Abstract
Abstract: Building a vibrant brand in a highly competitive market is of strategic importance as it provides greater loyalty which generates large market share and decreases competitive pressure on a firm. However, there is a lack of empirical evidence on the role of brand equity in supporting the formation of loyalty in the traditional medicine market. The aim of this research is to investigate the impact of brand equity on loyalty in the traditional medicine market. Based on the dimensionality of Aaker`s brand equity framework, four research propositions were put forward and evaluated by using structural equation modelling. The study relied on a sample of 348 customers who buy herbal medicines from the traditional medicine market in Kumasi metropolis. The study established that perceived quality, brand association and awareness significantly contribute to enhance the value of the brands which in turn, creates loyalty in the traditional medicine market in the Kumasi Metropolis. Recognizing the strategic importance of loyalty to the success of a firm, traditional health practitioners should direct their efforts towards developing perceived quality, brand association and awareness to enhance the value of their brands to support loyalty in the Kumasi traditional medicine market.
Highlights
In recent years, herbal medicines play a critical role in primary health care worldwide, despite widespread use of conventional drugs in health care delivery
Internal Consistency Reliability: Cronbachs alpha statistics was employed to investigate the internal consistency of the indicator items that emerged from the exploratory factor analysis
The results showed that Cronbachs alpha of test items of brand association, awareness, loyalty, perceived quality and equity were higher than the recommended value of .70, ranging from .773 to
Summary
Herbal medicines play a critical role in primary health care worldwide, despite widespread use of conventional drugs in health care delivery. It has been highlighted that traditional or alternative medicine has been continued to be used for primary health care even in developed countries where allopathic medicines dominate the national health care system (WHO, 2000). According to WHO (2011), nearly 70 to 95 percent of the population residing in the developed nations use herbal medicines to address their health care needs. In Ghana, approximately 80 percent of the populace depends on herbal medicines to meet their basic health care needs (UNDP, 2007). Commercialization of herbal medicines in Ghana has been increasing steadily and the number of competing products distributed at the traditional herbal medicine market keeps on increasing every year
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