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International Journal of Business, Economics and Management

March 2020, Volume 7, 3, pp 146-165

Critical Review of Literature on Brand Equity and Customer Loyalty

Henry O. Kegoro

Munywoki Justus

Henry O. Kegoro¹

Munywoki Justus²

Ph.D. Candidate Department of Business Administration, University of Nairobi, Kenya. ¹

Department of Business Administration School of Business, University of Nairobi, Kenya. ²

on Google Scholar

on PubMed

Pages: 146-165

DOI: 10.18488/journal.62.2020.73.146.165

Article History:

Received: 04 February, 2020
Revised: 09 March, 2020
Accepted: 13 April, 2020
Published: 22 April, 2020

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Abstract:

Brand equity is recognized as the driving force of customer loyalty in the competitive firms operating in the changing business environment. The culture of attracting and retaining customers is dependent on which organization can enhance the value of their products to conform and exceed customer needs. By extension, brand equity is regarded as a multi-dimensional facet that comprise of brand loyalty, brand awareness, brand association, perceived quality, brand association and proprietary assets. Theories and models which have been discussed extensively and inform the basis of arguments of this study include; brand equity theory, consumer utility theory, customer based brand equity model, service branding dominant logic model and brand evolution model. Despite conflicting ideologies and evolving nature of brand equity based on psychological aspects of consumers like attitudes and perceptions, it is noted that that there is a positive correlation between brand equity and customer loyalty. Based on the existing literature, it can be concluded that brand equity is the only strategic marketing initiative companies can enhance customer relations and sustainability. Therefore, it is recommended that companies should always strive to enhance their image in the mind of consumers by repositioning their brands in the market.

Contribution/ Originality
This study contributes to existing literature by developing the link between brand equity, company attributes, customer attributes and customer loyalty.

Keywords:

Brand equity, Customer loyalty, Company attributes, Customer attributes, Consumer behaviour, Brand management.

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