Branding strategies and Consumer Patronage of Fast Moving Consumer Goods in Oyo State
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Date
2022-12
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Abstract
This study deals with the impact of branding strategies and Consumer patronage of fast moving consumer goods. It is a trending fact that consumers are more inclined to branded products as opposed to unbranded ones when choosing a choice of product in the market. We would be understanding the roles that Brand Awareness, Brand Loyalty, Brand Image, brand equity and Pricing strategy plays on the patronage of FMCG in Ibadan. This study adopts the survey research design which helps to directly show people’s opinions, attitudes and emotion among other subjective characters. The data for this survey was collected from 323 employees of Procter and Gamble Company in Nigeria (P&G) in Oyo state using the convenient sampling method. The data retrieve was analyzed using SPSS 23.0. From this study, it is discovered that branding strategies has a significant on consumer patronage of fast moving consumer goods in Nigeria. The results also shows that all four branding strategies were of significance in influencing the consumers patronage variables. The regression coefficient, t statistic, and p-value for the model show that Brand Awareness (β=.480, t=8.142, p<0.05); Brand Image (β=.657, t=8.418, p<0.05); Brand Equity (β=.398, t=6.819, p<0.05) and Pricing Strategy (β=.328, t=7.743, p<0.05) exerts a positive and statistically significant effect on patronage intentions. Hence, the null hypothesis was rejected and the study conclude that Brand Awareness, Brand Image, Brand Equity and Pricing Strategy have a significant influence on patronage intentions of fast moving consumer goods in Ibadan, Oyo state. Therefore, we recommended that The FMCG companies in Nigeria should pay much attention to the influences of brand awareness, brand image, brand equity and pricing strategy as it increases consumers purchase intentions. They should engage always in more branding strategies, and set up a more effective branding management department with experienced staff to help align these branding strategies with the company’s goals and objectives.
Keywords: Branding Strategies, Consumer Patronage and Fast Moving Consuming Good
Word Count: 308