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Karunaratna A.C.*
Faculty of Management and Finance, University of Ruhuna, Sri Lanka
Abstract
The study was conducted to evaluate the impact of brand equity dimensions of brand
awareness, brand associations, perceived quality, and brand loyalty on repurchase
intention of soft drinks by adolescents. Even though adolescents are treated as an
important customer category in terms of heavy consumption, the consumer behavior of
adolescents has not been well-addressed. Accordingly, the soft drinks consumption
behavior of adolescents was evaluated as it is one of the items that have the highest
consumption by adolescents. A survey was conducted using a self-administered
structured questionnaire to collect data from a sample of 400 adolescents. Structural
equation modeling technique was employed to validate the model and test the
hypotheses. The results reveal that brand associations, brand loyalty, and perceived
quality have a significant impact on the repurchase intention of soft drinks by
adolescents, while brand awareness is non-significant on repurchase intention. The
results specify that brand associations have the highest significant impact on repurchase
intention. The results also indicate that adolescents are brand loyal customers, and brand
loyalty plays an imperative role in determining the purchase intention of soft drink
brands. Although the public interest in quality attributes of soft drinks is rather negative,
adolescents have a favorable perception towards quality attributes that significantly
impact repurchase intention.
Keywords: Adolescents, Brand Equity, Repurchase Intention, Soft Drinks
* Corresponding Author-
acruhuna@gmail.com
South Asian Journal of
Business Insights
2021, 1(1),03-24.
ISSN 2773-7012(print)
ISSN 2773-6997(online)
© 2021, Faculty of
Management and Finance
University of Ruhuna, Sri Lanka
Impact of Brand Equity
Dimensions on
Repurchase Intention:
Evidence from Soft
Drinks Consumption of
Adolescents
Karunaratna A.C.
4
Introduction
In recent years, brand equity has drawn a renewed interest among researchers and
business practitioners in the marketing context (Martinez & Nishiyama, 2019; Algharabat
et al., 2020; Ilias et al., 2020). Brands are valuable assets of business where the
significant intangible value of brands has made building and managing brand equity a
priority for companies of all sizes in a wide variety of industries and markets (Bernd &
Geus, 2006; Lehmann et al., 2008; Castano, 2020). According to Aaker (1991), the
strategic importance of branding is duly recognized in the marketing literature. Brand
marketing is critical for the success of organizations where managing brand equity has
gained momentum in the field of marketing (Chatzipanagiotou et al., 2019). Accordingly,
the concept of brand equity has become a more popular concept over the past decade
(Martinez & Nishiyama, 2019; Chatzipanagiotou et al., 2019; Algharabat et al., 2020).
Brand equity can be identified as a set of assets and liabilities linked to a brand’s name
and symbol that adds to the value provided by a product or service to a firm’s customers
(Aaker, 1991). According to Simon and Sullivan (1993), brand equity is the incremental
cash flow between a branded product and an unbranded competitor. Managing brand
equity is a timely need due to brand proliferation and high competition in the
contemporary dynamic business context. Developing and managing brand equity have
been emphasized as essential elements for many firms due to the severe competition.
Moreover, brand equity management is vital because it can help firms gain and increase
their cash flow to the business and make products differentiated to enjoy competitive
advantages (Aaker, 1991; Yoo et al., 2000). Meanwhile, Lassar et al. (1995) stress the
importance of measuring and tracking brand equity for brand managers since the source
of brand equity is based on customer perceptions.
The customer-based brand equity approach is more practical as the information provides
a strategic vision of customer behavior, and then managers can develop essential
strategies (Junn & Sung, 2008). Customer-based brand equity has been recognized as
an indispensable concept which is immensely appraised by business practitioners since
assessing brand equity from customers’ perspectives is critical for the success of a
company (Keller, 2013). Accordingly, the evaluation of brand equity from the customer
perspective has received greater attention, and the role of brand equity is regarded as
one of the most valuable intangible assets adopted by most firms (Keller, 2013).
Accordingly, the study evaluates how the dimensions of brand equity impact repurchase
intention among adolescents in relation to their soft drinks consumption, since
repurchase intention is critical for the success of companies (Bojei & Hoo, 2012; Huang
et al., 2014; Pitaloka & Gumanti, 2019; Kalesaran et al., 2019; Reddy & Kavitha, 2020)
where the rising of consumer consciousness has made consumers choose to purchase
their familiar and favorable brand among many competing brands available in the market
to fulfill customers’ needs (Chi et al., 2009).
South Asian Journal of Business Insights
5
Adolescents are treated as a very important category of consumers who exhibit specific
consumption behavior (Nikccvic et al., 2019). More importantly, adolescents demonstrate
different behavioral patterns and mostly engage in heavy consumption of some products
and services such as clothing (Nikccvic et al., 2019) and soft drinks (Kassem et al., 2003;
Yang et al., 2017). Although the high level of consumption of sugar contained soft
drinks by adolescents are associated with increased risk of obesity and other physical
and mental health problems (Sdrali et al., 2010; Sturm et al., 2010), soft drinks
consumption among adolescents is high (Kassem et al., 2003; Bere et al., 2007; Sturm
et al., 2010; Yang et al., 2017), For instance, Younis and Eljamay (2019) declare that
63% of adolescents consume soft drink every day according to a study conducted on
fast food consumption among adolescents. A global change in dietary habits has
occurred over the last few decades resulting from the introduction of sweeteners (Nseir
et al., 2010). Soft drinks with high usage of sweeteners are very much popular among
children and youth due to the taste (Grimm et al., 2004). The term soft drink
usually refers to a flavored, carbonated and non-alcoholic beverage including
those that use caloric and non-caloric sweeteners (Nseir et al., 2010). The soft drink
market belongs to the non-alcoholic beverage industry, and it encompasses liquid
refreshment beverages such as bottled water, carbonated soft drinks, energy drinks, fruit
beverages, ready-to-drink coffee and tea, sports beverages, and value-added water. The
evidence indicates that global soft drink sales are increasing rapidly (Basu et al., 2013).
This incremental consumption will be proven by the above increasing sales of soft drinks.
Herath and Fernando (2017) declare that the soft drinks market in Sri Lanka is huge,
and some popular brands have dominated the market despite heavy involvement by
some of the health authorities and the government to discourage the consumption of
soft drinks, especially among the student community. According to Rambukwella et al.
(2015), Sri Lanka’s total soft drinks market is worth around US$ 80 million, and the fruit
juice market is US$ 12 million. The fruit beverage industry is an important beverage
market in Sri Lanka which is worth US$ 12 million and has an annual growth rate of
12%. Accordingly, the soft drinks consumption in Sri Lanka is very high, and the majority
of consumers tend to consume carbonated drinks due to the taste, higher availability,
convenience, and less cost (Rambukwella et al., 2015). Ratnayake and Ekanayake (2012)
have conducted a study to identify the factors associated with sugar-sweetened soft
drinks consumption among adolescents in Sri Lanka. According to the results of the
study, 82 % consume sugar-sweetened soft drinks once weekly or more often, while 77
% and 48 % consume sugar-sweetened carbonated drinks and sugar-sweetened fruit
drinks once weekly or more often.
It is evident that there is a strong association of soft drinks consumption with frequent
meals, such as fast food (Verzeletti et al., 2009). According to Bere et al. (2007), dieting,
accessibility, modelling, attitudes, and preferences are strong determinants of
adolescents’ soft drink consumption. Taste is the strong determinant of soft drinks
consumption among adolescents (Grimm et al., 2004; Sdrali et al., 2010). Accordingly,
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6
adolescents can be identified as heavy users in the soft drinks market. The huge
potential for soft drinks among adolescents causes to attract several players in the
industry which generates intensive competition. In Sri Lanka, there are many soft drinks
brands targeted at adolescents, and advertising and promotions campaigns are heavily
used to attract adolescents and persuade them towards soft drinks consumption. In this
context, the survival of soft drinks brands and companies remains a challenge due to the
severe competition. The companies need to strengthen the market positioning in
identifying customer preferences. Therefore, evaluating the perceptions of adolescents is
imperative in managing brand equity.
There are four major dimensions; brand awareness, brand associations, perceived quality,
and brand loyalty of customer-based brand equity (Aker, 1991; Lee & Leh, 2011; Keller,
2013; Nasir, 2013). Marketers can gain competitive advantages by building strong
brands. Understanding the concept of customer-based brand equity is imperative in this
regard since the role of each dimension; brand awareness, brand associations, perceived
quality, and brand loyalty of brand equity evaluates the health of the brand. However,
scant attention has been drawn to the perceptions of adolescents in relation to brand
equity. The current study attempts to fill this research gap and further evaluates how
brand equity dimensions impact repurchase intention among adolescents in the context
of Sri Lanka.
Literature Review
Brand Equity
The term brand equity can be evaluated from the financial perspective and the customer-
based perspective (Lee & Leh, 2011). The financial perspective focuses on estimating the
value of the brand more precisely for accounting purposes or assessing the value of the
brand for mergers or acquisitions (Keller, 2013). Financial measures of brand equity such
as sales and profit cannot be considered as perfect indicators for measuring marketing
performances of the brand since those indicators are historical oriented and focus only
on the short-term performances of the brand (Mizik & Jacobson, 2008). Conceptualizing
and measuring brand equity on the basis of customer perspective is very useful as it
suggests both specific guidelines for marketing strategies and tactics and the areas for
assisting managerial decision-making (Keller, 2013). Measuring brand equity from the
customer-based perspective does not attempt to measure the monetary value of the
brand. This perspective focuses on how a brand of a particular product or service is
perceived by customers (Kim et al., 2003).
Most of the scholars who are interested in assessing brand equity tend to focus on the
customer-based approach. The reason for having the priority for a customer-based
approach can be identified as it provides an insight into assessing brand value from the
customer perspective (Christodoulides & Chernatony, 2010). The customer-based brand
equity emphasizes the customer’s mindset for a brand where brand equity must be
valued by the consumer. Accordingly, the power of the brand lies in their mind is based
South Asian Journal of Business Insights
7
on what customers have already learned, felt, seen, and heard about the brand as a
result of their experiences over time (Keller et al., 2012). Accordingly, Aaker (1991, p.
15) defines brand equity as a “set of brand assets and liabilities linked to a brand, its
name, and symbol that add to or subtract from the value provided by a product or
service to a firm and/or to that firm’s customers”. According to the definition of
customer-based brand equity by Keller (1993, p. 1), as “the differential effect that of
brand knowledge on consumer response to the marketing of the brand”, there are three
important ingredients such as differential effect, brand knowledge, and consumer
response to marketing in this definition of brand equity. First, brand equity occurs
because of the difference in responses of customers. If there is no difference in response,
that brand can be classified as a commodity or a generic version of the product. Second,
this difference in response occurs because of the brand knowledge that customers held.
Third, different responses to the brand equity can be reflected by their perceptions,
preferences, and behaviors of customers.
Moreover, brand equity is treated as the incremental utility and value endowed to a
product or service by its brand name (Srivastava & Shocker, 1991; Park & Srinivasan,
1994; Yoo et al., 2000). Ailawadi et al. (2003) declare that brand equity is the outcome
that occurs to a product with its brand name when compared with those that would
occur if the same product does not have that brand name. Accordingly, brand equity is a
kind of value that is generated because of having a brand for the product than an
unbranded product. From the customers’ perspective, Keller (2013) identifies brand
equity as the distinct response of customers to a company’s brand due to the different
impacts on customers’ reactions. When a certain brand has high brand equity, consumers
are willing to pay more for a brand because of the attractiveness that the brand name
has gained (Bello & Holbrook, 1995). Cobb-Walgren et al. (1995) suggest that there will
be value to the investor, the manufacturer, and the retailer only if the brand is worth it to
the consumer.
Brand equity has become imperative as the key to understanding the objectives,
mechanisms, and net impact of the holistic application of marketing on a brand
(Reynolds & Phillips, 2005). Also, brand equity helps to keep customers longer with the
company. For firms, growing brand equity is a key objective achieved through gaining
more favorable associations and feelings amongst target consumers (Falkenberg, 1996).
Meanwhile, Farquhar (1989) argues that brand equity can change the consumer attitude
towards a product. Brand equity drives the path of setting up the future agenda for
brand management by the identification of brands values with competitive brands (Keller
& Lehman, 2006). For example, a cost leadership focus brand can propose price
promotions and a differentiation focus brand can propose value additions and
reinforcement advertising campaigns. Brand equity drives to generate the company’s
long-term profitability (Jalilvand & Samiei, 2012). Positive customer-based brand equity
can lead to greater revenue, lower costs, and higher profits, and it has direct implications
for the firm’s ability to command higher prices, customers’ willingness to seek out new
distribution channels, the effectiveness of marketing communications, and the success of
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brand extensions and licensing opportunities as overall business performance (Keller,
2013). Brand equity plays important role in attracting new customers to the company,
acting as a reminder to customers, and building an emotional tie to the organization
(Lemon et al., 2001). Due to this critical role of brand equity, various scholars have
evaluated the relationship between brand equity and customer repurchase inte ntion and
confirmed the significant positive impact of brand equity on customer repurchase
intention (Gomez & Perez, 2018; Pitaloka & Gumanti, 2019; Langga et al., 2020;
Langga, 2021).
Dimensions of Brand Equity
Hypothesizing and determining brand equity on the basis of customer perspective is
helpful because it suggests specific guidelines to the areas to apply marketing strategies
as a support to the managerial decision making (Jung & Sung, 2008). Aaker (1991) has
identified the conceptual dimensions of brand equity as brand awareness, brand
associations, perceived quality, brand loyalty, and other proprietary brand assets such as
patents, trademarks, and channel relationships. The former four dimensions of brand
equity represent consumer perceptions and reactions to the brand, while proprietary
brand assets are not pertinent to consumer-based brand equity. Accordingly, brand
equity is treated as a multi-dimensional concept and a complex phenomenon in the
marketing literature (Aaker, 1991; Keller, 2013). The importance of conceptualizing
brand equity from the consumer’s perspective is stressed by other scholars and validated
the applicability of four dimensions which are brand awareness, brand associations,
perceived quality, and brand loyalty to measure brand equity (Yoo et al., 2000; Lee &
Leh, 2011). Accordingly, those four dimensions were used to measure brand equity in
the current study.
Brand Awareness
Brand awareness is the customers’ ability to recall and recognize the brand as reflected
by their ability to identify the brand under different conditions and link the brand name,
logo, symbol, and so forth to certain associations in memory (Keller et al., 2012). Brand
awareness is defined as “the ability for a buyer to recognize or recall that a brand is a
member of a certain product category” (Aaker, 1991, p. 61). According to Hoyer &
Brown (1990, p. 141), awareness represents the lowest end of a continuum of brand
knowledge that ranges from simple recognition of the brand name to a highly developed
cognitive structure based on detailed information. When a brand is well established in
memory, it is easier to attach associations to the brand and establish them in memory.
Aaker (1991) evaluates awareness as having more than recognition and recall, and it
includes top-of-mind, brand dominance, brand knowledge, and brand opinion as well. At
first, the consumer must be aware of the brand in order to develop a set of associations
(Washburn & Plank, 2002). Brand awareness is important as only those brands of which
customers are aware enter into the consideration set or evoked set of brands for
possible purchase (Hoyer & Brown, 1990; Bojei & Hoo, 2012; Keller et al., 2012).
According to Hoyer and Brown (1990), brand awareness exerts an influence on choice,
South Asian Journal of Business Insights
9
especially those who are aware of one brand in a choice set tend to choose the known
brand even when it is lower in quality than other brands. Accordingly, brand awareness
is an important choice in consumer purchase decisions (Macdonald & Sharp, 2000; Chi
et al., 2009), and brand awareness has a significant positive effect on repurchase
intention (Bojei & Hoo, 2012; Ilyas et al., 2020). Accordingly, the following hypothesis
was formulated.
H1: Brand awareness has a significant positive impact on the
repurchase intention of soft drinks among adolescents.
Brand Associations
According to Aaker (1991), brand association is something created in consumers’ minds
or memories that connect to the brand, including product attributes, consumers’
benefits, uses, lifestyles, product classes, competitors, and countries of origins. Brand
associations can provide points-of-difference, purchase reasons, positive attitudes, and
feelings which may influence purchase behavior and satisfaction, reduce reasons to shift
to other brands, and provide a basis for brand loyalty (Aaker, 1991). Associations
include functional associations and non-functional associations (Chen, 2001). The
functional attributes are tangible features of the product (Keller et al., 2012). According
to Pitta and Katsanis (1995), consumers link the performance of functional attributes to
the brand. Customers develop associations with non-functional attributes as well (Lee &
Leh, 2011). Further, Aaker (1991) suggests that brand associations could provide value
to the consumer by providing compelling reasons for consumers to buy the brand. It is
evident that repurchase intention is influenced by brand associations (Bojei & Hoo,
2012). Accordingly, the following hypothesis was formulated.
H2: Brand associations have a significant positive impact on the
repurchase intention of soft drinks among adolescents.
Perceived Quality
Perceived quality is treated as the customer’s judgment about a product’s overall
excellence or superiority in comparison to alternatives (Zeithaml, 1988). It means quality
is perceived as the consumer’s subjective evaluation of the product (Zeithaml, 1988;
Aaker, 1991). According to Bhuian (1997), perceived quality is a judgment on the
consistency of product specification or evaluation of the added value of a product.
Accordingly, perceived quality is treated as an essential component in brand equity
(Aaker, 1991; Yoo et al., 2000; Keller, 2013). The quality attributes such as color, flavor,
form, the appearance of the product, and the availability of the production information
infer the quality of the product (Acebron & Dopico, 2000). Pitaloka and Gumanti (2019)
declare that consumer confidence increases with the improved perception of quality will
eventually lead to a repeated purchase. Accordingly, the positive effect of perceived
quality on repurchase intention is evident (Moradi & Zarei, 2011; Bojei & Hoo, 2012;
Putra et al., 2019; Aquinia & Soliha, 2020). Accordingly, the following hypothesis was
formulated.
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H3: Perceived quality has a significant positive impact on the
repurchase intention of soft drinks among adolescents.
Brand Loyalty
Brand loyalty implies consistent repurchase of a brand resulting from a positive affection
of the consumer towards that brand (Mellens et al., 1996). Loyalty is viewed as a
measure of the attachment that a customer has to a brand by Aaker (1991). Boohene
and Agyapong (2011) declare that the concept of loyalty has its root in the consumer
behavior theory and is something that consumers may exhibit to brands, services, or
activities. According to Yi and Jeon (2003), brand loyalty is repeated purchases of a
particular product or service during a certain period of time. Moreover, Andreassen and
Lindestad (1998) identify loyalty as an intended behavior towards the services or the
company and this includes the likelihood of future renewal of service contracts or the
profitability of a change in patronage, how likely the customer is to provide positive
word of mouth or the likelihood of customers providing a voice. Brand loyalty is a strong
determinant of brand equity (Aaker, 1991; Yoo et al., 2000; Keller, 2013) which has a
significant positive impact on repurchase intention (Bojei & Hoo, 2012; Aquinia & Soliha,
2020). Accordingly, the following hypothesis was formulated.
H
4
: Brand loyalty has a significant positive impact on the
repurchase intention of soft drinks among adolescents.
Repurchase Intention
The concept of repurchase intention (Jones et al., 2000; Yi & La, 2004; Bojei & Hoo,
2012; Pitaloka & Gumanti, 2019) termed as repeat purchase intention by some scholars
(Hoyer & Brown, 1990; Kim et al., 2001; Kuo et al., 2013) is an indispensable
phenomenon in the context of marketing since the success of a product or a brand
mainly depends on customer choice and the intention of future purchases. Repurchase
intention can be recognized as the likelihood that a particular consumer purchases a
product or a brand again in the future (Bojei & Hoo, 2012). According to Kuo et al.
(2013), it is imperative to maintaining customer repeat purchase intention and avoiding
switching behavior to sustain operations and gain competitive advantages. Repurchase
intention is the degree to which customers are willing to purchase the same product or
service which is critical for a company’s profitability (Reichheld & Sasser, 1990; Jones &
Sasser, 1995). According to Reichheld & Sasser (1990), the cost of attracting a new
customer is about five times over retaining an existing customer. A consumer may have
an intention to buy a brand based on the attitudes towards the brand, but the intention
is not easier to measure at all times (Bojei & Hoo, 2012). According to the study
conducted by Bojei & Hoo (2012), customer-based brand equity dimensions; brand
awareness, brand associations, perceived quality, and brand loyalty have a significant
positive relationship with repurchase intention. Pitaloka & Gumanti (2019) also confirm
the positive and significant effect of brand equity on repurchase intention. Meanwhile,
South Asian Journal of Business Insights
11
Gomez and Perez (2018) validate the positive influence of brand equity on repurchase
intention in relation to young consumers aged between 16 and 24 years.
The conceptual framework of the study, which portrays the relationship between the
dimensions of brand equity and repurchase intention, is shown in Figure 1.
Materials and Methods
The study was conducted to evaluate the impact of brand equity dimensions; brand
awareness, brand associations, perceived quality, and brand loyalty on repurchase
intention among adolescents in relation to the soft-drinks consumption behavior. The
adolescents, more specifically teenagers, were selected as the unit of analysis of the
study. Data were collected from 400 adolescents in administering a structured
questionnaire to evaluate the attributes of brand equity dimensions and repurchase
intention with a seven-point Likert type scale from strongly disagree to strongly agree.
Accordingly, the deductive research approach, which involves developing a conceptual
and theoretical structure tested by empirical observations, was adopted for the study
(Collis & Hussey, 2014) while the study is quantitative in nature which involves
quantifying data that applies numerical values, statistical analysis and testing hypotheses
(Malhotra, 2010). The objective of explanatory research is to analyze the cause-and-
effect relationship and explain which cause produces which effect (Yoo et al., 2000;
Saunders et al., 2011). The objective of this method can be accomplished through
laboratory and field experiments. This study also attempts to measure and test
predetermined hypotheses to identify the impact of clearly defined variables of brand
equity on customer repurchase intention.
The key dimensions of brand equity: brand awareness, brand associations, perceived
quality, and brand loyalty were operationalized adopting the scale which was initially
developed by Aaker (1991) and further addressed by Keller (2013). Brand awareness
was measured with three items such as brand recognition, brand recall, and top of mind.
Brand associations include four items, namely refreshing, representation of youth choice,
the popularity of the brand among the youth, and attractive adverting campaigns.
Perceived quality measured with four items comprises taste, perception of safe to
consume, excellent quality attributes of the drink, and information included in labeling.
Brand loyalty measured with three items includes preference over competitive brands,
engaging positive word of mouth of the brand, and recommending others to consume
the brand.
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Figure 1: Conceptual Framework of the Study
Repurchase intention was operationally defined as the customer’s willingness to
engaging in future repurchase behavior of the preferred brand which is currently used,
and measured with three items: commitment to rebuy, frequent usage, and intention of
future usage. Table 1 illustrates the operationalization of variables of the study.
Table 1: Operationalization of Variables of the Study
Variable
Items of measurement
Item Code
Factor
Loading
Source
Brand
Awareness
Brand recognition
Brand recall
Top of mind
Awareness 1
Awareness 2
Awareness 3
.91
.81
.85
Aaker (1991);
Yoo et al. (2000);
Keller (2013)
Brand
Associations
Refreshing
Youth choice
Brand popularity
Advertising appeal
Association 1
Association 2
Association 3
Association 4
.79
.88
.84
.88
Perceived
Quality
Taste
Safe to consume
Quality attributes
Labelling information
Quality 1
Quality 2
Quality 3
Quality 4
.72
.90
.89
.83
Brand
Loyalty
Preference over
competitive brands
Positive word of mouth
Brand recommendation
Loyalty 1
Loyalty 2
Loyalty 3
.85
.75
.81
Aaker (1991);
Yoo et al. (2000);
Watson et al.
(2015)
Repurchase
Intention
Committed to rebuy
Frequent usage
Future usage
Repurchase 1
Repurchase 2
Repurchase 3
.90
.89
.90
Yi & La (2004);
Bojei & Hoo
(2012)
H4
H3
H2
H1
Brand Equity
Brand Awareness
Brand Associations
Perceived Quality
Brand Loyalty
Repurchase
Intention
South Asian Journal of Business Insights
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Data Presentation and Analysis
The key purpose of the study is to evaluate the impact of the dimensions of brand equity
on repurchase intention among adolescents in relation to their soft-drinks consumption.
Table 2 includes the descriptive statistics that represent how adolescents evaluate the
attributes of brand equity dimensions regarding soft drinks consumption as per their
perceptions and experience.
Table 2: Descriptive Statistics of Variables of the Study
Variable
Mean
Standard Deviation
Brand Awareness
4.81
1.24
Brand Associations
4.90
1.12
Perceived Quality
4.72
1.26
Brand Loyalty
5.00
1.03
Repurchase Intention
5.08
1.24
Table 2 indicates that adolescents’ perceptions towards brand equity and repurchase
intention are favorable. Among the four dimensions of brand equity, brand loyalty
represents the highest Mean value of 5.00 and next by brand associations with 4.90.
Brand awareness has reported 4.81 of Mean value while perceived quality has reported
the lowest value of 4.72. Meanwhile, repurchase intention also represents a Mean value
of 5.08, indicating the highest Mean value compared to the dimensions of brand equity.
Reliability and Validity of the Study Variables
The reliability of the variables was tested using Cronbach’s Alpha and Composite
Reliability. As shown in Table 3, all brand equity dimensions and repurchase intention
have obtained the threshold value of above 0.7 (Fornell & Larcker, 1981; Raykov, 1997;
Hair et al., 2007; MacKenzie et al., 2011). Brand awareness and brand loyalty have
reported reliability values above 0.8, whereas the dimensions of brand association and
perceived quality have reported reliability values above 0.9. Meanwhile, repurchase
intention also represents the reliability value above 0.9, which is the highest among all.
Accordingly, the variables of the study have fulfilled the requirement of the reliability
assessment.
It is mandatory to assess the construct validity of the model using convergent validity
and discriminant validity (Fornell & Larcker, 1981; Hu & Bentler, 1999; Byrne, 2010;
MacKenzie et al., 2011; Hair et al., 2014). Convergent validity refers to “the extent to
which indicators of a specific construct converge or share a high proportion of variance
in common” (Hair et al., 2014, p. 601), whereas discriminant validity refers to “a
construct is truly distinct from other constructs both in terms of how much it correlates
Karunaratna A.C.
14
with other constructs and how distinctly variables represent only this single construct”
(Hair et al., 2014, p. 601).
Table 3: Reliability Statistics of the Variables
Variable
Cronbach’s Alpha
Composite Reliability
Number of Items
Brand Awareness
0.890
0.893
3
Brand Associations
0.909
0.913
4
Perceived Quality
0.902
0.904
4
Brand Loyalty
0.846
0.846
3
Repurchase Intention
0.925
0.925
3
Table 4 depicts the values of Average Variance Extracted (along the diagonal) of each
dimension of the brand equity and correlations (below the diagonal) and squared
correlations (above the diagonal). Accordingly, all dimensions have reported an AVE
value above 0.5, confirming the convergent validity. The statistics in Table 4 can be
further used to assess the discriminant validity of the dimensions of brand equity of the
study. Discriminant validity can be evaluated by comparing the average variance-
extracted values for any two dimensions with the squared correlation estimate between
the two dimensions or comparing the square root of average variance-extracted values
with the correlation estimate (Fornell & Larcker, 1981; MacKenzie et al., 2011; Hair et
al., 2014). The AVE, which should be greater than the squared correlation estimates of
each dimension to confirm the discriminant validity of the study, is also satisfactory.
Table 4: AVE and Correlations Among the Dimensions of Brand Equity
Dimensions of
Brand Equity
Brand
Awareness
Brand
Associations
Perceived
Quality
Brand
Loyalty
Brand
Awareness
.74
.03
.05
.01
Brand
Associations
.16
.72
.04
.54
Perceived
Quality
.22
.21
.70
.06
Brand Loyalty
.09
.74
.25
.65
*Values below the diagonal are correlation estimates among the variables and values
above the diagonal are squared correlations, and the values on the diagonal represent
the AVE values of the study variables.
South Asian Journal of Business Insights
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Validating the Model of Brand Equity Dimensions on Repurchase Intention
The model χ2 is significant (χ2 = 316.991 with 109 degrees of freedom). The p-value is
significant (p<0.01), which is to be expected with a sample size of 400. The absolute fit
indices, incremental fit indices, and parsimony fit indices of the model (Hu & Bentler,
1999; Byrne, 2010; Hair et al., 2014) have also produced satisfactory results.
Accordingly, the Normed Chi-square value (CMIN/DF) of the model, which is 2.908
(expected to be below 5), can be treated as a very good indicator. Moreover, the Root
Mean Square Error of Approximation (RMSEA) of the study has reported 0.069, which
should be below 0.08 as the threshold value is also satisfactory. Also, the Goodness of
Fit Index (GFI) value is 0.916, which is above 0.9. As far as the Incremental Fit Indices
are considered, both the Comparative Fit Index (CFI) and Normed Fit Index (NFI) have
reported above the threshold value of 0.9, indicating 0.960 (CFI) and 0.941 (NFI)
respectively. Moreover, the Adjusted Goodness of Fit Index (AGFI) as the Parsimony Fit
Index indicates the value of 0.882 which is above the threshold value of 0.8. Table 5
includes the summary of the fit indices of the analysis.
Table 5: CFA Fit Indices
Goodness of Fit Indices
Value
Chi Square (x2 )
316.99(p<.01)
Degree of Freedom
109
Absolute Fit Indices
CMIN/DF
2.908
RMSEA
0.069
GFI
0.916
Incremental Fit Indices
CFI
0.960
NFI
0.941
Parsimony Fit Index
AGFI
0.882
The structural model of the study, which depicts the correlations among the dimensions
of brand equity and the effect of the dimensions of brand equity on repurchase intention,
is illustrated in Figure 2. For a good converge, the standardized loading estimates
should be 0.5 or higher, and ideally 0.7 or higher (Hair et al., 2014). Accordingly, Figure
2 shows that the standardized loading of each dimension of brand equity and
repurchase intention is higher in confirming good convergence among the items.
The results of regression weights as depicted in Figure 2 of the structural model are
shown in Table 6. Moreover, the table includes the standardized regression weights and
the significance level. Accordingly, the structural model has produced satisfactory results.
The results of the study are decisive, which indicates that the brand associations have
the highest impact on repurchase intention with a β value of .710 (P<0.01). Also, brand
Karunaratna A.C.
16
loyalty indicating β value of .193 (P<0.01) and perceived quality representing β value of
.130 (P<0.01) are significant predictors of repurchase intention.
Figure 2: Structural Model of the Study
However, brand awareness is a non-significant predictor of repurchase intention among
adolescents in relation to their soft drinks consumption behavior. Accordingly,
Hypotheses 2, 3, and 4 were supported by the results of the study while Hypothesis 1
was not supported.
According to the results of the study, brand associations play a crucial role in
determining the repurchase intention of soft drinks by adolescents. Accordingly, it can be
considered that selection of soft drinks as a youth choice, brand popularity, the effect of
advertisements, and making them refreshed are critical attributes of soft drinks
consumption by adolescents. Next, it seems that adolescents are brand loyal in terms of
soft drinks consumption and brand loyalty is a significant predictor of repurchase
intention of soft drinks. In addition, the quality attributes of soft drinks are also
important, which affect repurchase intention. However, brand awareness is non-
significant, which indicates that brand associations, brand loyalty, and perceived quality
South Asian Journal of Business Insights
17
are important predictors of repurchase intention over brand awareness among
adolescents in relation to their soft-drinks consumption behavior.
Table 6: Results of the Impact of Dimensions of Brand Equity on Repurchase Intention
Dimensions of Brand
Equity
Repurchase Intention
Standardized
Regression (β)
Significance Level (P)
Brand Awareness
.035
.255
Brand Associations
.710
.000
Perceived Quality
Brand Loyalty
.130
.193
.000
.000
Results and Discussion
In the contemporary business context, the interest in brand equity among marketers has
largely increased, and they have a higher commitment to managing brand equity as the
goal of many marketers is to enhance brand equity (Chatzipanagiotou et al., 2019;
Martinez & Nishiyama, 2019; Algharabat et al., 2020; Ilias et al., 2020). In this context,
the studies which examine the effect of brand equity on repurchase intention have
strategic importance for marketers to implement suitable marketing strategies. However,
the studies conducted in different contexts to evaluate the impact of brand equity on
repurchase intention have produced contradictory results. For instance, Bojei and Hoo
(2012) confirm that brand equity dimensions: brand awareness, brand associations,
perceived quality, and brand loyalty have significant positive relationships with
repurchase intention. According to Pitaloka and Gumanti (2019), brand equity has a
positive and significant effect on repurchase intention. Gomez and Perez (2018) also
confirm the positive influence of brand equity on repurchase intention by young
consumers aged between 16 and 24 years. However, Aquinia and Soliha (2020) declare
that brand awareness and brand associations do not significantly influence repurchase
intention, while perceived quality and brand loyalty significantly influence repurchase
intention. Meanwhile, Kalesaran et al. (2019) affirm that the brand awareness dimension
does not significantly influence repurchase intention. The current research study was
conducted to evaluate the impact of brand equity dimensions on repurchase intention in
relation to soft drinks consumption by adolescents (teenagers) since soft drinks
consumption by adolescents is relatively high. The results depict those adolescents have
developed strong favorable associations with soft drink brands. Hence, brand
associations have the highest impact on repurchase intention. Moreover, it seems that
adolescents are brand loyal, and the brand loyalty dimension was reported as the
second-highest impact on repurchase intention. According to the perceptions of
Karunaratna A.C.
18
adolescents, the perceived quality also impacts on repurchase intention of soft drinks.
However, the brand awareness dimension does not have a significant effect on
repurchase intention as declared by Kalesaran et al. (2019). Accordingly, brand
associations, brand loyalty, and perceived quality are significant predictors of repurchase
intention of soft drinks by adolescents.
Concluding Remarks and Managerial Implications
The concept of brand equity that plays a critical role in building a bond between
customer and brand is a good indicator of the health of a brand. Developing and
managing brand equity is considered a critical issue for most of the firms in the
contemporary business context since intense competition has existed in the soft drink
market with local as well as global brands. Therefore, evaluating the effect of the
dimensions of brand equity, for instance, how and to what extent, on repurchase
intention is indispensable for the success of the companies. Accordingly, the study was
conducted to evaluate the impact of brand equity dimensions; brand awareness, brand
associations, perceived quality, and brand loyalty on repurchase intention in relation to
adolescents’ soft drinks consumption behavior.
The adolescents were selected as the unit of analysis of the study since soft drinks
consumption among adolescents is very high compared to other age categories. Data
were collected from a sample of 400 adolescents. The structural equation modeling
technique was employed to validate the model and test the impact of the dimensions of
brand equity on repurchase intention. The results are conclusive, which indicates that
brand associations, brand loyalty, and perceived quality have a significant effect on the
repurchase intention of adolescents in soft drinks consumption while brand awareness is
non-significant on repurchase intention.
The results are important for managerial decision-making, which indicates that among
the four dimensions of brand equity, brand associations have the highest significant
impact on repurchase intention. Accordingly, it is apparent that adolescents have
developed strong favorable associations with soft drink brands. Thus, strengthening
brand associations among adolescents is a critical element to increase repurchases of
soft drinks. The brand loyalty dimension was reported as the second-highest impact on
repurchase intention, which further specifies that adolescents are brand loyal customers.
Accordingly, it is important to employ necessary strategies and programmes to enhance
the level of brand loyalty of adolescents in order to persuade them to repurchase.
Adolescents have also perceived the quality of soft drinks as an important component
that positively impacts repurchase intention. However, study results indicate that the
brand awareness dimension has no significant effect on repurchase intention. According
to the results of the study, it can be concluded that brand associations, brand loyalty,
and perceived quality are significant dimensions of brand equity that influence the
repurchase intention of soft drinks among adolescents.
South Asian Journal of Business Insights
19
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Author
A. C. Karunaratna is serving as a Senior Lecturer in the Department of Marketing, Faculty
of Management and Finance, University of Ruhuna, Sri Lanka. He obtained the Bachelor
of Commerce Degree from the University of Ruhuna, MSc in International Management
from the University of Agder, Norway, and currently reading for his PhD. His teaching
and research interests are in understanding the nature of consumer behaviour in the
marketing discipline. He has presented papers in many national and international
conferences and published articles in index journals, including Critical Perspectives on
Accounting and Journal of Customer Behaviour.
