NATIONAL ECONOMICS UNIVERSITYBUSINESS SCHOOL FACTORS AFFECTING THE BRAND EQUITY OF HAI HA CONFECTIONERY JOINT STOCK COMPANY Bachelor of Business Administration in English E-BBA Thesis St
INTRODUCTION
RESEARCH RATIONALE
Vietnam’s confectionery industry has experienced consistent growth driven by economic development and population increase, making it one of the most stable and fastest-growing sectors in the country The market features a diverse range of products, packaging, and designs, supplied nationwide, with Vietnamese brands like Kinh Do, Trang An, Bibica, and Hai Ha Kotobuki establishing a strong presence domestically and in export markets through their high-quality offerings Additionally, international confectionery companies from China, France, and Indonesia are increasing their market share, intensifying industry competition Domestic brands are gaining recognition by offering a variety of quality products that cater to Vietnamese tastes, despite fierce rivalry from both local and foreign competitors As consumer preferences become more sophisticated and discerning, companies must focus on effective branding strategies that communicate product value and differentiate their offerings—not just based on price and quality, but also on perceived brand worth This evolving landscape underscores the importance of building strong brand identities to attract and retain customers in a competitive market.
A strong brand is crucial for the success of manufacturers and businesses in a competitive market, as it helps develop and sustain competitive advantages while boosting sales and market share (Hankinson & Cowking, 1996) Limited resources often require companies to carefully select brand-building strategies that influence customer purchasing decisions, a challenge especially for confectionery businesses The confectionery industry is highly competitive and faces pressures from industry integration, which can cause companies to prioritize survival over long-term strategic growth.
On the other hand, confectionery is not an essential human need, so the consumption of confectionery products is highly dependent on the people's income.
Consumers are increasingly health-conscious and hesitant to consume sugary products, prompting Hai Ha Confectionery to focus on offering high-quality, diversified products that cater to various customer tastes Currently, the company's reliance on commercial loans has limited its ability to effectively implement marketing strategies, with the absence of an independent Marketing Department hindering brand development, new product launches, and market research Therefore, understanding the factors that influence Hai Ha’s brand equity is crucial for developing effective business strategies, strengthening brand positioning, and supporting the company's marketing efforts This research aims to analyze these factors, providing valuable insights for Hai Ha Confectionery and industry managers aiming to enhance overall brand value.
Ha Confectionery Joint Stock Company" to help businesses understand more about the role of these factors and measure the impact of them on brand equity.
RESEARCH OBJECTIVES
This thesis aims to identify the key factors influencing the brand equity of Hai Ha Confectionery Joint Stock Company By analyzing these factors, the study seeks to develop effective strategies for building and enhancing the company's brand value Strengthening brand equity is essential for Hai Ha Confectionery to improve market competitiveness and increase consumer loyalty The research findings will provide actionable insights to optimize brand promotion and ensure sustainable growth for the company.
To achieve this overall goal, the study is based on the following specific objectives:
- Review theories on brand equity to select the most appropriate model of brand equity to identify the main factors affecting the brand equity of Hai Ha Confectionery.
- Measure the impact of each factor on brand equity of Hai Ha Confectionery.
- Recommend some solutions to enhance the brand for Hai Ha ConfectioneryJoint Stock Company.
RESEARCH QUESTIONS
The aim of this research will answer these following questions:
- What are the factors affecting the brand equity of Hai Ha Confectionery Joint Stock Company?
- How do these factors affect the brand equity of Hai Ha Confectionery Joint Stock Company?
- How to build and develop the brand equity of Hai Ha Confectionery JointStock Company?
RESEARCH SCOPE
This research examines the key factors that contribute to the brand equity of Hai Ha Confectionery Joint Stock Company, as perceived by customers in the Hanoi area The study highlights how customer perceptions, product quality, and brand loyalty significantly influence the company's brand strength Understanding these factors can help Hai Ha Confectionery strengthen its market position and enhance customer satisfaction Overall, the assessment provides valuable insights into the drivers of brand equity for Hai Ha Confectionery in a competitive confectionery market.
+ Primary data: from November 2019 to December 2019.
+ Solution applying time: from January, 2020.
RESEARCH STRUCTURE
Chapter 2: Theoretical framework of factors affecting the brand equity of Hai
Ha Confectionery Joint Stock company
Chapter 4: Factors affecting the brand equity of Hai Ha Confectionery Joint
Chapter 5: Solutions for enhancing brand equity of Hai Ha Confectionery Joint
THEORETICAL FRAMEWORK OF FACTORS
OVERVIEW OF BRAND AND BRAND EQUITY
Today, there are hundreds of books and many scholars around the world who have come up with different definitions of brands As follows:
According to the American Marketing Association, a brand is a name, term, design, symbol, or any feature that distinguishes a seller’s goods or services from competitors The legal term for a brand is trademark, which can identify a single product, a group of related products, or an entire company's offerings When referring to the overall business identity, the preferred term is trade name Effective branding helps businesses stand out in the market and build brand recognition.
A brand is more than just a component of a product, such as colors, fonts, logos, or slogans; it encompasses the overall image and identity of the company In today’s competitive market, a brand represents the attributes that differentiate a company's products from competitors and convey the value customers seek The core of a brand is the company's image, which reflects its values and goals, extending beyond visual elements to include the deeper perception and reputation of the enterprise Therefore, a successful brand communicates the company’s essence and aligns every aspect of its identity with its mission and objectives.
In today's world, the concept of a brand has transformed the approach to business and marketing globally In Vietnam, branding is initially adopted by professionals in the consumer products industry to establish market presence Understanding the various definitions from organizations, industry experts, and leading branding authorities provides valuable insights into the true essence of a brand.
Philip Kotler, the founder of modern marketing, defines a brand as a name, term, sign, symbol, or design—or a combination of these—that identifies and differentiates a seller’s goods and services from competitors Whenever marketers develop a new name, logo, or symbol for a product, they are effectively creating a new brand that helps establish product recognition and brand identity in the marketplace.
According to Nicolino (1996) "A brand is a defining entity that creates its own value commitments."
AI Ries (1981) asserted that: “A brand is a singular idea or concept that you own inside the mind of a prospect” - “Positioning – the battle for your mind”.
David Aaker said in the book “Building Strong Brands”: “A brand is the proprietary visual, emotional, rational and cultural image that you associate with a company or aproduct”
A brand encompasses all visual elements, materials, aesthetics, and emotional connections associated with a product or product line According to Moore (2003), it includes the product itself, name, logo, and overall imagery, all of which are strategically crafted to resonate with consumers Over time, a brand is firmly established in the minds of consumers, creating a strong foothold that influences their perceptions and purchasing decisions Effective branding involves building a cohesive identity that combines visual and emotional elements to foster brand recognition and loyalty.
A brand as an organization, service, or product is shaped by consumer perceptions, meaning customers play a key role in creating its personality Designers can only lay the foundation for a brand; the actual brand personality is built by consumers A brand is an intangible yet valuable business asset, comprising various factors and achievements accumulated over time It serves as a reputation guarantee that can drive potential profits, highlighting its importance in business success.
2.1.2 Function of brand a) Market segmentation
Market segmentation, based on factors like gender, geography, income, and interests, enables businesses to develop targeted strategies that leverage their strengths and potentials This approach helps in designing products such as packaging and logos that make it easy for consumers to distinguish and recognize the brand Additionally, effective segmentation plays a crucial role in building consumer perception and trust, fostering a strong connection between the brand and its audience.
Brand needs to create an impression, a certain perception (the feeling about luxury, difference, comfort and confidence, ) of customers about products and services
When a brand creates good perception and customer trust, it brings to the company a loyal customer base. c) Orientation function
A brand is a vision for businesses when setting the direction of business’s development, assigning tasks to all employees to act, think and move forward.
In addition to affecting business, brand also impacts on customers, helping customers not to spend too much time in choosing products or services. d) Economic function
A brand is an intangible asset that adds significant value to a business, as its benefits can lead to increased product consumption, higher pricing power, and easier market penetration Although the exact value of a brand is difficult to measure, its influence enhances the company's overall competitive advantage and growth potential Building a strong brand can therefore translate into greater customer loyalty and improved business performance, making it a vital component of a company's strategic asset portfolio.
Building a strong brand is a challenging process that requires significant costs and strategic investment These efforts contribute to developing authentic brand equity, which reflects the true value of the business A well-established brand’s profitability and future growth potential are key factors in determining its overall financial value.
2.1.3 Role of brand a) The role of brand to business
A brand serves as a vital tool for consumers to identify and differentiate products in the market Establishing a well-known brand enhances a company's image and builds a strong reputation, ultimately accelerating sales and boosting business success.
Even without direct interaction between buyers and sellers, brands serve as a vital communication bridge, conveying trust and ensuring product quality This connection functions as a promise or agreement between businesses and consumers, reassuring customers of reliable standards and fostering confidence in their purchases.
A strong brand helps businesses establish clear identification of their products, simplifying product handling and traceability It also offers legal protection for unique features and distinctive designs, safeguarding the company's intellectual property For consumers, a brand serves as a guarantee of quality and authenticity, building trust and loyalty Additionally, brands facilitate easier recognition and selection, enhancing the overall shopping experience and influencing purchasing decisions.
With a famous and reputable brand, when choosing to use, consumers will have confidence in the product, feel secure about the product and become loyal to the product.
Based on their experience with the product and its marketing over the years, customers can identify which brands meet their needs and which do not Consequently, trusted brands serve as an efficient tool to simplify purchasing decisions, helping customers save time and effort in finding the right products.
Brands can reduce customers' perceived risks when purchasing by emphasizing their reputation and trusted track record Customers tend to choose well-known brands that have previously provided positive experiences, increasing confidence and encouraging repeat purchases Highlighting brand trustworthiness and consistent quality can effectively reassure consumers and boost sales.
Therefore, the brand is also an important risk handling tool for customers.”
Brand equity has become as valuable, if not more so, than a company's tangible assets, representing the financial worth customers are willing to pay for a brand or its products and services It serves as a critical indicator of a business’s ongoing income streams and is the key differentiator that determines competitive advantage Strong brand equity guarantees revenue stability and plays a vital role in establishing a company's market position.
There are many different views and assessments about factors affecting the brand equity However, let me summarize some of the concepts that are common today.
MEASURING FACTORS AFFECTING THE BRAND EQUITY OF
HA CONFECTIONERY JOINT STOCK COMPANY
This article reviews both international and domestic research models to establish the most accurate framework for analyzing brand equity By examining existing studies, the author aims to develop a tailored research model specifically for Hai Ha Confectionery Joint Stock Company Incorporating insights from proven models ensures a comprehensive understanding of brand equity, guiding effective strategies for the company's branding efforts.
2.2.1 Foreign research: a) Model of Aaker (1996)
Aaker (1996) built a brand equity model with 4 elements: (1) Brand awareness,
Aaker's brand equity theory emphasizes the importance of brand associations, perceived quality, and brand loyalty as key components for building a strong brand This model provides a valuable framework for brand management and development, serving as a foundational doctrine used by researchers and industry professionals to enhance brand value and sustain competitive advantage.
Figure 1 Brand equity model of Aaker
Source: David Aaker (1996) b) Model of Keller (1993)
The brand resonance model was introduced in 1993 by renowned brand researcher Kevin Lane Keller, gaining widespread recognition and application in branding strategies According to Keller, "brand equity is a different effect of brand knowledge on consumers’ reaction to brand marketing activities," highlighting the importance of brand awareness in shaping consumer responses This framework enables managers to leverage marketing tools to enhance brand equity by strengthening the brand image in customers' minds Keller’s model has also paved the way for more in-depth studies on brand equity and the development of effective measurement methods.
Figure 2 Brand equity model of Keller
Source: Keller (1993) c) Model of Eda Atilgan, Safak Aksoy and Serkan Akinci (2005)
The study titled “Determinants of Brand Equity: A Verification Approach in the Beverage Industry in Turkey” examines four key elements influencing brand equity, including brand loyalty, brand awareness, perceived quality, and brand associations The research found that brand loyalty is the most significant determinant of brand equity, while perceived quality, brand awareness, and brand associations have limited impact individually Despite this, analysis of the relationships between these factors reveals a notable correlation among all four, indicating their interconnected influence within the brand equity model.
Figure 3 Brand equity model of Eda Atilgan, Safak Aksoy and Serkan Akinci
Source: Eda Atilgan, Safak Aksoy and Serkan Akinci (2005)
2.2.2 Domestic research: a) Model of Nguyen Dinh Tho & Nguyen Thi Mai Trang (2002)
In their 2002 study on factors affecting brand equity in Vietnam's consumer goods market, Nguyen Dinh Tho and Nguyen Thi Mai Trang proposed a comprehensive model emphasizing four key elements: brand awareness, brand passion, perceived quality, and promotion attitude These factors collectively influence consumer perceptions and play a vital role in strengthening brand equity within the Vietnamese market Understanding and measuring these elements are essential for businesses aiming to enhance their brand value and competitiveness locally.
The testing results indicate that the four components of brand equity are highly interconnected, with consumer passion driven by brand loyalty and desire Brand awareness serves as a foundation for both brand passion and perceived quality, while promotional attitudes influence perceived quality and awareness Additionally, perceived quality significantly impacts brand passion Overall, consumers' perception of quality is crucial in building strong brand equity, providing valuable insights for managers to develop more effective branding strategies in the Vietnam market.
Figure 4 Brand equity model of Vietnam’s consumer goods market
Source: Nguyen Dinh Tho & Nguyen Thi Mai Trang (2002) b) Model of Le Dang Lang (2014)
Research model on brand equity in the beverage industry implemented by Le Dang Lang in 2014 including: brand awareness, brand association, perceived quality and brand loyalty.
Higher brand awareness enhances brand associations, while increased perceived quality fosters stronger brand loyalty These findings highlight a strong link between components of brand equity, explaining why well-known brands are often trusted by consumers When consumers perceive a product as high quality, their loyalty to the brand is likely to grow, reinforcing the importance of building both brand awareness and perceived quality for long-term success.
Figure 5 Brand equity model of beverage industry
PROPOSED RESEARCH MODEL
To make a suitable research model for the topic, the author conducted a review of the relevance of the reference model
Table 1 Factors affecting the brand equity in previous researches
Eda Atilgan, Safak Aksoy and Serkan Akinci (2005)
After developing a comprehensive statistical table and assessing the models based on key brand equity components, the author systematically analyzed and evaluated each option to identify the most suitable model This careful selection process aimed to establish an effective research framework for understanding brand equity drivers, ensuring the chosen model aligns with best practices in brand management and marketing effectiveness.
Many research models of brand equity focus on customer perceptions, with Aaker's model being one of the most widely accepted and comprehensive This model has been validated in numerous studies, such as Yoo et al (2000) in the technology sector and Kim & Kim (2004) in the restaurant industry Aaker's brand equity framework identifies four key factors: brand awareness, perceived quality, brand associations, and brand loyalty, which collectively influence a brand's value and market performance.
Keller's (1993) brand equity model highlights two primary factors: brand awareness and brand image, both of which encompass numerous sub-elements These include brand strength, brand associations, and brand personality, among others Branding itself comprises various components such as attributes, benefits, and consumer attitudes, each containing additional sub-factors, making it complex to measure and analyze effectively.
- Two models of Eda Atilgan, Safak Aksoy and Serkan Akinci (2005) and Le Dang Lang (2014) are also based on Aaker's brand equity research model including
4 factors: brand awareness, brand associations, perceived quality and brand loyalty.
The model developed by Nguyen Dinh Tho and Nguyen Thi Mai Trang (2007) emphasizes four key factors: brand awareness, brand passion, perceived quality, and promotion attitude This framework serves as a foundational tool for managers to design more effective branding strategies tailored to the Vietnam market By focusing on increasing brand awareness and passion, while highlighting perceived quality and adopting a positive promotion attitude, businesses can strengthen their market position Implementing this model enables brands to better understand consumer behavior and enhance overall brand engagement in Vietnam.
Based on extensive global and national research, four key elements have been identified as influential to the brand equity of Hai Ha Confectionery Joint Stock Company: (1) Brand awareness, (2) Brand associations, (3) Perceived quality, and (4) Brand loyalty These factors form a comprehensive model that explains how customer perceptions and recognition impact the company's brand value To elucidate this model, I will analyze each factor in detail and propose hypotheses to support my research on enhancing brand equity.
Figure 6 Model of factors affecting the brand equity of Hai Ha Confectionery
In today's media-rich environment, building customer awareness is essential for brand success Aaker (1991) describes brand awareness as the potential buyer’s ability to recognize and recall a brand within a specific product category Keller (2003) emphasizes that brand awareness involves consumers’ capacity to distinguish a brand’s name, image, or symbol in various contexts Nguyen Dinh Tho highlights that brand awareness is the consumer's ability to identify and differentiate a brand’s characteristics among competitors Higher levels of brand awareness lead to greater familiarity and reputation, increasing the likelihood of consumer choice and influencing purchasing decisions.
H1: Brand awareness has a significant positive effect on brand equity
Brand association refers to anything linked in memory to a brand, playing a crucial role in shaping brand perception (Aaker, 1991) These associations are stored either directly or indirectly in customers' minds and are closely tied to the brand's overall equity (Aperia, 2004) According to Keller, effective brand associations can significantly influence consumer behavior and establish a strong brand identity.
Brand image, as defined by Keller (1993), is reflected in brand awareness and is shaped by the brand associations stored in customers' minds These brand associations are created through connections with customers' attitudes, attributes, and interests, which collectively enhance the brand's perception and recognition in the market.
Brand associations play a crucial role in creating value for both the company and its customers by distinguishing and positioning the brand, ultimately reflecting the product’s characteristics (Jalilvand et al., 2011) These associations can attract potential customers who seek specific physical features or emotional connections with a brand Strong brand associations bolster brand equity by shaping a distinct brand image, leading to higher customer loyalty and positive perceptions (Yasin et al., 2012) In essence, high brand equity is characterized by customers holding strong, positive associations with the brand, which enhances its market value.
H2: Brand associations have a positive impact on brand equity
Perceived quality is defined as customers' perception of the overall quality or superiority of a product or service in relation to its intended purpose compared to alternatives (Aaker, 1991) High perceived quality influences brand equity by fostering positive brand assessments, which are essential for building customer trust and loyalty (Farquhar, 1989) It provides customers with a compelling reason to choose a brand, helps differentiate it from competitors, and supports market expansion across multiple product lines Consequently, perceived quality is a critical component of brand equity, underscoring its importance in developing strong brand value and competitive advantage.
H3: Perceived quality has a positive impact on brand equity
Brand loyalty is a psychological response and behavior that reflects a customer's commitment to a brand, characterized by positive attitudes and repeat purchases (Jacoby & Kyner, 1973) It signifies trust, the intention to buy again, and the willingness to recommend the brand to others, making it a vital component of brand equity (Chaudhuri, 1999) High levels of brand loyalty indicate strong customer engagement, resulting in less likelihood of switching to competitors solely due to price, and often lead to increased purchase frequency (Bowen & Shoemaker, 1998).
Loyal customers significantly contribute to a company's success by recommending products to others, enhancing brand reputation and expanding the customer base Recognizing the importance of brand loyalty, the fourth hypothesis emphasizes that strong customer loyalty leads to increased word-of-mouth promotion and long-term business growth (Assael, 1995).
H4: Brand loyalty has a significant positive effect on brand equity.
DIMENSIONS AND CONSTRUCTS TO MEASURE BRAND
Table 2 Factors affecting the brand equity in previous researches
I have an opinion about this brand Aaker (1996)
Manager of Hai Ha Confectionery Joint Stock Company
I know what this brand stands for
I can recognize products of this brand
I can identify this brand and their products among other competitors
Perceived value + This brand provides good value for the money
+ There are reasons to buy this brand over
Personality + This brand has a personality + This brand is interesting
+ I have a clear image of the type of person who would use the brand
In comparison to alternative brands, this brand is the best
In comparison to alternative brands,this brand has high quality
In comparison to alternative brands, this brand has consistent quality
Manager of Hai Ha Confectionery Joint Stock Company
Satisfaction/loyalty (among those who have used the brand)
+ I was delighted with the product or service during my last use experience + I would buy the brand on the next opportunity
+ The brand is the only that I buy and use
+ I would recommend the product or service to others
RESEARCH METHODOLOGY
RESEARCH PROCESS
DATA COLLECTION
Based on two sources which are secondary data and primary data.”
This article compiles internet-based data on research topics related to brand equity, including information, articles, and previous studies from both domestic and international sources It aims to establish a comprehensive theoretical framework by analyzing the key factors that influence brand equity Understanding these factors is essential for developing effective branding strategies and enhancing brand value in a competitive global market.
Key data on brand perception will be gathered through in-depth interviews and customer surveys targeting users of Hai Ha Confectionery Joint Stock Company's products The survey employs a Likert 5-point scale, allowing respondents to effectively evaluate and rate the company's brand equity This approach ensures comprehensive insights into customer attitudes and strengthens understanding of the brand's market position.
This study employed in-depth interviews to gather insights from experienced managers specializing in marketing and branding These professionals are well-versed in their fields, possessing comprehensive knowledge of their brands and companies As key decision-makers, they directly oversee and influence employee activities, making their opinions valuable for understanding effective marketing and branding strategies.
Interview method: The author interview directly face-to-face with the respondents at their workplace.
The interview process was structured into three key sections: gathering general information about the respondents, exploring their opinions on the current recruitment and selection processes at Hai Ha Confectionery Joint Stock Company, and obtaining their evaluations of existing issues Additionally, interviewees provided valuable recommendations aimed at enhancing the company's brand equity This comprehensive approach offers deep insights into the company's HR strategies and brand positioning.
+ Ms Bùi Thị Thanh Hương, General Manager of Hai Ha Confectionery Joint Stock Company
+ Mr Nguyễn Thành Trung, Manager of Market Planning Department of Hai
Ha Confectionery Joint Stock Company
Online surveys using Google Forms target individuals living and working in Hanoi who have experience with Hai Ha Confectionery Joint Stock Company's products, providing valuable data for market analysis and customer insights.
Survey respondents: People who have been using the products of Hai Ha
Sample size: 135 questionnaires had been distributed to current customers of
Hai Ha Confectionery Joint Stock Company collected a total of 128 valid questionnaires through printed forms Seven questionnaires were deemed invalid and excluded from the analysis due to respondents providing uniformly neutral or high ratings (all 3 or 5 marks) without clear rationale, or indicating they had not previously used Hai Ha Confectionery products.
Questionnaire design: Questionnaire evaluates brand equity to customers using the product.
There are three main parts:
Part 1: Refinement questions to select customers who have been using the products of Hai Ha Confectionery Company for further survey.
Part 2: Questions about factors affecting the brand equity of Hai Ha Confectionery Company.
Part 3: Question to collect some basic information about customers.
In this study, the author used the identification scale to identify factors affecting the brand equity and the LIKERT scale to measure the impact of factors on customers.
The LIKERT scale used in this study is a LIKERT scale of 5 points:
The higher the score, the more sympathy the customer is with Hai Ha Confectionery brand The lower the score, the lower the customer satisfaction for Hai Ha Confectionery.
Chapter 2 highlights the key factors influencing brand equity from a customer perspective, based on Aaker's research model These factors include four core components: Brand Awareness, Brand Associations, Perceived Quality, and Brand Loyalty, each encompassing multiple observed variables In total, the model identifies 18 variables that collectively shape consumer perceptions and loyalty, emphasizing the importance of these elements in building strong brand equity.
I know about Hai Ha Confectionery brand BA1
I can identify Hai Ha Confectionery brand and their products among other competitors BA2
I can recognize Hai Ha Confectionery’s products BA3
I can recognize the logo of Hai Ha Confectionery brand BA4
When it comes to Hai Ha Confectionery brand, I can easily imagine some characteristics of it AA1 The image of Hai Ha Confectionery is unique compared to competing brands AA2
Hai Ha confectionery brand is constantly innovating to meet the image needs AA3
Products of Hai Ha Confectionery is worth of money AA4
Products of Hai Ha Confectionery have high quality PQ1 Products’ quality of Hai Ha confectionary brand is very consistent PQ2
Products of Hai Ha Confectionery are safe and reliable PQ3
Hai Ha Confectionery brand will be my first choice BL1 Hai Ha Confectionery brand is the only that I buy and use BL2
I was delighted with the product during my last use experience BL3
I am willing to buy products of Hai Ha Confectionery with a higher price than similar products of other brands
I am willing to recommend Hai Ha confectionery brand to others BL5
Hai Ha Confectionery brand is very prestigious, is trusted and chosen by many people BE1
I want to use the products of the Hai Ha confectionery brand instead of other brands even if they have similar products and the same quality
The author personally visits the company's confectionery counters daily to hand-deliver products to customers, ensuring a personalized shopping experience Additionally, they actively engage with customers by conducting online surveys through Facebook fan groups and smart consumer communities These efforts help gather valuable feedback, improve product offerings, and strengthen customer relationships, ultimately enhancing overall customer satisfaction and loyalty.
DATA ANALYSIS
To understand the factors influencing Hai Ha Confectionery Company's brand equity, the study assesses the significance of these factors using Cronbach's Alpha reliability test, exploratory factor analysis (EFA), and multiple linear regression analysis, all conducted with SPSS statistical software This comprehensive approach ensures accurate identification of key determinants affecting brand strength.
Cronbach's Alpha is a valuable tool for verifying the reliability of each scale in a study During Reliability Analysis, variables that decrease Cronbach's Alpha are identified and removed to enhance the overall reliability This process ensures that the remaining variables more accurately and clearly represent the underlying general concept, leading to more valid and consistent measurements.
Exploratory Factor Analysis (EFA) effectively consolidates and summarizes large, related datasets by grouping variables into key underlying factors In this study, variables were organized into related groups to identify the main influences on brand equity The Principal Component method with Varimax rotation was employed for factor extraction, stopping when Eigenvalues reach 1 Factors with loadings below 0.50 were excluded to ensure reliability The data scale was deemed acceptable as the cumulative variance explained by the factors exceeded 50%.
The scale is analyzed using multiple linear regression to evaluate the impact of selected factors on brand equity, with the number of factors serving as input variables Additionally, the Independent-Samples T-test and One-way ANOVA are employed to assess how qualitative variables influence the key factors identified for improving brand equity These statistical methods provide insights into the relationship between customer perceptions and brand strength, guiding targeted strategies for brand enhancement.
FACTORS AFFECTING THE BRAND EQUITY OF HAI
OVERVIEW OF HAI HA CONFECTIONERY JOINT STOCK COMPANY
Headquarters: No 25-27 Truong Dinh Street, Hai Ba Trung District, Ha Noi City Employees: 1364
Email: info@haihaco.com.vn
Web address: www.haihaco.com.vn
4.1.1 Development history of the company
Hai Ha Confectionery Joint Stock Company, also known internationally as HAIHACO, was founded on December 25th, 1960 Over 58 years of dedicated growth, it has evolved from a small sauce factory into one of Vietnam’s largest and most established confectionery enterprises With a workforce of over 1,300 employees, the company operates six departments, five manufacturing facilities, and maintains three branches in Bac Ninh, Viet Tri, Nam Dinh, Ho Chi Minh City, and Da Nang, solidifying its position as a leading player in Vietnam’s confectionery industry.
In January 2004: The company was transformed into a joint stock company with an initial charter capital of VND 36.5 billion, of which 51% is state capital and 49% is capital of employee.
On December 9th, 2004, the Ministry of Industry (now the Ministry of Industry and Trade) made a decision to transfer the management of the State's capital in the company to the Vietnam Tobacco Corporation, marking a significant step in the restructuring of state-owned enterprises.
On November 8 th , 2007: The company was approved to list shares at HanoiStock Exchange of the Director of Hanoi Securities Trading Center and officially traded from 20 th November 2007.”
In July 2016: The company completed the issuance of shares to increase its charter capital to 164.25 billion VND.
In 2017, the company successfully relocated its entire production facility from Hanoi to Bac Ninh, ensuring minimal disruption by prioritizing quality, progress, and labor safety throughout the process During the relocation, two new production lines were installed to enhance manufacturing capacity Today, the new factory operates stably and efficiently, resulting in increased output and improved product quality, supporting the company's growth and market competitiveness.
In 2017, the Vietnam Tobacco Corporation underwent a significant organizational change by divesting all state capital and transitioning into a fully private joint-stock company This strategic shift marked a major transformation in the company's structure, enabling greater operational flexibility and private sector investment The move aimed to enhance competitiveness and align the company with modern corporate practices, reflecting Vietnam’s broader privatization efforts in the industry.
In 2018, the Company reached the revenue of VND 1,000 billion, marking a new breakthrough and growing strongly on all indicators of profit, output, export sales and average income of employees
4.1.2 The organizational structure of the company
Central branch Southern branch Confectionery Hai Ha
Chairman of Board Lê Mạnh Linh
Board Member Vũ Thị Thúy
Board Member Bùi Thị Thanh Hương
Board Member Nguyễn Mạnh Tuấn
Head of Control Committee Nghiêm Khắc Đạt
Control member Đoàn Thùy Dương
Chief of Executive Officer Bùi Thị Thanh Hương
Director of Finance Tăng Minh Vương
Chief Accountant Đinh Thị Lan Anh
The General Meeting of Shareholders, as the highest authority of the company, is responsible for making key decisions in accordance with the Enterprise Law and the Company’s Charter It approves the company's long-term investment policies, determines the capital structure, and elects the regulatory authorities Additionally, it oversees the company's manufacturing operations to ensure alignment with strategic objectives.
The Board of Management serves as the company's regulatory authority, holding full powers to execute rights and responsibilities not assigned to the General Meeting of Shareholders It guides company policies and oversees the implementation of shareholder decisions by establishing policies and resolutions tailored to the company's current production and business conditions.
- Supervisory Board: elected by the General Meeting of Shareholders, on behalf of shareholders to control all business activities, management and administration of the company.
- Executive Board: appointed by the Board of Directors, including General
The General Director, who reports to the Board of Directors, is responsible for overseeing all daily company operations and making key decisions The Deputy General Director and Chief Accountant are appointed by the Board of Directors based on the General Director's recommendations, ensuring proper management and financial oversight within the organization.
- Departments in the organizational structure of the company:
Efficient office management involves strategically arranging and distributing workload among staff, and developing comprehensive plans for managers and technical personnel across the company This includes establishing competitive salary structures, bonus schemes, and insurance policies to ensure employee satisfaction and retention Additionally, overseeing construction activities, administration, cafeteria services, healthcare, and transportation operations is essential for maintaining smooth and productive organizational functions.
+ Financial Accounting Department: collecting, processing and providing information about finance - accounting for the General Director and the Board of Directors of the Company to serve the management better.
The Market Planning Department is responsible for strategizing production and business initiatives, analyzing market trends, and ensuring effective alignment between planning and execution They organize comprehensive marketing activities spanning from production to consumer delivery, manage and expand the Haiha Bakery store network, and focus on researching and developing new investment opportunities and innovative product programs to drive growth.
+ Materials Department: has the function of forecasting supplies demand, balancing procurement plan, signing material procurement contract and monitoring contract performance.
The Technical Department is responsible for researching and testing new products, ensuring the technical efficiency of the production line, and maintaining factory equipment and material facilities They oversee quality control by monitoring product standards, implementing technical regulations during manufacturing, and verifying causes and solutions for unqualified products Their role is essential in maintaining high product quality and optimizing material consumption for each product type.
4.1.3 Vision – mission and the core values of the company
“- Developing and improving HAIHACO brand, associating with joint ventures in domestic and foreign enterprises in order to bring the company's brand to a strong domestic and regional brand.
- Businesses need to continue promoting development to not only maintain their position but also to target the market for high-income earners.
HAIHACO is committed to investing in equipment renewal and developing new product lines to meet evolving market demands The company prioritizes technological innovation to stay ahead in Vietnam's confectionery industry By continuously enhancing its offerings, HAIHACO aims to maintain its position as a leading enterprise in the sector, ensuring long-term growth and competitiveness.
- Strengthening the management system, developing human resources, attracting a skilled labor force, constantly improving working conditions and welfare regimes for employees.”
“- People are an invaluable source and strength of HAIHACO.
- Solidarity, cooperation in work, high discipline, industrial style are the core value, tradition and culture of HAIHACO.
- The best quality of products and services constantly improved, meeting customer requirements.
- Profit is the vital requirement of the existence and growth of HAIHACO.
- Social responsibility is the motto of HAIHACO.”
4.1.4 Operating areas of the company
The main production and business activities include:
- Producing and trading in confectionery and food processing.
- Import and export: raw materials, machinery, specialized products, consumer goods and other goods.
- Investing in construction, leasing offices, houses, commercial centers.
- Running other industries that are not prohibited by law.”
Table 4 Business situation of Hai Ha Company over a period of 3 years
2 Profit before tax Billion VND 42,025 42,257 53,21
3 Equity of the owner Billion VND 327,25 352,3 392,7
In 2018, the Company has not advanced the dividend to shareholders yet The dividend for 2018 will be decided by the 2019 Annual General Meeting of Shareholders.
4.1.5 Strengths and weaknesses of the company
HAIHACO is renowned for owning one of Vietnam's strongest brands, Hai Ha Its confectionery products have been consistently recognised by consumers as "High-quality Vietnamese goods" since 1996 Most recently, HAIHACO was proudly listed among Vietnam's Top 100 Strong Brands, affirming its leading position in the market and commitment to quality.
- HAIHACO brand has been registered for industrial protection in Vietnam and some Asian countries such as China, Laos, Cambodia, Malaysia, Russia, Singapore
HAIHACO offers a diverse and extensive range of high-quality products that consistently meet customer expectations Their products have established a strong market presence since inception, known for their delicious taste and unique characteristics In particular, HAIHACO excels in producing premium candies and muffins, demonstrating their expertise and competitive advantage in these segments.
Building strong relationships with domestic and international raw material suppliers helps ensure a stable supply chain and reduces overall raw material costs As a state-owned enterprise managed by the Ministry of Industry and subsequently privatized through equity reforms, the company boasts a larger capital base compared to its competitors in the confectionery industry, giving it a significant competitive advantage.
4.1.5.2 Weaknesses of HAIHACO a) Weak brand equity
- Currently, the company's capital is mainly commercial loans This has reduced the initiative in implementing the company's marketing strategy.
Hai Ha Confectionery Joint Stock Company has been significantly impacted by the lack of an independent Marketing Department, relying instead on the Market Planning Department to handle brand development, new product launches, and market demand surveys Additionally, the company faces intense competition from foreign confectionery brands, processed confectionery products, and challenges posed by counterfeit and low-quality goods in the market.
As a leading enterprise in Vietnam, HAIHACO's product quality has not yet been confirmed in the international market.
+ Hai Chau Confectionery Company: the company has a similar product to Hai Ha but with a cheaper price, so it has caused some difficulties for Hai Ha.
RESPONDENTS PROFILES
The author spread 150 forms and collect 130 responses, with 128 used for the research analysis.
- 50.8 % respondents is female, equivalent to 65 people
- 49.2 % respondents is male, equivalent to 63 people
Table 5 Sample distributions by gender
Figure 8 Sample distributions by gender
- 18.8 % respondents are below 25, equivalent to 24 people
- 27.3 % respondents are from 25 to 40 years old, equivalent to 35 people (middle-ages)
- 53.9% respondents are over 40 years old, which are 69 people
Table 6 Sample distributions by gender
Cumulative Percent Valid Less than 25 years old 24 18.8 18.8 18.8
The population over 40 years old constitutes the largest age group, demonstrating significant engagement with the services they use These customers actively express their opinions and provide feedback, contributing to the continual improvement of customer satisfaction at Hai Their enthusiasm and input are vital in shaping a better service experience.
Ha Company The least consumers of HAIHACO are young people, which is sensible as they do not have much need for buying confectionery.”
Figure 9 Sample distributions age group
Table show that there are:
- 20.3% respondents have monthly income under VND 3.000.000, equivalent to 26 people
- 25.8 % respondents have monthly income from VND 3.000.000 to 10.000.000, equivalent to 33 people
- 53.9 % respondents have montly income above VND 10.000.000, equivalent to 69 people
Table 7 Sample distributions by gender
Cumulative Percent Valid Less than 3 millions 26 20.3 20.3 20.3
The main population of using products of Hai Ha Company earns more thanVND 10 million per month Middle-high and low-income consumers do not show interests in confectionery.
Figure 10 Sample distributions by income levels
RELIABILITY TESTING AND EXPLANATORY FACTOR ANALYSIS
Table 8 Descriptive analysis for all factors
BA1 I know about Hai Ha Confectionery brand 3.87 1.226 BA2 I can identify Hai Ha Confectionery brand and their products among other competitors
BA3 I can recognize Hai Ha Confectionery’s products 3.53 1.216 BA4 I can recognize the logo of Hai Ha Confectionery brand
From the table above, the average mean of all variables of Brand Awareness is 3.587, which is a high number It means that most consumers are familiar with Hai
Ha Confectionery brand However, Hai Ha brand are not really unique and attractive when standing among products of other brands, which have the lowest mean at 3.36.
AA1 When it comes to Hai Ha Confectionery brand, I can easily imagine some characteristics of it
AA2 The image of Hai Ha Confectionery is unique compared to competing brands
AA3 Hai Ha confectionery brand is constantly innovating to meet the image needs
AA4 Products of Hai Ha Confectionery is worth of money
The data indicates that all Brand Associations variables have low mean scores, reflecting that Hai Ha Confectionery has yet to leave a strong impression on consumers despite brand awareness of HAIHACO Compared to competitors, Hai Ha’s brand image is distinctive yet underwhelming, with the lowest mean of 3.08, highlighting the need for branding innovation Overall, the average mean of 3.337 suggests that the brand’s identity and recognition levels are relatively low, underscoring the importance of strategic branding activities to improve consumer perception.
PQ1 Products of Hai Ha Confectionery have high quality
PQ2 Products’ quality of Hai Ha confectionary brand is very consistent
PQ3 Products of Hai Ha Confectionery are safe and reliable
From the table above, all variables of Perceived Quality have very high means.
HaiHACO’s confectionery products consistently meet customer expectations for quality, ensuring safety and reliability Renowned for their high-quality standards, Hai Ha's products are both trustworthy and reliable, maintaining excellent consistency across all batches With an average rating of 3.423, their products are regarded as being of a significantly high standard, reflecting strong customer satisfaction and confidence.
BL1 Hai Ha Confectionery brand will be my first choice
BL2 Hai Ha Confectionery brand is the only that I buy and use
BL3 I was delighted with the product during my last use experience
BL4 I am willing to buy products of Hai Ha
Confectionery with a higher price than similar products of other brands
BL5 I am willing to recommend Hai Ha confectionery brand to others
The data indicates that all Brand Loyalty variables have very low mean scores, suggesting that customers lack strong loyalty to Hai Ha Confectionery While customers may try HAIHACO products initially, they are unlikely to remain loyal, often switching to other brands for subsequent purchases This low level of brand loyalty highlights a significant challenge for Hai Ha Confectionery in building long-term customer retention.
Hai Ha Confectionery is the preferred brand among consumers, with the statement “Hai Ha Confectionery brand will be my first choice” receiving the highest mean score of 2.89, indicating strong brand loyalty However, the low mean score of 2.34 for “Hai Ha Confectionery brand is the only one I buy and use” suggests that consumers do not exclusively purchase this brand To strengthen customer retention and expand its loyal customer base, Hai Ha Company should develop a long-term strategic plan focused on enhancing brand loyalty and attracting new customers.
4.3.2 Reliability testing on examined dimensions
After collecting survey questionnaires, the author performed a reliability test to ensure data consistency Based on the works of Staler (1995) and Peterson (1994), the reliability of the quantitative data from secondary surveys is measured using Cronbach's Alpha (α) coefficient, which assesses internal consistency and reliability of the survey instruments.
If the value of Cronbach’s Alpha is:
- 0.8 ≤ α ≤ 1.0: Measure scale is very good
- 0.7 ≤ α ≤ 0.8: The data can be used relatively well
- From 0.6 upwards is usable in case of measurement concepts is new or relatively new to respondents
The results of data reliability testing with Cronbach’s Alpha coefficient are shown in the table below:
Table 9 Reliability Testing statistics Dimensions Number of variables Cronbach’s Alpha
4.3.2.1 Reliability testing for Independent Variables
Result of reliability testing of Brand Awareness variable
Table 10 Cronbach’s Alpha of Brand Awareness variable
Scale Mean if Item Deleted
Scale Variance if Item Deleted
Cronbach's Alpha if Item Deleted
Cronbach’s Alpha coefficient = 0.847 > 0.6, the scale has met the requirements
The correlation coefficient of the general variable > 0.3 has no factors excluded
Therefore, the brand awareness factor is qualified and the observed variables of this scale are used for EFA analysis.
Result of reliability testing of Brand Associations variable
Table 11 Cronbach’s Alpha of Brand Associations variable
Scale Mean if Item Deleted
Scale Variance if Item Deleted
Cronbach's Alpha if Item Deleted
Cronbach’s Alpha coefficient = 0.850 > 0.6, the scale has met the requirements
The correlation coefficient of the general variable > 0.3 has no factors excluded
Thus, the brand associations factor is qualified and the observed variables of this scale are used for EFA analysis.
Result of reliability testing of Perceived Quality variable
Table 12 Cronbach’s Alpha of Perceived Quality variable
Scale Mean if Item Deleted
Scale Variance if Item Deleted
Cronbach's Alpha if Item Deleted
Cronbach’s Alpha coefficient = 0.835 > 0.6, the scale has met the requirements
The correlation coefficient of the general variable > 0.3 has no factors excluded
Hence, the perceived quality factor is qualified and the observed variables of this scale are used for EFA analysis.
Result of reliability testing of Brand Loyalty variable
Table 13 Cronbach’s Alpha of Brand Loyalty variable
Scale Mean if Item Deleted
Scale Variance if Item Deleted
Cronbach's Alpha if Item Deleted
Cronbach’s Alpha coefficient = 0.889 > 0.6, the scale has met the requirements
The correlation coefficient of the general variable > 0.3 has no factors excluded
Therefore, the brand loyalty factor is qualified and the observed variables of this scale are used for EFA analysis.
4.3.2.2 Reliability testing for Dependent Variables
Result of reliability testing of Brand Equity variable
Table 14 Cronbach’s Alpha of Brand Equity variable
Scale Mean if Item Deleted
Scale Variance if Item Deleted
Cronbach's Alpha if Item Deleted
Cronbach’s Alpha coefficient = 0.903> 0.6, the scale has met the requirements. The correlation coefficient of the general variable > 0.3 has no factors excluded
Hence, the brand equity factor is qualified and the observed variables of this scale are used for EFA analysis.
The variables which met the requirements of Cronbach's Alpha reliability test were included in the explanatory factor analysis (EFA) From 128 valid responses, the author used SPSS 20 and applied extraction method Principal Component Analysis method and rotation method Varimax Conditions to conduct further analysis are:
- Bartlett Test having significance level ≤ 0.05
Applying a cumulative variance threshold of over 50% typically involves small-scale surveys with fewer than 100 respondents, suitable for basic research models However, for more practical and reliable research outcomes, stricter testing methods are recommended This ensures the validity of results, especially when aiming for a variance level of 0.5.
Table 15 KMO and Bartlett's Test after EFA
Considering KMO and Bartlett’s Testing after EFA, it is apparent that factor analysis of variables is appropriate with KMO coefficient = (0.897) > (0.5)
Bartlett Testing gives p-value (Sig.= 0.000) having statistic meaning
BL4 839 BL2 838 BL1 726 BL5 636 BL3 619
Extraction Method: Principal Component Analysis.
Rotation Method: Varimax with Kaiser Normalization a a Rotation converged in 5 iterations.
“Running EFA once, Rotated Component Matrix table shows Factor loading coefficients of all variables > 0.5, representing good practical values
The observed variables reach convergent and discriminant values No observed variables were excluded.”
At an eigenvalue of 1.027, which is greater than 1, four components were extracted, accounting for a cumulative variance of 72.512%, well above the 50% threshold This indicates that no attributes were excluded, and the four components—Component 1, 2, 3, and 4—are meaningful Additionally, the analysis shows no signs of multicollinearity among these components, ensuring reliable and stable results for further analysis.
ANALYSIS ON FACTORS AFFECTING THE BRAND EQUITY OF
HA CONFECTIONERY JOINT STOCK COMPANY
According to Coakes, Steed, and Ong (2008), a higher Pearson coefficient indicates a stronger correlation between variables Additionally, a Sig value greater than 0.05 suggests that the variables are statistically correlated The findings of this analysis are summarized in the accompanying table, highlighting the relationships between the variables.
The analysis reveals that four independent variables—BA, AA, PQ, and an additional variable—demonstrate strong linear relationships with the dependent variable, with correlation coefficients ranging from 0.621 to 0.814 This indicates a significant positive association, suggesting that these variables are key predictors in the model These findings highlight the importance of BA, AA, and PQ in influencing the dependent outcome, providing valuable insights for further statistical analysis and decision-making.
Including BL (baseline variable) in the model can help explain the BE (dependent variable), but it is essential to perform multicollinearity testing afterward This step ensures that the independent variables do not highly correlate with each other, maintaining the model's accuracy and validity Proper multicollinearity assessment is crucial for reliable interpretation of the results and for optimizing model performance in SEO-focused analyses.
4.4.2 Results of Regression Analysis of influence off independent variables on customer satisfaction
This regression model evaluates brand equity (BE) for Hai Ha Confectionery Joint Stock Company across four key variables: Brand Awareness (BA), Brand Associations (AA), Perceived Quality (PQ), and Brand Loyalty (BL) The analysis provides insights into how each factor contributes to the overall brand equity, helping to identify the most influential drivers of consumer perception and loyalty The detailed results are summarized in the accompanying table, offering a comprehensive view of the relationships between these variables and the company's brand strength.
The adjusted R-square value of 0.734 demonstrates that the model's factors account for 73.4% of the variation in the dependent variable, highlighting its strong explanatory power Additionally, the Durbin-Watson statistic of 1.881, falling within the range of 1 to 3, confirms that the model exhibits no autocorrelation issues, ensuring the reliability of the regression results.
From ANOVA table, the F-test value of 88.432 with Sig = 0.000 < 0.05 proves that the theoretical model is suitable.
The analysis of the Coefficients table indicates that the variables AA, BA, and PQ have Sig values of 0.033, 0.000, and 0.013 respectively, all less than the significance threshold of 0.05, confirming their meaningful contribution to the model In contrast, the variable BL has a Sig value of 0.30, suggesting it is not statistically significant The Variance Inflation Factor (VIF) values for all variables are below 10, indicating no multicollinearity issues within the dataset Based on the multiple linear regression results, the regression coefficients for the independent variables are provided, illustrating their respective impact on the dependent variable.
Brand awareness (BA) is the most influential factor contributing to the brand equity of Hai Ha Confectionery, with an unstandardized coefficient (B) of 0.576 This indicates that a one-unit increase in HAIHACO's brand awareness can lead to a corresponding 0.576-unit increase in its brand equity Strengthening brand awareness is therefore essential for enhancing overall brand value and market position.
Perceived quality (PQ) is a critical factor influencing the brand equity of Hai Ha Confectionery (HAIHACO) With an unstandardized coefficient B of 0.189, it indicates that a one-unit increase in perceived quality results in a 0.189-unit boost in HAIHACO's brand equity This highlights the significant impact of perceived quality on strengthening the brand's overall value and market position.
Brand associations (AA) represent the third significant dimension influencing the brand equity of Hai Ha Confectionery The analysis shows an unstandardized coefficient (B) of 0.175, indicating a positive relationship; specifically, a one-unit increase in brand associations for HAIHACO results in a 0.175-unit increase in brand equity Strengthening brand associations is therefore crucial for enhancing the overall brand value of Hai Ha Confectionery.
Brand loyalty (BL) has the weakest impact on brand equity for Hai Ha Confectionery, with an unstandardized coefficient B of 0.151 This indicates that a one-unit increase in brand loyalty for HAIHACO leads to a 0.151-unit rise in its brand equity Despite being the least influential dimension, strengthening brand loyalty still contributes positively to enhancing the company's brand value. -**Sponsor**Looking to enhance your article on brand loyalty and Hai Ha Confectionery? Let [Article Generation](https://pollinations.ai/redirect-nexad/MrRFP8M8) help you rewrite key sentences to boost coherence and SEO Tired of overspending on content? Effortlessly create high-quality, SEO-optimized articles in minutes, perfect for businesses aiming to strengthen their online presence Save time and money while ensuring your rewritten content resonates with your target audience.
The factors impacting the brand equity of Hai Ha Confectionery Joint Stock Company are ranked by influence, with brand awareness having the highest impact, followed by perceived quality, brand associations, and ultimately brand loyalty Enhancing brand awareness is crucial for strengthening overall brand value, while perceived quality and positive brand associations significantly contribute to building consumer trust and preference Fostering brand loyalty ensures long-term customer engagement and sustained brand equity growth.
The multiple linear regression equation showing the factors affecting brand equity is:
BE = -0.209 + 0.175*AA + 0.576*BA + 0.189*PQ + 0.151*BL
The regression model results show that the brand equity of Hai Ha Confectionery is affected by the following factors: brand awareness, perceived quality, brand associations and brand loyalty
Hypotheses H1, H2, H3, and H4 are all supported, indicating significant factors influencing brand equity Brand awareness emerges as the most impactful factor, with an unstandardized coefficient B of 0.576, highlighting its crucial role in enhancing brand value Perceived quality also plays a vital role, with a coefficient of 0.189, followed by brand associations at 0.175, and brand loyalty at 0.151 These findings underscore the importance of increasing brand awareness, perceived quality, brand associations, and loyalty to effectively strengthen brand equity.
Table 22 Summary of hypothesis testing result
H1 Brand awareness has a significant positive effect on brand equity 0.57
H2 Brand associations has a positive impact on brand equity 0.17
H3 Perceived quality has a positive impact on brand equity 0.18
H4 Brand loyalty has a significant positive effect on brand equity 0.15
4.4.4 Analyze the effects of qualitative definitions in assessment of brand equity
The Independent Samples T-Test and Anova variance analysis are used to test the difference between qualitative variables for brand equity and brand equity values of Hai Ha confectionery brand.
Independent Samples T-Test is used when comparing two means of two separate population groups Read the T-Test analysis results by checking Levene’s test in the Independent Samples Test table:
When the significance value (Sig < 0.05) indicates a difference in variances between two options of a qualitative variable, we use the T-test results assuming unequal variances If the Sig value in this T-test is greater than 0.05, it suggests no significant difference between the groups, whereas a Sig value less than or equal to 0.05 indicates a statistically significant difference in the qualitative variables This approach ensures accurate interpretation of T-test results in relation to variance differences.
When the Sig value is greater than or equal to 0.05, it indicates that there is no significant difference in variances between the two options of the qualitative variable In this case, we utilize the T-test assuming equal variances If the Sig value from the T-test without assuming equal variances exceeds 0.05, it suggests no significant difference between the groups Conversely, if the Sig value is less than or equal to 0.05, it indicates a statistically significant difference between the qualitative variables.
ANOVA variance analysis extends the Independent Samples T-Test by allowing us to compare the means of three or more groups simultaneously To interpret the results accurately, first examine Levene’s test in the Test of Homogeneity of Variances table, which assesses whether variances across groups are equal This step is essential for ensuring the validity of the ANOVA results and understanding whether the groups' variances are homogeneous before further analysis.
- If Sig 0.05, we can conclude that the variance between the options of the above qualitative variable is not different, continue analyzing the results of the ANOVA table.
- If Sig > 0.05, there is no difference between the qualitative variables.
- If Sig