Brand awareness and its influence on markets and consumers' purchase intentions in Serbia

Abstract

Brand awareness is a strong influential construct and market factor in a marketing environment. Purchase intention is the result of various marketing constructs affecting the decisions of consumers. In addition, purchase intention presents the culmination of different market factor influences on the consumer. And vice-versa – purchase of goods and consumer behavior have a strong impact on the market which further affects the overall economy. The goal of this research is to analyze brand awareness and its influence on consumers’ purchase intentions and determine the manner in which it can shape the market and economy. Why is this analysis important? Not only do consumers’ purchase intentions affect markets and macroeconomy, but they can also have major impact on business performance of companies. Therefore, investigating brand awareness as a potential factor of influence on consumers’ purchase intentions is almost a necessity. To support the main hypothesis, brand reliability, brand credibility, and brand loyalty are analyzed as mediating constructs. Significant data was collected from 418 participants from Serbia and thoroughly analyzed. The findings are interesting and indicate a positive relationship between the measured factors