Factors Predicting the Brand Equity of Chinese Hot Pot Restaurants in Klang Valley, Malaysia
Keywords:
Brand equity, consumer behavior, purchase decision-making, Chinese hot pot restaurants, market strategiesAbstract
This paper delves into thing landscape of consumer behavior and purchasing decisions in response to heightened business competition, emphasizing the escalating significance of brand equity in influencing consumer choices. It explores the correlation between brand loyalty, perceived quality, brand awareness, brand association, and their collective impact on brand equity. The theoretical foundation draws upon Aaker's Brand Equity Model as a guiding framework, examining its relevance in elucidating brand equity dynamics in diverse cultural and market settings. Through empirical analysis and a survey-based approach involving 395 respondents in the Klang Valley area, this research investigates the interplay between brand-related factors and brand equity in the context of Chinese hot pot restaurants. Findings suggest that brand loyalty emerges as the most influential factor contributing to brand equity in this specific market segment. The study identifies an unexpected inverse relationship between perceived quality and brand equity, indicating a need for further exploration and nuanced understanding. Additionally, brand awareness and brand association exhibit substantial significance in shaping brand equity, emphasizing the pivotal role of brand management strategies and consumer perceptions in influencing purchase decisions. These findings provide a foundation for strategic decision-making and marketing initiatives to foster brand equity in a competitive market environment, thereby offering guidance for businesses seeking sustained consumer loyalty and market prominence.
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