brand management

CHAPTER ONE INTRODUCTION 1.1 Background of the study Brand management is the process of managing an organization’s brand or portfolio of brand in order to maintain and increase long term brand equity and financial value” The brand management process is defined as involving four main steps: 1) Identifying and establishing brand positioning and values 2) Planning and implementing brand marketing programs 3) Measuring and interpreting brand performance 4) Growing and sustaining brand equity. Brand management starts with understanding what 'brand' really means. This starts with the leaders of the company who define the brand and control its management. It also reaches all the way down the company and especially to the people who interface with customers or who create the products which customers use. Brand management performed to its full extent means starting and ending the management of the whole company through the brand. The term branding has assumed many connotations as its definition tend to vary. Some of these are corporate identity, brand identity, brand image and many others. However, let us begin with its simplest phenomenon. ROB FRANKELL in “The Revenge of Brand X” uses a metaphor which one finds compelling, to explain what branding is. As if following one of the definitions given by the chambers dictionary of English, which defines brand as “an identifying mark on cattle usually burned on with a hot iron. Frankell said “branding is that thing they burn into cows”. This refers to scaring the hid of one rancher’s cattle with a distinctive mark so that it will not be mixed up with anyone else’s. (Molokwu, 2003) The applicable sense here is that a product or service is marked with an unmistakable differentiation to distinguish it from a similar product or service. Not a logo or trademark the brand can be viewed as a product, a personality or a set of values that occupy a position in people’s mind while brand identity may consist of features and attributes, benefits, performance, quality, service support and the value that the brand possesses as distinct from another product or service. (Molokwu, 2003) In other words, brand identity is the total proposition that a company makes to consumers of the product or service. There is also what is called brand image which is the totality of consumer perceptions about the brand, i.e. how they see it. Unfortunately, a lacuna sometimes exist between brand identity and brand image the way consumers see a brand identity, it is now left for companies to work hard on the consumer experience to make sure there is no coincidence between what the brand really represents and what consumers think it represents (Molokwu, 2003). The gap between brand identity and brand image may arise from the misunderstanding of the place of corporate identity or corporate brand which itself is different from brand identity. Corporate identity is concerned with the visual aspect of a company’s presence or visual images in terms of logo, design and collaterals (Paul Temporal, 2002). Corporate identity is not the heart of the brand, the difference is that a company with a reputable corporate identity may have a brand that consumers do not consider reputable, and this affects the acceptability of the brand by some consumers who have no qualms in taking another brand from the same company (Molokwu, 2003). Many companies have made costly mistakes in managing their brands. Less dramatically, many firms have faltered badly in their attempts to extend their brands by moving them into different product categories, resulting in the damage to the parent brands (Swaminathan et al, 2001). The root cause of these kinds of missteps is, at least in part, the lack of a fundamental understanding of brands and their challenging nature. Part of the problem is that brands have become increasingly difficult to manage. As they have become more global for instance, they have come to characterize more than merely the relationship between manufacturers and customers. Their influence now extends to employees, the investment community, the media, suppliers, governments and even competitors (Berthon et al, 2003). The meaning of a brand is no longer the result of a dialogue between buyers and sellers, but of a multi-logue. A company that wishes to extend its brand must therefore negotiate that transition among all the various parties involved. (Berthon et al 2003).thus, the need to study brand management is paramount. 1.2 Statement of the problem Effective sustenance of brand management remains the dilemma of most organization today. To remain active, profitable, maintain a competitive edge, cope with the level of competition and sustain a company’s brand requires defiled research and high level financial requirement which may not be readily available all the time. The problem of imitation by other competitors is also another challenge that brand managers have to contend with, hence the need to continually adopt new designs and strategies to stay ahead of competitors. Making consumers understand what a brand really represents is an uphill task for most companies. Furthermore, the threat posed by brand builders companies to original product manufacturers are assuming new dimension on daily basis. Since a brand Builder Company may replace their manufacturing source with much cheaper sources that exist elsewhere. These issues identified above are problems because they impede operations of organizations when not handled properly. The implications of the above issues are that the company should devote more of its resources to build of effective brand strategies and monitory of such strategies to achieve successful performance on the long run. Also, to improve on brands, manufacturers should focus on ways of improving benefits that are to be associated with their brands. Figure 1.1 conceptual framework 1.3 purpose of the study 1. To determine if a relationship exist between brand management and corporate performance. 2. To identify the role of branding in corporate performance 3. To determine the options an organization may adopt when it comes to brand strategy. 4. To help in elaborate more on the terms branding, brand equity and brand identity. 5. To identify the impediments to brand development and brand management. 1.4 Research questions To what extent does brand equity affect the market share of manufacturing firms in Port-Harcourt? To what extent does brand equity affect the profit margin of manufacturing firms in Port-Harcourt? To what extent does brand positioning affect the market share of manufacturing firms in Port-Harcourt? To what extent does brand positioning affect the profit margin of manufacturing firms in Port-Harcourt? To what extent does brand extension affect the market share of manufacturing firms in Port-Harcourt? To what extent does brand extension affect the profit margin of manufacturing firms in Port-Harcourt? 1.5 Research hypotheses 1. Ho1- Brand equity has no relationship with market share. 2. Ho2 – Brand positioning has no relationship with profit margin. 1.6 Significance of the study The research is a study on corporate performance as a result of brand managing. Since it is based on various organizations, the findings and issues raised in the study will be of immense importance to business organizations which desire improved corporate performance. Many organizations have heard much about brand management but do not exactly know its usefulness or its meanings. This study is designed to reverse this. Furthermore, techniques involved in building brands are still new and unknown to many organizations. This study will highlight some brand building techniques. Lastly, the study discusses the correlation that exists between brand management and corporate performance. And also increase the stock in knowledge on the subject matter. 1.7 Scope of the study The study is essentially brand management and corporate performance. The study focuses mainly on some selected manufacturing firms in port-Harcourt Furthermore; the study will focus mainly on such topics as brand equity, Perceived Quality, Symbols and Logotypes, brand building steps, brand image and positioning, brand extensions and brand promise. 1.8 Limitations of the study The research does not anticipate most problem ahead, however lack of adequate financial resources, limited time required for the submission of research report and the excess work load at school are some likely limitation to the study. Also, Brand Management is a vast field and there is a large repertory of valued literature. An extensive literature study was done. I chose the sources and concepts considered the most related for this study for a reliable overview of the field study. However, the reader might disagree with my judgment of relevance in some cases, since all literature choices base on subjective opinions. Despite the outmost care applied when collecting information during observations, interviews and discussions in the research, some assumptions and conclusions could be victims to extended subjectivity. 1.9 Definition of terms Brand Management: This is the process of managing an organization’s brand or portfolio of brand in order to maintain and increase long term brand equity and financial value. Brand: This is a name, term, sign, symbol or design, or a combination of theses, intended to identify the goods or service of one seller or group of sellers and to differentiate them from those of competitors. Brand Equity: This can be defined as the value of a brand, based on the extent to which it has high brand loyalty, name awareness, perceived quality, strong brand associations and other assets such as patents, trademarks and channel relationships. Brand image: the perception of a brand of merchandise by the consumer. Brand Extension: This is using a successful brand name to launch a new or modified product in a new category. Brand Positioning: This is the act of designing brand’s offerings and image to occupy a distinctive place in the minds of the consumers. Brand Promise: This is a marketer’s vision of what the brand must be and do for the consumers. Corporate Identity: the characteristics such as a logo, a building, or a style that is associated with a corporation or organization. Brand identity: This is the set of unique brand association that represents what the brand stands for and promises to customers. 1.10 Organization of the study The study will be presented in five chapters, the first chapter contains a background to the study, and relevant research questions objectives of the study and the problem analysis of the study. The second chapter treats the literature review. The third chapter deals with the research methodology while the forth chapter will be for data analysis and interpretations. The fifth chapter concludes the study. REFERENCES Asika N.M. (1991): Research Methodology in the Behavioural Sciences- Lagos, Longman. Pierre B.M, B. Holbrook and James M. H. (2003): understanding and managing the brand space MIT Sloan management review, winter vole 44 No 2. Molokwu, B.C. (2003): Branding and corporate: Governance; A Nigerian perspective Financial Standard, August 25, PP. II. Philip Kotler, Garry Armstrong, John Saunders, Veronica Wroy (1999): Principles of marketing, second European Edition, prentice hall, New Jersey. Swaminathan V., Fox R.J and Reddy S.K (2001): The impact of brand extension introduction on choice, journal of marketing, vol. 65, No. 4: 1-15. The chambers dictionary of English: (2005). CHAPTER TWO REVIEW OF RELATED LITERATURE Introduction This chapter focuses on the evaluation of the role of brand management and corporate performance of manufacturing firms in Port-Harcourt. For this purpose it is pertinent to examine ideas, claims or assumptions of some authorities which are relevant to the subject matter. 2.0 History of brand management Brand Management Has Changed in the 21st Century Overall, the velocity of doing business today has compressed the timeframe for new product development, “time to market,” brand performance tracking, and the analysis of brand equity performance. More importantly, our rapidly changing world has increased the need for monitoring not only the performance of the brand on a global, regional and local basis, but also the rapidly changing competitive and environmental conditions throughout the world. These factors encouraged our firm to conduct a study to identify the trends in brand management in the 21st century. Five trends or significant changes in brand management in the 21st century: 1. The use of multidimensional models vs. two-dimensional models for brand positioning. 2. The incorporation of environmental information into the brand management process. 3. Expansion of the brand management process and organization to the global, regional and local levels. 4. Reduced reliance on traditional syndicated data for tracking brand performance and the development of customized tracking systems. 5. The emergence of a Chief Brand Officer in the corporation and the elevation of the brand management function in leading brand management firms. Trend 1: Multidimensional Models vs. Two-Dimensional Models for Brand Positioning During the 1980s, the leading brand management firms adapted a wide range of two-dimensional models for brand positioning. While these models were sufficient for the 1980s, they were not effective after the early 1990s. Clearly, our world has become more complex and brands have to be developed faster and positioned better in rapidly changing global, regional, and local environments. To meet this need, scholars and practitioners have developed multi-dimensional models that enable brand management to incorporate the following factors into positioning the brand: • To produce techniques which allow the firm to map the brand through the consumer’s eyes. • To define lead, strategic, and support brands. • To use a non-linear brand management sales approach to position the brand in select market segments. The Brand Molecule Approach One state-of-the-art technique is the “brand molecule” mapping approach (source: Lederer and Hill, Harvard Business Review, June 2001). This innovative approach enables brand management to paint a picture of the brand, as it is actually perceived by consumers. It also includes all brands and associations or slogans that have some influence, either positive or negative, on the purchase decision. Essentially, creating the Brand Molecule Portfolio Map is a three-step process. Although quantitative data is reviewed and there is a certain amount of quantitative analysis, the final mapping is based on the informed decisions or judgments of the brand managers. Step 1: Create a long list of brands and associations to include in the portfolio (e.g., consider all the brands that influence the customers’ perceptions and choice). Step 2: Determine which the lead brand, which are the strategic and support brands, and their relative positioning. Step 3: Assign values to the different criteria and map the molecule. The brand molecule approach can be used to map and position brands that are global, regional and local. Trend 2: Incorporation of Environmental Information into the Brand Management Process In this rapidly changing social, economic, political and consumer environment, brand leaders have learned the value of tracking environmental information on a continual basis and incorporating this information into their brand management models and positioning. The following are examples of environmental information that is being tracked and integrated into brand management tracking systems and models: • Competitive product information • Consumer lifestyles • Local psychographic information • Local cultural trends • Socio-economic factors The following are examples of sources of environmental information: • The media and the press • The sales force • Consumers • Trade associations and industry colleagues • Rumors • Local demographic information The following are the benefits of tracking environmental information and integrating the information into the brand management process and systems: • The firm is able to address the changing psychology of the consumer, which is often driven by emotions and reactions to the local environment. • Consumers need brands that are compatible with their changing lifestyles, which are driven by their external environment. • Integration of environmental trends into the brand management process enables companies to take an “inside-out” perspective into their brand management process and systems. • Integration of environmental information enables brand leaders to determine the degree of control they have over the positioning of their brands in their three-dimensional models. Trend 3: Expansion of Brand Management Processes and Organization to the Global, Regional, and Local Levels With the globalization of corporations in the past decade, many brand management organizations have organized themselves on a global, regional and local basis. Many of the key opinion leaders and practitioners surveyed indicated that global brands are strategically positioned with corporate imagery that can create demand across cultures. On the other hand, local brands are generally positioned directly against competitor brands in terms of product attributes. Most of the interviewed brand management executives indicated that Global and Regional Vice Presidents of Marketing develop the brand strategy and planning. However, there is wide variation between firms with regards to the role and authority of local brand management. Depending on the culture of the firm and the types of products, local brand management can have a significant degree of decision-making and control of budgets. Overall, our findings indicate the following trends: • Strategy and Planning – primarily controlled at the global and regional levels • Implementation – primarily controlled at the regional and local levels • Evaluation – performed at all levels; most tools and measures are standardized Trend 4: Reduced Reliance on Traditional Syndicated Data for Tracking Brand Performance and the Development of Customized Tracking Systems Our interviews with key opinion leaders and practitioners of brand management indicate that while they still may subscribe to traditional syndicated data sources (e.g., customer satisfaction, brand loyalty, brand market share, and price points, etc.), many of the leading brand management firms have either augmented these systems or developed their own customized brand management and brand equity tracking systems which enable them to determine the following: • Brand drivers • Return on investment in brand equity • Local, regional and global positioning • Value pricing • Line extensions These customized brand-tracking systems often integrate quantitative tracking data with qualitative environmental and competitive information to produce an effective decision support tool for brand management. The following are some of the types of information which are integrated into these customized systems: Quantitative Information: • Brand market share • Brand price points • Brand revenue Qualitative Information: • Competitive information • Environmental information • Distributor information The next result is that brand management can develop a brand equity index and brand driver analysis with more complete information. Our research also indicated that this information is often shared across the organization to other functional areas, such as finance, product development and engineering, manufacturing, marketing, legal and strategic planning. Trend 5: Emergence of the Chief Brand Officer and the Elevation of the Brand Management Function in Brand-Oriented Firms. Our research indicated that there is a trend toward a corporate level executive for brand management in the future. According to the interviews with brand management executives in leading manufacturing firms, global brand management is expected to increase in responsibility in the future. In addition, our research indicates that the degree of centralization or de-centralization of brand management in a firm depends on the culture of the firm and the types of products. The extent of local branding is also a function of the firm’s products and the structure of their brand management organization. Overall, most opinion leaders and brand management and marketing executives indicate a trend toward a corporate level executive in brand management in the next few years, where it has not already happened. 2.1 Brand Management In general Brand Management has become an important issue for Companies. Brand Management starts with understanding what “brand” really means. This starts with the leaders of the company who define the brand and control its management. It also reaches all the way down the company and especially to the people who interface with customers or who create the products which customers use. (Keller, K. L. 2008: 2) Today the situation became different and the availability of new technologies has enabled companies to easily imitate products, services and processes of others. Hence, it generates a huge strategic problem for businesses of differentiation. According to Kevin Lane Keller, branding has been around for centuries as a means to distinguish the goods of one producer from those of another. He furthermore explains that the word “brand” is derived from an Old Norse word, the so called “brand”. This simply stands for “to burn” and it was and it is still the means how owners mark and identify their livestock. (Keller, K. L. 2008: 2-3) Intellectuals defined branding in different ways. However, most of the definitions are quite similar and deliver more or less the same message. One definition of branding by (De Chernatony & McDonald 1998: 20) “A successful brand is an identifiable product, service, person or place, augmented in such a way that the buyer or user perceives relevant, unique added values which match their needs more closely. Furthermore, its success results from being able to sustain these added values in eth face of competition”. When writing about definitions of branding, a word by the Marketing guru Kotler should be presented. He describes a brand as a name, term, sign, symbol or design, or a combination of these, that identifies the maker or seller of a product or service. (Kotler, P. and Armstrong G.2004: 285) The brand is an important part of a product and it helps sellers and buyers in many ways. A successful branding can add value to a product and thus, companies benefit from a clever Brand Management. 2.1.1 Brands versus Products Before providing an insight into the theoretical background of the project, there is a short insertion about the difference between Brands and Products. This helps us get a better understanding about the importance of branding In literature a product is defined as anything we can offer to a market attention, acquisitions, use, or consumption that might satisfy a need or want. (Keller, K. L.2008: 3) This might be a physical good as for example an automotive, a computer or a pair of jeans. A product may be also a service such as an airline or a bank. Keller defines five levels of meaning for a product: (Keller, K. L. 2008: 3) 1. The core benefit level is the fundamental need or want that consumers satisfy by consuming. 2. The generic product level, attributes or characteristics which are absolutely necessary for its function but with no distinguishing features. 3. The expected product level, what purchasers normally expect when they buy a product. 4. The augmented product level, it distinguishes in some way from its competitors. 5. The potential product level, possible developments of a product in the future. Products have to satisfy the consumer in some way. Nowadays, most firms can successfully deliver satisfactory products at the expected product level. Competition is distinguishing on issues such as services, advertising, packaging, Customer advice, financing, delivery arrangements, warehousing, and other things that people value. Products are called “brand products” when possessing the following characteristics: (Thommen, C.P. and Achleitner, A.K. 2001: 162-165) • Clear label mark • Constant or steady increasing quality • Constant design • market drawn consumption promotion • Broad distribution in the business market • High awareness According to Keller, a brand is therefore more than a product and it distinguishes from its unbranded commodity counterpart. (Keller, K. L.2008: 5) Brand feelings and perceptions about the products are involved and matters for consumers. Furthermore, consumers pay attention about the brand name and what it stands for, and about the company associated with the brand and how they perform. Kotler and Keller claim that nowadays hardly anything goes unbranded, since branding is such a strong force. (Kotler, P. and Keller, K. L. 2007: 146) The problem of “normal” products – so called commodities – is that they are hardly tangible and they are very basic. Thus, it cannot be physically differentiated in the minds of consumers 2.1.2 The Importance of Branding Branding is all about creating differences and it should be a competitive advantage for the company. Kotler and Keller illustrated eleven points of marketing advantages of strong brands: (Kotler, P. and Keller, K. L.2007: 137) • Improved Perceptions of Product Performance • Greater Loyalty • Less Vulnerability to Competitive Marketing Actions • Less Vulnerability to Marketing Crises • Larger Margins • More Inelastic Consumer Response to Price Increases • More Elastic Consumer Response to Price Decreases • Greater Trade Cooperation and Support • Increased Trade Cooperation and Support • Possible Licensing Opportunities • Additional Brand Extension Opportunities The importance of branding begins with creating a simple name for your company. Consumers remember simple. Also, making sure the brand name can be associated with a positive value, characteristic, or position is part of the importance of branding. According to Charles Fuchs, a professional Internet and network marketer, consumers like products to which they can associate positive qualities.(http://ezinearticles.com/?expert=Charles_Fuchs.) Customers prefer a coherent brand instead of a less coherent brand, even if the less coherent brand has a better product. Hence, a coherent brand is in a “price-driver position” and can charge more for its products. (Cf. Gad, Thomas; 2001: 23-25) This is also supported by Kotler. Coherent brands enjoy scale economies and higher brand recognition. He writes about a “bandwagon effect”, and first-time buyers have more confidence in choosing the company’s products. Thus, consumers are willing to pay more for a coherent brand than for a less coherent brand. (Kotler, P.1999: 7-9) 2.2 Brand Equity Brand Equity can be described as the amount of loyalty a customer has towards a brand or in other words it is a set of assets and liabilities linked to a brand, its name and symbol that add value or subtract from the value provided by a product or service, to a firm and customers respectively. (Randall, G.2000: 23) Important points when considering brand equity are brand awareness and brand image. Sometimes brand awareness alone is enough to create favourable consumer response when consumers are willing to base their choices only familiarity. However, according to Keller, it is better for firms when consumers think that all brands in the category are the same. Thus, it needs more than only brand awareness to convince consumers that there are meaningful differences among brands. (Keller, K. L.2008: 53-55) Other researchers see brand equity as a key asset of a firm whereas three other types of brand assets – brand awareness, brand loyalty, and brand associations – are the key issues which have to be actively managed. (Aaker, D.A. 2008:158) 2.2.1 Brand Awareness Brand awareness is consumers´ ability to identify the brand under different circumstances and it consists of brand recognition and brand recall performance. Brand recognition means that, customers can correctly discriminate the brand as having seen or heard it. For example if a customer goes to a store, if they can recognize that they have seen the brand before, they now have brand awareness about the brand. Brand recall means that, customers are able to retrieve the brand when they are thinking of a special product category. Brand awareness is very important when the customers making a decision for three main reasons: (Keller, K.L. 2008: 54) Learning Advantages: The first way that brand awareness affects consumers decision making is by influence the “right“ brand associations that make up the brand image. If you want to create a brand image you must establish it in people’s mind/memory. Considering Advantage: It is important that the customer think of and consider your brand whenever they are making a purchase for which your brand could be an option, or when they consuming a product that your brand could potentially satisfy. Choice Advantage: The third advantage of creating brand awareness is that brand awareness can affect choices among brands, even if there are basically no other associations to those brands. For example, in some cases consumers have been shown to adopt a decision role to choose more familiar, well-established brands. In short, brand awareness is formed by increasing the knowledge of the brand through repeated exposure and strong associations with the right product category or relevant purchase or consumption cues. (Keller, K.L. 2008: 54) 2.2.2 Brand Image and Positioning Communicating a brand image is an essential part of marketing and a fundamental marketing activity in order to be successful. Aaker (1991) defines brand image as a set of associations that are organized in a consequential order. As mentioned the image is built up upon a set associations, each association is like a piece of a puzzle and all associations categorized into one group creates a puzzle, which communicate a meaning that the consumer can identify according to her preferences. Reynolds and Gutman, (1984), argue that a well communicated brand image should help establish a brand’s position, protect the company from competition and therefore enhance the brand’s market performance. The brand positioning is the foundation for the following brand image. According to Gardner and Levy (1955), long term brand success originates and depends on the marketers’ abilities to select and highlight the association that creates the image into a meaningful appearance and to be consequent and maintain the image over time. The fact that several brands managed to maintain their position for over a century supports their academic research. Aaker (1991) further states that there is an undefined portion of subjectivity when it comes to the consumer’s perceived image of the brand. Perceptions in general differ from person to person, therefore it is crucial for the company to have a well defined objective of how they wish to be portrayed and perceived by their consumers. A company that has developed a well defines positioning plan, will enjoy a competitive and attractive position that is supported by strong associations (Aaker, 1991). 2.2.3 Brand Loyalty Brand loyalty is according to Aaker a very important issue and an enduring asset for some businesses is the loyalty of the regular customers. Loyal customers are an essential important advantage for a company and there are four main reasons for this: (Aaker, D.A., 2008:159) 1. It reduces marketing costs, since loyal existing customers are easier to hold. Furthermore, it is easier to keep existing customers happy and prevent them for changing to a competitor. The higher the loyalty, the easier it is to keep customers happy and it is above all less expensive keeping existing customers than trying to acquire new customers. 2. It is more difficult to enter a market where the competitor benefits from existing loyal customers. Significant resources are required for acquiring new customers in such market. Above all, the profit potential for the entrant is reduced. 3. Loyal customers create and strengthen the image of a brand. A base of existing customers also provides reassurance to others and people feel comfortable in the fact that others have selected the brand. 4. Loyal customers give a firm some breathing room. If a competitor of the firm develops a superior product, the loyal customer rather waits for his “home” brand and allows the firm the time needed to counter with an equal product. Above all, according to the author, a firm can allow itself the luxury of pursuing a less-risky follower strategy when having an existing of high loyal customers. (Aaker, D.A., 2008:160) In addition, the theory above is supported by Keller and he agrees that brand loyalty is closely related to brand equity; however, it is a distinct concept. Brand loyalty may be for the first time when a new or resurgent competitor is attracting customers. (Keller, K.L.; 2008: 88). 2.2.4 Perceived Quality Aaker (1991) claims that a brand is associated with an overall quality level, which not necessarily is based upon the products actual and objective quality. A product that is considered to be of poor quality can be perceived by the consumer as good quality depending upon consumers expectations of the product. The consumer may also have a positive image towards the products quality if the price low in relation to the perceived quality. Aaker (1991) further, argues that perceived quality is an essential in enhancing brand equity in long term perspective. If the quality is an asset within the company, and the consumers share that perception the company can charge a relatively higher premium price. The generated result can reinvested in brand equity actions and enhance activities that strength the overall brand. Aaker (1991) ultimately argues that the perceived quality has a direct influence on the purchase decision and the brand loyalty. Apéria (2001) claims that it is the awareness, which results in curiosity purchase and that it is the level perceived quality that create affection towards the brand. Aaker (1991) divide quality into three subcategories. • Actual or objective quality – the extent to which the product or service delivers superior service. • Product-based quality – the nature and quantity of ingredients, features, or services included. • Manufacturing quality – conformance to specification, the “zero defects” goal. Perceived quality is a key strategic variable and is highly correlated with the financial performance of the company. Aaker (1991) executed a study how perceived quality create profitability within the company. This study resulted in four statements originated from perceived quality. • Perceived quality affects market share. Products with the attribute “high quality” are preferred and will receive an increasing share of the market. • Perceived quality affects the price. Higher perceived quality allows the company to charge a higher price, a premium price. This affects the profitability of the company and will also enhance a higher entrance barrier. • Perceived quality has a direct impact on profitability in addition to its effect on market share and price. Improved perceived quality will, in general, increase profitability even when the price and market are not affected. The input of maintain existing customers declines with higher quality. • Perceived quality does not affect cost negatively. The consequence shows that there is a natural association between a quality/prestige niche strategy and high cost is not reflected in the study. Phil Crosby argues in Aaker (1991:78) that “quality is free.” Which is supported by the study, enhanced quality generates reduced defects and lowered manufacturing costs. Perceived quality is a complex matter since it originates from the specific customer. Although quality is of great importance and the dimensions that lie beneath perceived quality conclusion will depend upon the situational circumstance. For a lawn mower perceived quality might comprise cutting quality, reliability, availability of maintenance, and cost of maintenance. To be aware of relevant dimension in a given context, it is useful for companies to carry out investigative research amongst its customers. This will give a better understanding of the operating environment and the relative significance of the dimensions that needs to be considered (Aaker, 1991). 2.2.5 Symbols and Logotypes The symbol and logotype is the key differentiating characteristic of a brand. In an environment product substitutes and complements are close at hand, it is important to link the companies and the brands core competencies and advantages into a symbol that characterizes the company’s attributes. The symbol itself is not valuable it is the consumers gathered perception of the attributes and associations that is packaged into symbol that is of fundamental value and importance (Aaker, 1991). Symbols and logotypes are easier to remember than for instance a piece of paper with all the advantages written down it, and are therefore more appealing to the consumers since the human brain find it easier learn and remember visual images than words. Aaker (1991) further argues that symbols and logotypes is the major tool to gain and enhance awareness of the brand. The symbol can have almost every shape, the most important thing is that communicate the wanted associations, and these associations can very specific or extremely general, where the consumers have to experience the actual product or service in order to be able to recall what the symbol characterize (Aaker, 1991). 2.3 The Four Steps of Brand Building The way to build a strong brand, according to the CBBE model (Costumer-Based Brand Equity), is by the following four sequential steps, each one representing a fundamental question that customers ask about brands. Brand Equity can be described as the amount of loyalty a customer has towards a brand. Keller, K.L.; (2008:58) The CBBE model is built by “six brand building blocks”, which can be assembled as a brand pyramid, shown in figure 2 Keller, K.L.; (2008:59) Consumer- based brand equity pyramid Source: Keller, K.L (2008:60-61) 2.3.1 Brand Salience The Costumer-Based Brand Equity Pyramid above illustrates the brand building process. Achieving the right brand identity involves creating brand salience with customers. Brand salience relates to aspects of the awareness of the brand, for example, how often and easily the brand is evoked under various situations or circumstances. Keller, K.L.; (2008:60-61) Brand salience is an important first step in building brand equity and according to Keller; a highly salient brand is one that has both depth and breadth of brand awareness. Depth of brand awareness is explained by Keller that it concerns the likelihood that a brand element will come to mind and the ease with it does so. For instance, a brand that can be easily recalled has a deeper level of brand awareness than one that only can be recognized. Moreover, the breath of brand awareness concerns the range of purchase and usage situations in which the brand element comes to mind. Brand awareness is more than just customers knowing the brand name and maybe heard about it earlier; maybe even many times. According to Keller brand awareness also involves linking the brand – the brand name, logo, symbol, and so forth – to certain associations in memory a very well known symbol according to Keller’s assumption would be the crane of Lufthansa. Thommen, C.P. and Achleitner, A.K.; (2001:162) Although brand salience is an important step in building brand equity, many customers consider also the meaning or the image of the brand and thus salience is not sufficient. Keller, K.L.; (2008:60-61). 2.3.2 Brand Performance and Imagery The product it is the heart in brand equity, because that is what the consumer’s experience with a brand, what they hear about a brand from others, and what the firm can tell the customers about the brand in their sales promotions. A good product that completely satisfies consumer’s needs and wants is the base for a successful brand. Many studies shown that high quality brands tend to perform better financially. Keller, K.L.; (2003:81) There are five important types of attributes and benefits that often lie behind brand performance: Keller, K.L.; (2003:83) • Primary ingredients and supplementary features: The actually ingredients and supplementary features that allow for customization and more flexible use. • Product reliability, durability, and serviceability: Mean satisfy performance overtime, expected economic life of the product and ease of servicing the product if it needs repair. • Service effectiveness, efficiency, and empathy: Means how completely the brand satisfies the customer’s service needs, in speed and responsiveness etc and if the service providers are trusting, caring and having the customer’s interests in mind. • Style and design: Colour, shape, size and materials. And how a product feels, locks or maybe how it smells or sounds. • Price: The price is very important. Often high price is associated with high quality. And low price with low quality. 2.3.3 Brand Imagery Brand imagery is how people think about a brand abstractly, rather than what they think the brand actually does. Thus, imagery refers to more intangible aspects of the brand. Many kinds of intangibles can be linked to a brand, but four categories can be highlighted: user profiles; purchase and usage situations; personality and values; history, heritage, and experiences. In either case, associations to them involve more specific, concrete examples that transcend the generalizations that make up the usage imagery. Keller, K.L.; (2003:84) One set of brand imagery associations is the type of person or organization that use the brand, a second set is under what conditions or situations the brand could or should be bought and used. Keller, K.L.; (2003:84-87) 2.3.4 Brand Judgments Feelings Brand judgments focus on personal evaluations and opinions that customers have regarding to a brand. It involves how different performance and imagery associations are put together to form different kinds of opinions. To create a strong brand four types of brand judgments are particularly important: quality, credibility, consideration and superiority. Keller, K.L.; (2008:67) Brand quality: Customers can have many different opinions and attitudes towards a brand but commonly the most important ones in some way or another relates to perceived quality of the brand. Brand credibility: Customers may form judgments with respect to the company or organization behind the brand, brand credibility refers to how the brand is seen as a totality. Brand consideration: If customers not seriously consider the brand for possible purchase or usage eliciting favourable brand attitudes and perceptions of credibility is not enough. Consideration depends in part on how relevant the brand is for the customer, if the brand is appropriate and meaningful to them. Brand superiority: Superiority is about if customers view the brand as unique as and better than other brands, if they think that the brand offers advantages that other brands cannot. In building intense and active relations with customers superiority is an important part. Keller, K.L.; (2008:68) Brand Feelings Brand feelings are customers’ emotional responses and reactions with regard to the brand. Brand feelings are associated with the social currency evoked by the brand. These feelings can be mild or intense and can be positive or negative. The emotions evoked by a brand can become so strongly associated that they are accessible during product consumption or use. The following are six important types of brand-building feelings: • Warmth: The brand makes consumers feel a sense of calm or peacefulness. Furthermore, consumers may feel sentimental or warm hearted about the brand • Fun: According to Keller it might upbeat types of feelings such as consumers feel amused, light hearted, joyous, playful, cheerful, and so on. • Excitement: This is another form of upbeat feeling. Consumers may feel “being alive”, or being cool or sexy. • Security: In consuming the brand it gives the consumer a feeling of safety. They do not worry as they might have otherwise felt. • Social approval: It makes consumers feel that others look favourably on their appearance, behaviour, and so on. • Self-respect: By using the brand consumers feel a sense of pride, accomplishment, or fulfillment. It makes them feel better about themselves. The six types can be selected in two groups, and thus the first three types of feelings are experiential and immediate, increasing in level of intensity. On the other hand, the other three types of feelings are more private and enduring, increasing in level of gravity. Keller, K.L.; (2008:69) 2.3.5 Brand Resonance Brand resonance is the ultimate relationship and level of identification that the customer has with a brand, it is about the kind of relationship where the customer feels that they are in sync with the brand. Harley-Davidson and Apple are examples of brands with high resonance. The depth of psychological bonds and levels of activity engendered by this loyalty are examples on how resonance is characterized. Brand resonance can be broken down into four categories: behavioural loyalty, attitudinal attachment, sense of community and active engagement. Keller, K.L.; (2003:92) Behavioural loyalty: This type of brand resonance is about how loyal the customers are, how often do they purchase and how much do they purchase? Customers that are loyal to a brand generate enormous amounts of money through a lifetime. Behavioural loyalty is necessary but not sufficient for a resonance to occur. Attitudinal attachment: Just satisfaction is not enough to build brand resonance according to previous research. To create greater loyalty, deeper attitudinal attachments are required. This can be created by developing marketing programs and products and services that fully satisfy consumer needs. Sense of community: The brands may try to make the customers identify and feel kinship or affiliation with other people associated with the brand, a sense of community. E.g. Apple encourages owners of their computers to form local groups, here can their customers share ideas and get product discounts. Active engagement: At this kind of brand resonance customers beside spending money on purchasing and consuming the brand they are willing to invest money, time, energy and other resources. At this point customers are becoming ambassadors of the brand and help to strengthen the brand ties of others. To reach this active engagement to the brand strong attitudinal attachment or social identity are required. 2.4 Brand Portfolio Management Portfolio management is a dynamic process, where new products and projects are revised. A portfolio decision process, focus on investigating and evaluating the projects, and to gather and allocate the right amount of resources to each project. The portfolio decision process also include a number of decision making processes, such as evaluating the entire set of projects and comparing all projects against each other. The result generated from these processes lie as a foundation for the new product strategy for the business along with strategic resource allocation decisions (Cooper, 1993). Peter Dacin an assistant professor of marketing, school of business, University of Wisconsin- Madison and Daniel Smith assistant professor of business, The Joseph M. Katz Graduate school, University of Pittsburgh, argue in an article from 1994 that the reputation is one the company’s more valuable resources and opportunities on the market are continuously revised for further capitalization. In attempts to leveraging this resource an increasing number of companies are extending its brands into numerous product categories. Criticism have been raised about the extension of the brand into multiple product categories, since adding products to a brand may decrease the brand equity of the core brand (Dacin and Smith, 1994). Many companies develop explicit strategic plans for extending their brands; the power of the core brand facilitates the advertising efficiency. The main objective with these actions is to increase the market share by localize and distribute synergy effects towards the brand extension. 2.4.1 Brand Extension Springen and Miller (1990) defines brand extension as a vehicle to growth. Brand extension is sometimes a necessary action to execute, to enlarge and penetrate the target group additionally. The extension of the brand is over and over again the incubator for future corporate success. Aaker (1991) argues that brand extensions can enhance the core brand, but history has also showed frightening examples of brand extensions that has harmed and generated severe damages on the brand name. Consequently, it is essential to scan and revise the market before launching an extension under the core brand. Therefore it can be wise to conduct investigative research in order to reveal the relevant dimension in the operational environment. This will enhance a more solid understanding of the operating context and the relative significance of the dimensions that need to be evaluated before launching the extension (Claycamp and Liddy, 1969). However, a brand extension is the most powerful instrument to utilize, since the attraction of leveraging the brand name is extremely influential. The list of advantages of extensions is long, marketing and advertising expenditures are totally in reverse of introducing a totally new brand on the market, economies of scale and synergy effects from the core brand facilitates enhancing of the extension. 2.5 Corporate Performance Consequently, one of the most critical development issues in most organizations revolves round the need to design and implement concepts, principles and strategies for improving their corporate performances (olatokunbo 2000) Rao, etal (1996) performance based a theory state that as performance improves, customers/clients satisfaction increases. In involves routinely asking customer to rate the company against its major competitors measuring the company’ performance against set standards. Kalu (1998) stated that a performance standard is an expected level of performance against which actual performance can be compared. He further stated that standards are bases for measuring how well a marketing activity is being performed. 2.5.1 Market share Market share according to bell (1979) is a firm’s sales in relation to total industrial sales, which he believes is a very meaningful benchmark of success. John and Alan (2002) holds that market share is the share that the total sales of all brands or products competing in the same market that is captured by one particular brand or product, usually expressed as a percentage. Many firms seek to gain a specific percentage of the market. McCarthy et al (1990) opined that a benefit of a market share objectives is that it forces a manager to pay attention to what competitors are doing in the market. Pride and Ferrell (1939) believes that maintaining or increasing market share does not depend on growth in industrial sales alone but that an organization can increase its market share even through sales for the total industry are decreasing. Aggressive companies often aim to increase market share or even to control a market. If a company has large market share, it may have a better economies of scale than its competitors. Therefore, if it sells at about the same price as its competitors, it gets more profit from each sale or lower costs may allow it sell at a lower price and still make profit (McCarthy et al: 1990). 2.5.2 Profit margin The classical economic theory is based on certain assumption, one of them being that firms will behave rationally and that rational behaviour will result in an effort to maximize gains and minimize losses. Thus, profit maximization is assumed to be the basic objectives of a firm. Although, according to pride and Ferrell (1989), business firms sometimes claim that their objective is to maximize profit for their owners, the objective of profit Maximization is rarely operational because its achievement is difficult to measure. Pride and Ferrell tend to be talking in line with the critics of the classical economic theory of “profit maximization”. As a result of the difficulty in measurement, profit objective tend to be set at levels that the owner and top level decision marker view as “satisfactory”. Bone and Kurt (1992) support this view by positioning that significantly larger numbers of firms prefer to direct their effort towards more achievable goals. They hold that target return objective- short-run goals are usually stated as percentage of sales or investment- has become common in industries. Target return objective after several benefits for evaluating performance in the organization. REFERENCES Aaker, D. A. (2008) Strategic Market Management John Wiley & Sons, Hoboken, USA Aaker, D.A. (1991) Managing Brand Equity, Capitalizing on the value of a brand name. New York: The free press. Apéria, T. (2001) Brand Relationship Management: den varumärkesbyggnad processen, Akademitryck AB, Edsbruk. Kalu, S.E (1998) Strategic marketing Management: Planning, execution and control, Port- Harcourt, university of Port- Harcourt press Ltd. Kapferer, J. N. (2004) The New Strategic Brand Management: Creating and Sustaining Brand Equity Long Term Kogan Page Limited, London, UK; 3rd edition Keller, K. L. Strategic Brand Management: Building, Measuring, and Managing Brand Equity Pearson Education Incorporation, Upper Saddle River, USA; 2nd edition (2003) and 3rd edition (2008) Kotler, P. (1999) How to Create, Win and Dominate Markets Simon & Schuster, London, UK Kotler, P. & Armstrong G. (2004) Principles of Marketing Kotler, P. & Keller K. L. (2007) a framework for marketing management: Pearson Education Incorporation, Upper Saddle River, USA Lederer and Hill, Harvard Business Review, June 2001). McCarthy, E.J and Perreantt, W.D. Jr. (1990) Basic marketing a management approach, Boston. Randall, G. (2001) Branding: A Practical Guide to planning your Strategy, London Riezebos, R. & Kist, B. & Koostra, G. (2003) Brand Management; Pearson Education Limited, Harlow, UK Rao, a et al (1996): In olatokunbo oladele, fatai (2000) evaluation of the impact of total quality management on corporate performance. Pride, W.M and Ferrell, O.C (1989) marketing concept and strategies, Boston CHAPTER THREE RESEARCH METHODOLOGY 3.0 Introductions Having reviewed the literature relevant to this study we would in this chapter, consider the methods that would be employed in carrying out the study. Basically, the issues discussed there includes Research design Sampling procedure and sample size determination Data collection method Operational measures of data Data analysis techniques 3.1 Research Design By research design, we mean, “a framework or plan for a study” (Baridam, 2001). Accordingly, the design for the study is quasi-experimental (or survey) design. The study is descriptive because the main aim is to generate new facts. The quasi-experimental design constitutes a class of experimental studies with human being that lacks two of the usual feature of experimentation. “They rarely occur inside a laboratory and they never include a random assignment of units to treatment being contrasted” (Crook, 1983 in Baridam 2001). The kind of quasi-experimental design for this study is field study. The field study is a kind of cross sectional survey. It is a sample approach that is particularly useful when examining the interrelationship among a number of variables. 3.2 Population/Sampling Procedure and Sample Size Determination. The target populations of interest in this research work are the manufacturing firms in Port Harcourt. However, the accessible populations are the manufacturing firms in Port Harcourt city and its environs. From this population, a sample of three (3) manufacturing firms is selected using judgment sampling (non probability) technique for easy accessibility and coverage of these manufacturing firms, these three firms have been chosen relative to their market share in the industry ( top three firms). From the sample of three (3) manufacturing firms, ten (10) respondents will be drawn from each. It is, however expected that these sample units will provide the required data for this project. 3.3 data collection method The data for this study are obtained from primary and secondary sources. 3.3.1 Secondary data Secondary data are those that are not personally generated by the researcher. They are obtained from government publications, professional association publications journals, newspapers, textbooks, internet materials and unpublished works. The information in the literature review (chapter 2) is essentially of secondary sources and is therefore secondary data. 3.3.2 Primary data Primary data are those that are generated by the research personally. These primary data are collected through questionnaires administration to the respondents, oral interviews and discussions, and personal observation. 3.3.3 The questionnaire design The questionnaire is the main instrument of primary data collection for this study. The questionnaire is developed with both subjective and objective questions to seek for response(s) from respondents. The instrument is divided into two sections, A and B section, A will elicit information about the bio data of the respondents. Section B contains test question for analysis. Question twelve to fifteen (12-15) in the questionnaire will be used to answer the research questions while questions sixteen to nineteen (16-17) will be used to test the hypothesis developed at 0.05 level of significance. 3.4 operational measures of variables In chapter one (section 1.5) we formulated two null hypotheses, each of which contains an independent variable and a dependent variable these measures as follows; Operational conceptual framework of brand management and marketing performance 3.5 data analysis techniques The quantitative data obtained from the questionnaire will be presented in chapter four in sample tables. Calculations involving percentage will be performed on them. The data that will be presented are those that answer the researchers questions in chapter one. The result shown in each table will be interpreted; these will provide the findings of the study. Furthermore, the hypothesis formulated in section one of this project based on the problem identified will also be tested in chapter four with the data collected to determine if the hypothesis will be accepted or rejected. However, considering the nature of the data required in this research work being ordinal data, the statistical tool that will be used to test the hypothesis is the spear man rank order correlation coefficient (a non parametric test) together with the P critical table at 0.05 level of significance. Spearman rank order correlation coefficient is usually designated Rho. Rho symbolized by Rs or p, measures the degree of relationship between sets of ranked observations. The Rho is given by the formula: Rs =1- 6∑ d2 OR RS = 1- 6 ∑d2 N3-N N (N2 – 1) Where: ∑ = sum of ∑d2= sum of the squared differences in the ranking of the subjects on two variables. N= number of subjects ranked. References Baridam, D.M. (2001): research methods in administrative sciences, Port-Harcourt: sharebooks associates. CHAPTER FOUR DATA PRESENTATION ANALYSIS AND PRESENTATION 4.1 Introduction This chapter deals with the quantitative aspect of the study. The primary data collected with the aid of the questionnaire are presented in simple tables and analyzed. Also the hypotheses formulated in the introductory chapter of the study are tested. Essentially covers the following sub-topics: Analysis of the respondent rate of the questionnaire Analysis of the respondent profile Analysis of the research questions Hypothesis testing Analysis of the respondent rate of the questionnaire As stated in section 3.3, thirty (30) questionnaires were administered. The response rate is as indicated in table 4.1 below: Table 4.1: Response Rate of Questionnaire Number administered Numbers returned Percentage (%) 30 28 93.33 Table 4.1 shows that out of the 30copies of questionnaires administered, 28 were correctly and completely filled and returned. This represents 93.33% response rate. This high response rate was realized by the fact that the researcher administered the instrument personally and stayed with each of the respondents to give necessary classification or answer questions where necessary. Completed copies were retrieved. At this point our working sample size becomes 28. analysis of respondent profile The analysis of the respondent profile is considered necessary so as to know the quality and character of the respondents in the sample of study. The researcher has elected to analyze only three key variables namely: age of the respondent educational qualification of the respondent duration in present position Table 4.2: Age of Respondent Age (in years) Number Percentage (%) 20-30 4 14.28 31-40 5 17.86 41-50 12 42.86 51 and above 7 25 Total 28 100 Source: researcher’s field work (2009) Table 4.2 shows that 4 respondents, representing 14.28% of the sample are between the ages of 20-30 years; 5 respondents, representing 17.86% of the sample are between the ages of 31-40 years; 12 respondents, representing 42.86% of the sample are between the ages of 41-50 years; 7 respondents, representing 25% of the sample are between the ages of 51and above. this study shows that the majority of the respondents are middle aged which falls in the age bracket of 41-50 years. Table 4.3 Educational Qualification of Respondents Educational qualification Number Percentage (%) WASC/GCE o’ Levels - 0 GEEA/OND 4 14.29 B.sc/HND 12 42.86 M.sc/MBA 9 32.14 Ph.D 3 10.71 TOTAL 28 100 Source: researcher’s field work (2009) Table 4.3 shows that none of the respondents have WASC/GCE o’ Levels. 4 respondents (14.29%) have GEEA/OND level of educational qualification; 12 respondents (42.86%) have B.sc/HND level of educational qualification; 9 respondents (32.14%) have M.sc/MBA level of educational qualification; 3 respondents (10.71%) have Ph.D level of educational qualification. Table 4.4: Duration in present position (managers) Duration (in years) Number Percentage (%) 1-5 3 10.71 6-10 5 17.86 11-15 9 32.14 16-20 6 21.43 Above 20 5 17.86 Total 28 100 Source: researcher’s field of work. Table 4.4 shows that 3 managers (10.71%) of the respondents have spent 1-5 years in their present position; 5 managers (17.86%) of the respondents have spent 6-10 years in their present position; 9 managers (32.14%) of the respondents have spent 11-15 years in their present position; 6 managers (21.43%) of the respondents have spent 16-20 years in their present position; 5 managers (17.86%) of the respondents have spent above 20 years in their present position. Our analysis of this section shows that majority of our respondents are matured in age, educational qualification and have obtained years of work experience as managers in manufacturing industry. Analysis of the Research Question Six research questions were posted in 1.4, which are meant to elicit information relevant to satisfy the objectives of the study and contribute to the solution to the research problem stated in section 1.3 and 1.2 respectively. The data obtained are presented in tables 4.5, 4.6, 4.7, 4.8, 4.9, 4.10 respectively. Research question 1 To what extent does brand equity affect the market share of manufacturing firms in Port -Harcourt? In order to obtain the relevant information to answer this research question, item 16 on the questionnaire was posted. The responses are as shown in table 4.5 Table 4.5 brand equity and market share Response rate Number Percentage (%) Very high extent 10 35.71 High extent 9 32.14 Moderate extent 1 3.57 Low extents 4 14.29 Very low extent 4 14.29 Total 28 100 Source: researcher’s field work (2009). Table 4.5 reveals that 10 respondents representing (35.71%) of the study population described the extent to which brand equity affect market share as a “very high extent”, 9 respondents of the study population (32.14%) described the extent as “high extent”, 1 respondent of the study population (3.57%) described the extent as “moderate extent”,4 respondent of the study population(14.29%) described the extent as “low extent” and also 4 respondent of the study population (14.29%) described the extent as “very low extent”. Evidently we agree that brand equity affects profit margin of manufacturing firms in Port-Harcourt. Research question 2 To what extent does brand equity affect the profit margin of manufacturing firms in Port -Harcourt? In order to obtain the relevant information to answer this research question, item 12 on the questionnaire was posted. The responses are as shown in table 4.6 Table 4.6 brand equity and profit margin Response rate Number Percentage (%) Very high extent 12 42.86 High extent 10 35.71 Moderate extent 4 14.29 Low extents 1 3.57 Very low extent 1 3.57 Total 28 100 Source: researcher’s field work (2009). Table 4.6 reveals that 12 respondents representing (42.86%) of the study population described the extent to which brand equity affect profit margin as a “very high extent”, 10 respondents of the study population (35.71%) described the extent as “high extent”, 4 respondent of the study population (14.29%) described the extent as “moderate extent”,1 respondent of the study population(3.57%) described the extent as “low extent” and also 1 respondent of the study population (3.57%) described the extent as “very low extent”. Evidently we agree that brand equity affects profit margin of manufacturing firms in Port-Harcourt. Research question 3 To what extent does brand positioning affect market share of manufacturing firms in Port-Harcourt? Item 13 on the questionnaire was posted to elicit the information needed to answer this research question. The responses are shown in table 4.7 Table 4.7: brand positioning and market share Response rate Number Percentage (%) Very high extent 10 35.71 High extent 7 25 Moderate extent 4 14.29 Low extents 3 10.71 Very low extent 4 14.29 Total 28 100 Source: researcher’s field work (2009). Table 4.7 reveals that 10 respondents representing (35.71%) of the study population described the extent to which brand equity affect market share as a “very high extent”, 7 respondents of the study population (25%) described the extent as “high extent”, 4 respondent of the study population (14.29%) described the extent as “moderate extent”3 respondent of the study population(10.71%) described the extent as “low extent” and also 4 respondents of the study population (14.29%) described the extent as “very low extent”. Evidently we agree that brand positioning affects market share of manufacturing firms in Port-Harcourt. Research question 4 To what extent does brand positioning affect profit margin of manufacturing firms in Port-Harcourt? Item 18 on the questionnaire was posted to elicit the information needed to answer this research question. The responses are shown in table 4.8 Table 4.8: brand positioning and market share Response rate Number Percentage (%) Very high extent 13 46.43 High extent 8 28.57 Moderate extent 1 3.57 Low extents 4 14.29 Very low extent 4 14.29 Total 28 100 Source: researcher’s field work (2009). Table 4.8 reveals that 13 respondents representing (35.71%) of the study population described the extent to which brand positioning affect market share as a “very high extent”, 8 respondents of the study population (25%) described the extent as “high extent”, 1 respondent of the study population (3.57%) described the extent as “moderate extent”4 respondent of the study population(14.29%) described the extent as “low extent” and also 4 respondents of the study population (14.29%) described the extent as “very low extent”. Evidently we agree that brand positioning affects market share of manufacturing firms in Port-Harcourt. Research question 5 To what extent does brand extension affect market share of manufacturing firms in Port-Harcourt? Item 14 on the questionnaire was posted to elicit the information needed to answer this research question. The responses are shown in table 4.9 Table 4.9: brand extension and market share Response rate Number Percentage (%) Very high extent 13 46.43 High extent 9 32.14 Moderate extent 3 10.71 Low extents 2 7.14 Very low extent 1 3.57 Total 28 100 Source: researcher’s field work (2009). Table 4.9 reveals that 13 respondents representing (46.43%) of the study population described the extent to which brand equity affect market share as a “very high extent”, 9 respondents of the study population (32.14%) described the extent as “high extent”, 3 respondent of the study population (10.71%) described the extent as “moderate extent” 2 respondent of the study population(7.14%) described the extent as “low extent” and also 1 respondents of the study population (3.57%) described the extent as “very low extent”. Evidently we agree that brand extension affects market share of manufacturing firms in Port-Harcourt. Research question 6 To what extent does brand extension affect profit margin of manufacturing firms in Port-Harcourt? Item 13 on the questionnaire was posted to elicit the information needed to answer this research question. The responses are shown in table 4.10 Table 4.10: brand extension and profit margin Response rate Number Percentage (%) Very high extent 9 32.14 High extent 5 17.85 Moderate extent 6 21.43 Low extents 4 14.29 Very low extent 4 14.29 Total 28 100  Source: researcher’s field work (2009). Table 4.10 reveals that 9 respondents representing (32.14%) of the study population described the extent to which brand equity affect market share as a “very high extent”, 5 respondents of the study population (17.85%) described the extent as “high extent”, 6 respondent of the study population (21.43%) described the extent as “moderate extent”4 respondent of the study population(14.29%) described the extent as “low extent” and also 4 respondents of the study population (14.29%) described the extent as “very low extent”. Evidently we agree that brand extension affects profit margin of manufacturing firms in Port-Harcourt. 4.5 Hypotheses testing Two null hypotheses are formulated for this study. As stated in the in the immediate chapter the spareman’s rank correlation coefficient (rho) is the statistical tool to be used, and the different responses types are converted to ranks as indicated in 3.6. The hypothesis testing follows the following procedure: Statement of hypothesis Computation of correlation coefficient Determination of critical (table) value of coefficient Decision For this study 0.05 level of significance (α) is to be used. Statement of hypothesis 1 There is no relationship between brand equity and market share of manufacturing firms in Port-Harcourt. Computation of correlation coefficient In this computation, the independent variable brand equity is designated as X, while the independent variables, market share is designated Y. Responses from questions 16 and 17 of the questionnaire. Table 4.11 Computation of the correlation coefficient Sample units RX RY D (RX-RY) D2 (RX-RY)2 1 4 4 0 0 2 5 3 2 4 3 5 3 2 4 4 5 4 1 1 5 3 5 -2 4 6 2 4 -2 4 7 5 3 2 4 8 4 2 2 4 9 2 4 -2 4 10 5 4 -1 1 11 2 4 -2 4 12 4 3 1 1 13 4 5 -1 1 14 5 1 4 16 15 5 1 4 16 16 5 3 2 4 17 4 5 -1 1 18 2 1 -1 1 19 4 1 3 9 20 4 5 -1 1 21 5 2 3 9 22 1 5 -4 16 23 1 5 -4 16 24 4 3 1 1 25 1 5 -4 16 26 1 5 -4 16 27 4 1 3 9 28 5 4 1 1 0 168 Note:- ranking of the independent variable and the dependent variable were obtained from the responses to questions 18 and 19 the values assigned to each responses are as follows Very high extent: 5 High extent: 4 Moderate extent: 3 Low extent: 2 Very low extent: 1 P = 1 - 6 ∑d2 N3- N = 1 - 6 (168) (28)3 – 28 = 1 - 1008 21924 = 1 - 0.045977 = 0.9540 The critical value of p at α = 0.05 and N=0.3749 the position of P calculated relative to p critical can be shown in the diagram below. Decision From the diagram above the value of p calculated falls into the area of rejection being greater than its critical value. Therefore we the null hypothesis is rejected at 0.05 level of significant. There is a significant relationship between brand management and market share. Statement of Hypothesis 2. There is no relationship between brand positioning and profit margin of manufacturing firms in Port-Harcourt. Computation of correlation coefficient The independent variable brand positioning is designated as X, while the independent variables, profit margin is designated Y. Responses from questions 18 and 19 of the questionnaire. Table 4.12 Computation of the correlation coefficient Sample units RX RY D (RX-RY) D2 (RX-RY)2 1 5 5 0 0 2 4 5 -1 1 3 5 5 0 0 4 4 5 -1 1 5 5 5 0 0 6 5 3 -2 4 7 4 5 1 1 8 5 3 2 4 9 4 5 -1 1 10 3 5 -2 4 11 1 5 -4 16 12 4 1 3 9 13 5 4 1 1 14 1 5 -4 16 15 3 5 -2 4 16 5 1 4 16 17 5 2 3 9 18 4 3 1 1 19 5 3 2 4 20 5 4 1 1 21 4 5 -1 1 22 3 5 -2 4 23 5 4 1 1 24 4 4 0 0 25 2 1 -1 1 26 5 4 1 1 27 2 4 -2 4 28 5 4 1 1 0 106 Note:- ranking of the independent variable and the dependent variable were obtained from the responses to questions 18 and 19 the values assigned to each responses are as follows: Very high extent: 5 High extent: 4 Moderate extent: 3 Low extent: 2 Very low extent: 1 P = 1 - 6 ∑d2 N3- N = 1 - 6 (106) (28)3 – 28 = 1 - 636 21924 = 1 - 0.0290093 = 0.9709 The critical value of p at α = 0.05 still remains at 0.3749 from the above it is clear that p calculated > than p critical. The position of P calculated relative to p critical can be shown in the diagram below. Decision From the diagram above the value of p calculated falls into the area of rejection being greater than its critical value. Therefore we the null hypothesis is rejected at 0.05 level of significant. There is a significant relationship between brand positioning and profit margin of manufacturing firms in Port-Harcourt. CHAPTER FIVE SUMMARY OF FINDING CONCLUSION AND RECOMMENDATION 5.1 Introduction Below, the findings that are considered most interesting and important are discussed. In this chapter, we recap the study by outlining and discussing the findings of our findings of the study, making a conclusion based on the findings and put forward some recommendations 5.2 Findings The study reveals that: Brand equity has a positive and significant effect on market share on manufacturing firms in Port-Harcourt. Brand positioning has a significant effect on profit margin of manufacturing firms in Port-Harcourt. Brand equity has a significant effect on market share and profit margin of manufacturing firms in Port-Harcourt The use of a well constructed and supervised brand building strategy constitutes a veritable means of achieving the corporate objective of the firm. 5.3 Summary The aim of this research work is to ascertain if there is a relation between brand management and corporate performance. In order to achieve this objective, questions were asked and hypotheses were formulated and tested in order to provide answers to the research questions Hypotheses were tested with Spearman rank order correlation coefficient as analytical tool and data that were tested were generated through questionnaires administered on the sample drawn from manufacturing firms. The result from the hypotheses tested shows that there is a relationship between brand management and corporate performance Finally the overall performance of manufacturing firms to a large extent depends on a strong maintenance and practice of brand management (brand equity, brand positioning and extension). 5.4 Conclusion Overall, brand management has evolved from “product-centric” to “consumer-centric” in the 21st century. Our research indicated that there are considerable differences between firms in terms of their brand management organizational structure and management and their use of brand management paradigms and models. The research indicates that brand management is becoming more “intelligence-driven” rather than the traditional “product-driven” approach. Consumers are seeking more value from brands and, as a result, companies are seeking to employ more sophisticated models to measure brand equity, drivers of brand equity and value, and techniques to measure their return on investment in their brands. Firms are employing more psychographic techniques, particularly in local markets. Successful brand leaders are relying less heavily on their traditional syndicated quantitative data. These firms are developing customized market intelligence and brand tracking systems, which are customized to the culture of the firm. Many of these systems augment the quantitative data with qualitative environmental and competitive information to produce an actionable decision support tool for management. Lastly, there is a trend toward corporate-level brand management executives in the future. This functional area continues to grow in importance as the global environment becomes more complex. 5.5 RECOMMENDATIONS This research was undertaken so that the resulted findings will enable us suggest appropriate measures on how to establish and maintain an effective brand management. Below are the following recommendations: Top management should be concerned in the Growing and sustaining of their brand equity. Manufacturing firms should focus on ways of improving benefits that are to be associated with their brands. Increase and monitoring of the Planning and implementing brand marketing programs. Firms should devote more of its resources to build of effective brand strategies and monitory of such strategies to achieve successful performance on the long run.. Top management should be very supportive in making policies that will enhance the practice of brand management and involve the whole organization in brand management. It can also be further recommended that, since this work concentrated on brand management and corporate performance of manufacturing firms in Port-Harcourt which has limited the scope of study, further research can be carried out in other industries. 71 Dependent variable Independent variable Corporate performance Brand equity Brand extension Brand management Brand positioning Market share Profit margin Q1 Q6 Ho2 Q4 Q2 H01 Q5 Q3 Brand equity Brand extension Brand positioning Brand management Profit margin Market share Corporate performance Independent variable Dependent variable 0.9540 Area of rejection Area of rejection Area o of acceptance P=0.3749 P=0.3749 P= 0 0.9709 Area of rejection Area of rejection Area o of acceptance P=0.3749 P 0.3749 P= 0