for equity in the marketing literature. From an organizational perspective, the firm’s ability to command higher price, customers’ willingness Aaker [8,11] defined brand equity as “a set of assets (and liabilities) to seek out new distribution channels, the effectiveness of marketing linked to a brand’s name and symbol that adds (subtracts) to the value communications, and the success of brand extensions and licensing provided by a product or service to the firm and/or firm’s customers”. opportunities.” Before the significant value of brands was discovered, Companies are responsible for managing numerous brand assets in brands were originally treated as part of the product. Urde, Kotler [2,3] order to leverage the value of the product for the consumer and the mentions branding as “a major issue in product strategy.” Kapferer [4] firm. From Aaker’s perspective a firm should consider the brand to be pointed out that “the brand is a sign –therefore external whose function represented by the tangible aspects of the product itself, the values and is to disclose the hidden qualities of the product which are inaccessible goals of the organization as a whole, the abstract, person-like attributes to contact.” “The challenge today is to create a strong and distinctive that brand may possess, and symbolic representations of the brand. image” [5]. Cumulatively, these aspects of the brand form an overall identity or Brand equity and marketing mix are two areas of research that image of the brand in the mind of the consumer [11]. Keller [1] viewed have generated a large amount of interest in the marketing literature. brand equity from the perspective of the consumer; he defined it as Each respective research stream has shown to predict a multitude “the differential effect of brand knowledge on consumer response to of consumer behavior outcomes with some overlap in areas such as the marketing of the brand”. The power of a brand to evoke strong, loyalty [6]. favorable, and unique brand associations has been considered the The true impact of element of marketing mix on brand equity is still essence of brand equity [1,12]. A brand has been identified as “a unknown. Questions remain as to exactly how element of marketing name, term, sign, symbol, or design, or combination of them which mix may impact a brand’s brand equity components. It would seem is intended to identify the goods and services of one seller or groups to reason that if a firm were to offer price incentives for a brand as a of sellers and to differentiate them from those of competitors [1]. This starting point to their relationship marketing endeavors in an attempt to build loyalty [7] then the perceived quality component of the brand equity could suffer [8]. However, some of the top brands in the world as *Corresponding author: Fathian S, Department of Management and Accounting, listed by Inter brand such as McDonald’s and IKEA are known for their College of Humanities, Islamic Azad university of Hamedan Branch, Hamedan, Iran, Tel: + 98 21 22 56 51 49; E-mail: [email protected] pricing incentives but still maintain their high brand value. Received September 03, 2015; Accepted September 21, 2015; Published October Although there has been great interest in the concept of brand 03, 2015 equity, little conceptual development or empirical research has Citation: Fathian S, Slambolchi A, Hamidi K (2015) The Relationship between addressed which marketing activities most support the building of Elements of Marketing Mix and Brand Equity. Arabian J Bus Manag Review 6: 173. brand equity [9]. doi:10.4172/2223-5833.1000173 Researchers have focused on exploring the brand equity concept, Copyright: © 2015 Fathian S, et al. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted rather than its sources and development. Shocker, Srivastava, and use, distribution, and reproduction in any medium, provided the original author and Ruekert [10] pointed out that more attention is needed to develop more source are credited.

Arabian J Bus Manag Review ISSN: 2223-5833 AJBMR an open access journal Volume 6 • Issue 1 • 1000173 Citation: Fathian S, Slambolchi A, Hamidi K (2015) The Relationship between Elements of Marketing Mix and Brand Equity. Arabian J Bus Manag Review 6: 173. doi:10.4172/2223-5833.1000173

Page 2 of 6 definition was representative of early conceptualizations of branding This financial driven method has resulted in the proposal of multiple in that the components of the brand were tangible aspects that could options for measurement [21] and has been termed as brand value [22]. easily be changed. With the introduction of brand equity in the early The consumer based approach is based on the consumer’s perception 1990s, the focus of branding started moving away from the branded of the brand. Both conceptualizations take a long term approach to product and into the mind of the consumer. It was this consumer based the return on brand building investments in the form of brand loyalty perspective that Aaker [8] and Keller [1] based much of their research and [22]. Since this study is focused on the dual effects of brand equity and developed what Keller termed as consumer based brand equity (CBBE). relationship marketing on the consumer, consumer based measures as well as consumer based conceptualizations will be utilized whenever In a competitive marketplace, the ability of a brand to differentiate the opportunity arises. itself from competitors is a necessary condition of survival. Unique brand associations have been considered to be more useful in The value of brand equity is in the behavior outcomes of consumers; guiding consumer decision-making in comparison to common brand brands with high equity obtain reduced marketing costs as well as associations [13]. From a financial perspective, brand equity has been greater market share, trade leverage, price premiums, and loyalty [1,8, defined as the difference in incremental cash flow between a branded 23]. Consumer based brand equity has also been linked to the overall product and an unbranded competitor [14]. Similarly, financial financial performance of the firm [24]. definitions of brand equity have included the difference in revenue As mentioned In Managing Brand Equity, David Aaker’s [8] or profit between a branded product and a private label [15,16]. In seminal work on brand equity, he defines brand equity as, “A set of this regard, the true value of a brand name has been accounted for by brand assets and liabilities linked to a brand, its name and symbol, that comparing the liquidity of a branded product versus an unbranded add to or subtract from the value provided by a product or service to competitor. Shocker, Srivastava, and Ruekert [10] merged the a firm and/or that firm’s customers.” He then broke brand equity into consumer and financial aspects of brand equity in their definition. five components: brand loyalty, brand awareness, perceived quality, They proposed that brand equity was composed of two components: brand associations, and other proprietary brand assets. Of these five brand strength and brand value. Brand strength referred to the set of components, most research has focused on the first four and deemed associations and behavioral responses by customers, channel members, them to be more important for research purposes than the final and parent firm in response to communication of the brand. Brand component of ‘other proprietary brand assets’. value is the financial consequences of the firms ability to leverage the brand strength. This definition illustrates Kellers [1] view that brand Blackston [25] argued that brand equity could be viewed from two equity should be measured with indirect and direct approaches. Brand perspectives: brand value and brand meaning. He stated that brand equity is contingent on the firm being able to capitalize financially on the meaning impacts and influences brand value because value depends differentiated consumer response to the marketing of the brand. There is on the meaning, and that changing brand meaning is equal to changing substantial variation in how brand equity has been defined (Table 1). the value of the brand (Figure 1). The advent of a consumer based approach to brand equity established Dimensions of Brand Equity two distinct ways of conceptualizing brand equity, namely a financial, Brand awareness market based method and a consumer based method. The financially based concept was derived from the desire to bring brand equity into Brand awareness enables consumers to recognize a brand from a financial perspective so it could be accounted for on a company’s different product category [26] and assist consumers in making balance sheet and subsequently leveraged for market capitalization. decision to purchase [27].

Author Year Definition Keller [1] 1993 “The differential effect of brand knowledge on consumer response to the marketing of the brand” “A set of brand assets and liabilities linked to a brand, its name and symbol, that add to or subtract from the value provided by a Aaker [8] 1991 product or service to the firm and/or to that firm‟s customers” “Brand equity subsumes brand strength and brand value. Brand strength is the set of associations and behaviors on the part of the brand‟s customers, channel members, and parent corporation that permits the brand to enjoy sustainable and differentiated Srivastava and Shocker [10] 1994 competitive advantages. Brand value is the financial outcome of management‟s ability to leverage brand strength via tactical and strategic actions in providing superior current and future profits and lowered risks” Simon and Sullivan [14] 1993 “The difference in incremental cash flows between a branded product and an unbranded competitor” Farquhar [17] 1989 “The added value to the firm, the trade, or the consumer with which a given brand endows a product” Brodsky [18] 1991 “The sales and profit impact enjoyed as a result of prior years‟ marketing efforts versus a comparable new brand” “The set of associations and behaviors on the part of the brand‟s customers, channel members, and parent corporation that Marketing Science 1999 permits the brand to earn greater volume or greater margins than it could without the brand name and that gives the brand a strong, Institute [19] sustainable, and differentiated advantage over competitors” Kamakura and Customer-based brand equity occurs when the consumer is familiar with the brand and holds some favourable, strong, and unique 1993 Russell [20] brand associations in the memory. The consumers’ perception of the overall superiority of a product carrying that brand name when compared to other brands. Five Lassar et al. [21] 1995 perceptual dimension of brand equity include performance, social image, value, trustworthiness, and attachment. Smith and Schulman “The measurable financial value in transactions that accrues to a product or service from successful programs and activities” The consumer’s implicit valuation of the brand in a market with differentiated brands relative to a market with no brand differentiation. Swait et al. 1993 Brands act as a signal or cue regarding the nature of product and service quality, and reliability and image/status. “Brand equity is the willingness for someone to continue to purchase your brand or not. Thus, the measure of brand equity is Market Facts strongly related to loyalty and measures segments on a continuum from entrenched users of the brand to convertible users” Brand Equity Board “Brands with equity provide an ownable, trustworthy, relevant, distinctive promise to consumers” Table 1: Definition of brand equity.

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Brand awareness is the probability that consumers recognize the product quality, perceived value, geographical presence, along with existence and availability of a company’s product or services, creating joint venture and co-branding as antecedents of building brand equity. this awareness by a company are one of the key steps to promote the There are many definitions of the terms “marketing” and “marketing company’s goods and services. Brand awareness is the “customers’ mix” in the literature. Marketing is the process by which companies ability to recall and recognize the brand, as reflected by their ability to create value for customers and build strong customer relationships in identify the brand under different conditions like linking the brand, order to capture value from customers in return [36]. Marketing is the the brand name, logo, symbol, and so forth to certain associations in activity, set of institutions, and processes for creating, communicating, memory” [1]. delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing is an organizational Brand awareness represents the strength of the brand’s presence function and a set of processes for creating, communicating, in the mind of the target audience along a continuum [11]. However, and delivering value to customers, and for managing customer a study of Hoyer indicated that, in many purchase situations, the relationships in ways that benefit the organization and its stakeholders. consumer is a passive recipient of product information who spends The Marketing Concept is a philosophy. It makes the customer, and the minimal time and cognitive effort choosing brands. In situations satisfaction of his or her needs, the focal point of all business activities. involving common, repeat purchase products, it may be that consumers In other words Marketing is getting the right product or service to the choose the brand on the basis of a simple heuristic (e.g., brand package, right people (target market), at the right time, at the right place, at the price) [28]. right price, with the right communications and promotion. The term The more customers can recognize, retain and remember a firms marketing mix was invented in an article written by Neil Borden under brand the likely fact that they will shop and that firm is greater than the title “The Concept of the Marketing Mix”. shopping elsewhere. This is an advantage against competitors as The principal p’s the marketing mix was first mentioned around customers overlook at the price and other quality when the trust and 1940. At this time the marketing mix persisted out of 12 different know a brand, it became a part of the customers life style to shop where categories [37]. McCarthy [38] than reduced the original 12 categories they are used to and have confident in the brand [29]. to come to a total of four categories, which seem to make sense without Only with brand awareness, consumers are likely to acquire the the remaining instruments, he comes to the following categories [39]: product. As such, brand awareness is an important factor to determine - Product purchase intention [28]. - Price Brand association - Place Brand associations are a critical component of brand success, brand image and brand knowledge [17], since they convey the attitude - Promotion developed toward a given brand by consumers [8]. Brand association Following the definition of Zollondz [39], the marketing mix is is said to be anything linked in memory to the brand and represents a about the combination and coordination of marketing instruments, basis for purchase decisions and for brand loyalty. Strong associations which are used to achieve the marketing goals of businesses for a are helpful in many ways. specific target market. Every instrument has to be adjusted to the Perceived quality adoption of the other categories. Figure 2 shows what is included in the 4 P’s of marketing. Perceived quality is consumer judgment on added value of a product [30]. Perceived quality is “the core construct” in measuring brand equity [11]. Perceived quality is defined as “the consumer’s subjective judgment about a product’s overall excellence or superiority” Brand Awareness [31]. Accordingly, perceived quality is not the actual quality of product, but rather the consumer’s subjective assessment of that product [31,32]. “Personal product experience, unique needs, and consumption situation” can affect the consumer’s subjective evaluation of quality [33]. Brand association Brand loyalty

Brand loyalty is the attitudes of consumer toward a brand Brand Equity preference of a product [34]. Aaker [8] states that brand loyalty is: “a measure of the attachment that a customer has to a brand”. Oliver Perceived Quality [35] defined brand equity as “a deeply held commitment to rebuy or re patronize a preferred product or service consistently in the future, deposit situation influences and marketing efforts having the potential to cause switching behavior”. Brand Loyalty Relationship between elements of marketing mix and brand equity

Many researchers have investigated the concept and meaning Other proprietary Brand Assets of brand equity, yet the sources of brand equity and the effect of marketing mix elements were rarely studied or investigated. This Figure 1: Aaker’s Dimensions of Brand Equity. research is exploring selective marketing mix elements such as the Source: Aaker [8].

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and distribution decisions, combined with the product itself, help in creating brand equity and affecting buyer decision making. Yoo et al. [33] suggest that brand equity can be created, maintained, and expanded by reinforcing the dimensions of brand equity. They pointed out that numerous dimensions precede brand equity. For instance, any marketing action could affect brand equity since it signifies the effect of accumulated marketing investments in the brand. For example, brand-name recognition with strong associations, perceived quality of product, and brand loyalty can all be extended through precise long-term investment. Thus, brand equity is not managed in the short term but rather over time, by sustaining brand consistency, protecting the sources of brand equity, taking appropriate decisions about leveraging the brand, and altering the supporting marketing programs [42]. For instance, taking marketing decisions related to the selection of a brand name could easily affect brand equity either positively or negatively, since it could enhance the reputation and image of the brand, the brand loyalty, and the perceived brand quality. Researchers also propose that marketing decisions and market conditions influence brand equity. Simon and Sullivan [14] list advertising expenditures, sales force, and marketing research Figure 2: The 4 P’s of marketing. expenditures -along with the age of the brand, advertising share, order of entry, and product portfolio-as the foundations of brand equity. Marketing activities such as the use of public relations [8]; warranties Product can be defined in many different ways. In marketing, [43]; slogans or jingles, symbols, and packages [8]; company image, product means the physical products and service offered, and the country of origin, and promotional events [1]; and brand-naming ideological actions of the company. Often product is defined as strategy [42] have also been put forward. the benefitting factors that a customer gets when purchasing the product. As product is the most important piece of the marketing According to Yoo et al. [33]: “Any marketing effort will be mix it is advisable for companies to develop a habit of looking and positively related to Brand equity when it leads to a more favorable evaluating the company’s actions through an outside marketing behavioral response to the focal product than to The equivalent consultants eye. unbranded product.” In their conceptual framework, they investigated the relationship between marketing efforts and the dimensions of Price is defined as the price of the products and services provided. brand equity. They investigated consumer perceptions of five selected It includes all of the pricing related matters such as the retail prices, strategic marketing elements: price, store image, distribution intensity, volume discounts, and terms of payment, seasonal discounts, and advertising spending, and frequency of price promotions in order to credit terms. Examining and evaluating prices regularly is a key to reveal the relationships between marketing efforts and the formation success. Companies should not be afraid to revise their prices and to of brand equity. recognize that the current pricing structure may not be ideal for the current market [40]. Price: Consumers use price as a significant extrinsic cue and signal of product quality or benefits. High-priced brands are often perceived Place means the availability of the product and service sold. This to be of higher quality and lower risk compared to low priced brands. includes the marketing channels used as well as the physical distribution Consequently, price is positively related to perceived quality. Rao of the goods (transportation and warehouse). and Monroe [44] show that a positive relationship between price and Promotion includes the means taken to inform the customers of the perceived quality is well founded in previous research. By increasing products and services provided, including personal selling, advertising, perceived quality, price is related positively to brand equity. sales promotions, and public relations. Promotion includes the means Yoo et al. [33] added that they did not find a directional taken to inform the customers of the products and services provided, relationship between price and brand associations; since whether the including personal selling, advertising, sales promotions, and public brand is low-priced or high priced it is linked to the benefit of the brand relations. It is said that a product is completed when customers know in the memory of the consumer. While a low-priced product would it exists, know its quality and features, react to it positively, and buy imply transaction utility (i.e. paying less than the consumer’s internal it. Without knowledge there can not be demand. Promotion enables reference price), a high-priced product would give a high-quality image product awareness, positive attitudes and buying decisions [41]. or acquisition utility, leading to reduced consumer risk [45]. Both low- Although there has been great interest in the concept of brand and high-price strategies help consumers equally regarding awareness equity, little conceptual development or empirical research has of the product. addressed which marketing activities most support the building of Distribution intensity: Distribution intensity is also highly brand equity [9]. Researchers have focused on exploring the brand correlated with brand equity. Making a product available in more equity concept, rather than its sources and development. Shocker, stores will increase customer satisfaction through convenience, time Srivastava, and Ruekert [10] pointed out that more attention is needed saving, speedy service, and service accessibility. Distribution intensity to develop more of a “systems view” of brands and products, and how maintains its effect on brand equity although product-type can the marketing mix elements created by pricing, promotional, service, significantly moderate the effects. Consequently, high distribution

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Citation: Fathian S, Slambolchi A, Hamidi K (2015) The Relationship between Elements of Marketing Mix and Brand Equity. Arabian J Bus Manag Review 6: 173. doi:10.4172/2223-5833.1000173

Arabian J Bus Manag Review ISSN: 2223-5833 AJBMR an open access journal Volume 6 • Issue 1 • 1000173