Customer Based Retail Brand Equity (RBE) Dimensions Effect on Retail Brand Equity for OK Supermarket in Bindura

Abstract

The concept of retail brand equity has become a competitive tool for successful retailers in today's competitive market characterised by increase in demands by customers, increased competition and shrinking disposable income. Most stores have realised that it is cheaper to retain than to attain new customers through brand equity. This study sought to determine the nature of relationship between retail brand equity dimensions and retail brand equity for OK supermarket in Bindura. OK supermarkets are the biggest retail chain in Zimbabwe by number of outlets and market share but with dollarization the country has seen increased interest by big some of the big players in Southern Africa like Pick n Pay and Shoprite. It follows that for OK to maintain its pole position it can no longer afford to do business as usual, brand equity provides a sustainable competitive advantage. A sample of 100 respondents was interviewed at the store front. The results revealed that brand awareness, loyalty and perceived quality have significant impact on brand equity. The store managers were urged to increase promotional activities, loyalty programs and psychological factors (tangibles and intangibles) so that the firm could increase brand equity. [ABSTRACT FROM AUTHOR]