Effects Of Corporate Brand Symbolism On Consumer Satisfaction

Background

Branding can be termed as a pivotal social concept as in the current era no product offered by the organizations are unbranded. A brand can be understood as an entity that offers its stakeholders additionalvalue relied on certain facts other than its functional characteristics (Abedin, 2016). The current research will have a useful implication in explaining the ways in which brand values differentiate a product in attaining competitive edge. Moreover, it will also explain the ways in which brand value satisfies consumer desires along with generating brand loyalty. A modern theory of marketing as well as its practice is intended to provide and explain the manner in which brands are managed effectively in generating increased value for its stakeholders.

From analysing the previous literature, it has been observed that branding within the Australian food industry remains an underestimated concern along withvalue application of solutions in practice (Ahmed & Ibrahim, 2017). Moreover, very limited researchexists on recognising heterogeneous solutions for creating, measuring and managing brand value to drive exceptional business performance. Focussed on such gap, the currentresearch will have a significance of offering an insight on brand value impact over business performance of food industry in Australia.

The aim of the research is to investigate the factors that implies brand value as well as performance of organizations in Australian food market (Alnawas&Altarifi, 2016).

Focussed on the study is developed in the current research certain research questions those are to be answered through completion of this research is indicated below:

• What are the brand value determinants in the Australian food industry?
• What are the brand value aspects that can improve business performance in Australian food industry?
• How does brand value help in shaping performance of organizations in Australian food industry?

In carrying out this research, it will be analysed that brad performance outputs are employed to explain a company’s business position in the industry. In addition, it can also indicate their future performances and current status of their brand portfolio. Focussed on the same, the current research will investigate the aspects of brand value such as investment on brand marketing, quality sales volume and price on improving business performance in Australian food industry (Anisimova,2016). Improving such major aspects of brand value can facilitate in developing key success factors for the organizations. Brand value can enhance business performance in terms of increased consumer loyalty, income and market reputation (Warren & Gibson, 2017).

Boukis, Gounarisand Lings, (2017)explained brand as “an embedded complex system” which indicates numerous ideasandattributes as brand name is deemed to be more than the label which helps in differentiating between various products. These reasechers also explained that modern paradigm of brand is relied on consumerperception, altitudes and loyalty along with marketinginvestments of the organizations on aa brand. Major aspects of this wide brand paradigm from a strategic viewpoint encompass pricing and differentiation. In contrast, Branigan andMitsis, (2014)argued that brand can serve as an increasingly contextualisedentity of distinct contemporary approaches along with understandings that makes it aa never-ending theory development process.

Aim of the study

Considering the same, these reasecherselaboratedbrand equity to be the brand value that is relied on a better brand loyalty, name awareness, perceived quality, distribution channels, patents and advertisements. de Mooij, (2015)also stated that modern marketing practice and theory identifies brand equity paradigm as a major business strategic asset of any organization. A widely employed definition within marketing literature explains brand equity asbrand value that is relied on increased brand loyalty, name awareness, better brand associations along with assets like patents and distributionchannels along with trademarks. Similar definition indicates brand value that considers the descriptive features of a brand in which symbols, customers associations, imagery along with perceptions have a vital role. France, Grace, Merrilees and Miller, (2018)also indicated that brand value explains the asset generated by marketingeffort of an organization that can drive future cash flows from the brand sales.

The advantage of a strong brand to business performance is recognised widely in the literature of marketing. Particularly, from the perspective of the Australian food industry, Alnawas and Altarifi (2016) tested the determinants of brand value in the industry and it has been identified that the service quality, service delivery, image signs and symbols are the main factors driving the brand value. In general, brand value has three significant determinants, which include perceptions of the customers, positive or negative impact and the resulting output. Firstly, Gözükara andÇolako?lu, (2016) also elaborated that the consumer perceptions help in developing brand value that take into consideration knowledge as well as experience with a brand and its products. The perception that a customer segment possesses about a brand leads to either positive or negative effects. When there is positive brand value, the organization, its products and financials could be benefitted and the situation is vice-versa in case of negative brand value.

Finally, these effects could have either tangible or intangible value (Ahmed& Ibrahim, 2017). With a positive effect, there is realization of tangible value due to the rise in profits and revenues. On the other hand, in case of negative effect, there would be negative tangible or intangible value. For instance, if the customers are willing to incur more for a general product rather than incurring the same on a branded one, the organization is said to possess negative brand value. This might occur; in case, an organization has a significant product recall or causes a broadly publicized environmental disaster.

A general instance of a situation, in which brand equity is significant, is when an organization intends to diversify its product line. In case; the brand value is positive, the organization could raise the chance that the customers might purchase its new products by relating the new product with a current and successful brand (Anisimova, 2016). For instance, if McDonald’s Australia releases a new burger, the organization is probable to keep the same under the same brand name, instead of inventing a new brand. Quinton and Wilson, (2016) revealed the positive relationship between the customers and McDonald’s would enable in making the product highly enticing than if the soup has a brand name that is not familiar.

Research questions

Therefore, it could be said that brand value determinants are the significant indicators of business strength and performance, particularly in the public markets. Many often organizations in the same industry are involved in competing on brand equity. For instance, according to an EquiTrend survey carried out on 14^th July 2016 found that the Home Depot has been the number one hardware organization in relation to brand equity (Abedin, 2016). The second position was taken by Lowe’s Companies Inc and the Ace Hardware Corporation has scored below average. A significant element of brand value in the hardware environment is the perception of the customers regarding the strength of e-commerce business of an organization. In this category, the Home Depot is the leader in the sector. Moreover, Groeger, Moroko&Hollebeek (2016) also explained that along with e-commerce, the popularity of the products of the Home Depot was the highest and this has enabled the organization to penetrate into the industry further and raise its equity.

The conceptual framework indicted above explained the relationship between business performance, brand valueand its related aspects such as quality sales volume, price and investment on brand marketing. It is gathered from the conceptual framework that in the concept of brand value is deemed to be an asset that can be sold or attained at a particular price. These reasechers also stated that the brand value needs to be measured formally but looking for a specific measure of financial performance along with silver metric indicator serves as a misleading initiative. Some reasechers such as Gözükara and Çolako?lu, (2016) also indicated that organizational resources can increase additional value to its stakeholders if the brand management is employed successfully and exploited. Moreover, increasing expenses of the promotional activities along with increased costs of attainingandsustaining new customers. From analysis of the conceptual framework it is also claimed that the complex nature of branding research needs wider understanding of process like brand value as well as its associateddeterminants (Groeger, Moroko & Hollebeek, 2016). the consumer perceptions help in developing brand value that take into consideration knowledge as well as experience with a brand and its products.When there is positive brand value, the organization, its products and financials could be benefitted and the situation is vice-versa in case of negative brand value. Analysis of the brand value along with its effect of organizational performance can be analyzed from two perspectives that includes the company and the consumers. It is also analyzed from the conceptual framework that brand value has an important role in an organization’s marketing mix strategies and its wealth generation capabilities.

Problem statement

The research will carry out correlation analysis on the selected variables (dependent: organization performance and independent: brand value aspects such as Investment on brand marketing, quality sales volume and price). Relevant data needed for data analysis will be gathered from secondary sources of data including the various articles, journals, documents, internet websites, etc. (Kim, Lloyd& Cervellon, 2016). The research, being secondary will include the various secondary sources from which the data and information relevant to the research topic shall be obtained for conducting the research effectively (Möller& Halinen, 2018). The independent and dependent variables are the brand value and business performance respectively, which will be linked together by assessing the various secondary data sources to gain insight about how the positive brand value can enhance the business performance. The data analysis can further manage relationship among the dependent and independent variables by observing significance scores that will be evaluated through analysis of secondary data. Annual report of these selected companies will also be analyzed in observing their performance based on their brand value marketing strategies implemented each year.

According to the research, the secondary data collection has been prioritised and various secondary sources are already assessed to obtain relevant data and information related to the research topic. The annual reports of various companies are evaluated to find out the sustainability scores and ROI to assist the researcher in conducting the research properly. The annual reports will also consist of information and data regarding the change in revenue structure over a certain time period, profit level achieved and brand value that impacts the business performance (Möller &Halinen, 2018). The company websites will also be checked to derive the necessary data and information required for further analysis during the research. With the help of these secondary data, the researcher can link the dependent and independent variables to accomplish the research goals and generate good outcomes in the end.

The secondary data obtained from the sources will be analysed through the utilisation of visual materials and even verbal tools, which can maintain accurate data that will be authenticated and validated too. Another major technique for analysing the secondary data could be the thematic analysis that should evaluate the data patterns and interpret the data analysis results to describe the research phenomenon. The analysis of financial data will be possible by deriving statistical data considering the financial aspects of business from the annual reports (Warren & Gibson, 2017). It can maintain the accuracy and validity of data that shall be obtained and analysed to interpret the results effectively.

References

Abedin, B. (2016). Diffusion of adoption of Facebook for customer relationship management in Australia: An exploratory study. Journal of Organizational and End User Computing (JOEUC), 28(1), 56-72.

Ahmed, A., & Ibrahim, M. (2017). Business Value of Facebook: A Multiple Case Study from a Developing Country. Pacific Asia Journal of the Association for Information Systems, 8(4).

Alnawas, I., &Altarifi, S. (2016). Exploring the role of brand identification and brand love in generating higher levels of brand loyalty. Journal of vacation marketing, 22(2), 111-128.

Anisimova, T. (2016). The effects of corporate brand symbolism on consumer satisfaction and loyalty: Evidence from Australia. Asia Pacific Journal of Marketing and Logistics, 28(3), 481-498.

Boukis, A., Gounaris, S., & Lings, I. (2017). Internal market orientation determinants of employee brand enactment. Journal of Services Marketing, 31(7), 690-703.

Branigan, E., &Mitsis, A. (2014). Reach for Generation Y: using celebrity endorsement to communicate about nonprofit causes with young people in Australia. International Journal of Nonprofit and Voluntary Sector Marketing, 19(4), 314-321.

de Mooij, M. (2015). Cultural marketing: Maximising business effectiveness in a multicultural world. Journal of Cultural Marketing Strategy, 1(1), 11-18.

France, C., Grace, D., Merrilees, B., & Miller, D. (2018). Customer brand co-creation behavior: conceptualization and empirical validation. Marketing Intelligence & Planning, 36(3), 334-348.

Gözükara, ?., &Çolako?lu, N. (2016). A Research on Generation Y Students: Brand Innovation, Brand Trust and Brand Loyalty. International Journal of Business Management & Economic Research, 7(2), 603-611.

Groeger, L., Moroko, L., &Hollebeek, L. D. (2016). Capturing value from non-paying consumers’ engagement behaviours: field evidence and development of a theoretical model. Journal of Strategic Marketing, 24(3-4), 190-209.

Kim, J. E., Lloyd, S., &Cervellon, M. C. (2016). Narrative-transportation storylines in luxury brand advertising: Motivating consumer engagement. Journal of Business Research, 69(1), 304-313.

Möller, K., &Halinen, A. (2018). IMP thinking and IMM: Co-creating value for business marketing. Industrial Marketing Management, 69, 18-31.

Quinton, S., & Wilson, D. (2016). Tensions and ties in social media networks: Towards a model of understanding business relationship development and business performance enhancement through the use of LinkedIn. Industrial Marketing Management, 54, 15-24.

Warren, A., & Gibson, C. (2017). Subcultural enterprises, brand value, and limits to financialized growth: The rise and fall of corporate surfing brands. Geoforum, 86, 177-187.

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