Abstract
While marketing experts agree that brand personality is important for brand identification, there is no evidence of a validated brand-identification-and-personality scale in the context of retail banking in South Africa. To address this literature gap, this study’s purpose was to explain the process used to validate brand identification and personality within the retail-banking context of South Africa. A convenience sample of Generation Y banking consumers was selected, and a descriptive and single cross-sectional research design was followed. Self-administered questionnaires were used as a data collection tool and a sample size was chosen (N = 235). Data analysis entailed descriptive and confirmatory factor analysis. The confirmatory factor analysis results validated brand identification and brand personality in retail banking as a five-factor structure that includes bank identification and brand personality dimensions such as successfulness, sophistication, sincerity and ruggedness. Furthermore, the results of the study indicate the internal consistency and composite reliability of the measurement model, as well as construct, convergent, discriminant and nomological validity. In addition, the measurement model revealed no signs of multicollinearity between the factors, and the model fit index values of IFI, TLI, CFI, SRMR and RMSEA showed a good fitting model. This study concluded that this five-factor model is a reliable and valid instrument of brand identification and personality in retail banking and is the first validated brand-identification-and-personality scale within the retail-banking context of South Africa.
Highlights
While marketing experts agree that brand personality is important for brand identification, there is no evidence of a validated brand-identification-and-personality scale in the context of retail banking in South Africa
While the findings of these internationally pub- (Osipow & Sheehan, 2014). Another important lished studies confirm the correlation between reason for using Generation Y consumers as the brand identification and a number of brand sample is their brand loyalty, that is, their brand personalities, a broad online search of some of loyalty tendencies remain unclear (Lazarevic, the largest databases of academic research dis- 2012), and literature suggests that these consumplayed no evidence of a validated brand-identi- ers’ brand loyalty and commitment to a brand fication-and-personality scale within the South do not tend to last for a long period of time
The purpose of this study was to test whether brand identification and brand personality within a retail-banking context are a five-factor structure
Summary
A broad search of the literature though Turkish Generation Y consumers associ- showed no study alike undertaken within the ate the brand personality traits of sincerity, excite- South African retail-banking context measuring ment, competence and sophistication with apparel these brand personality dimensions. While the findings of these internationally pub- (Osipow & Sheehan, 2014) Another important lished studies confirm the correlation between reason for using Generation Y consumers as the brand identification and a number of brand sample is their brand loyalty, that is, their brand personalities, a broad online search of some of loyalty tendencies remain unclear (Lazarevic, the largest databases of academic research dis- 2012), and literature suggests that these consumplayed no evidence of a validated brand-identi- ers’ brand loyalty and commitment to a brand fication-and-personality scale within the South do not tend to last for a long period of time. This generation is referred to as the youth, millennials and the MTV Generation
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