An Empirical Outlook of Brand Equity- A Marketing Mace to Ensure Unwavering Customer Base

Abstract

Problem Statement: Businesses nowadays are dwindling under dogmatic antagonism of competition. Emergence of MNCs, liberalisation, advent of IT has opened the floodgates of competition, resulting in intensification of rivalry and customer switching. Brand equity plays vital role in upholding the customers, but developing and maintaining the positive brand equity is a mammoth task. Approach: A survey was conducted to ascertain brand equity of Hotel Pola Paradise, identify factors affecting brand equity, formulate marketing strategies to augment the brand equity in customers minds. Methods: Data were analyzed using statistical techniques such as, Factor analysis, Cronbachs alpha, Correlation Coefficients, KMO (Kaiser-Meyer-Olkin Measure of Sampling Adequacy) and Bartletts test, Scree Plots and percentage analysis. Results: The assessment unearthed various factors affecting Polas brand equity, factors such as varied menu, quick service and friendly staff behavior were prominent. Conclusions/Recommendations: Recommendations include changes or new initiatives in following aspects, all of which contribute to brand equity - Sales process, Public relations strategy, Advertising strategy, Trademark & protection strategy, Through these initiatives, Pola Paradise can reflect in higher sales through larger footfalls, loyal clientele of repeat customers, continuous profits which help in making the Pola Paradise a successful long-lasting brand with augmented popularity.

Keywords: Brand Equity, Liberalisation, Footfalls, Loyal Clientele

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