Assessing Brand Equity and Customer Satisfaction as Tools for Profit Optimization in Nigeria

摘要

Brand equity is an intangible value that accrues to a company as a result of its successful efforts to establish a strong brand. Customer satisfaction and brand equity are such relevant aspects of marketing's contribution to the firm's profitability. This is because these assets assist the marketing manager to study the markets and they give the firm an idea of how profits are generated, which ultimately lead to the firm's growth. This study has the objective of assessing Brand equity and customer satisfaction as tools for profit optimization in Nigeria with emphasis on two major Bottling Companies. The study is a survey research, both primary and secondary sources of data were applied, and formulated hypotheses tested using Kendal coefficient of concordance. The findings of the study revealed that there is a relationship between brand equity and customer satisfaction and Nigerian companies' performances, the companies promotional activities have effect on customer's level of product satisfaction, and their marketing activities directly optimize profitability. The study therefore recommended that Companies in Nigeria should improve their brand slogan, if possible translate it to local Nigerian languages, and should supplement their traditional advertising and promotion with among other things brand contacts, such as entertainment based retail destination to capture the impulse of youths who are larger in population in order to increase consumption, and optimize profit, also should constantly embark on Brand inventory, as brand inventory helps to suggest what consumers current perceptions may be based on.