Impact of Brand Awareness and Association on Loyalty : The Role of Equity in Plant Medicine Market in Kumasi, Ghana

Developing loyalty in a keen competitive market is of strategic importance as it sustains market share and ultimately, increases the profit margins of a firm. However, there is relative scarcity of empirical research on the impact of brand equity and its assets on loyalty in the traditional herbal medicine market. This paper seeks to examine the influence of brand awareness and association on loyalty through the mediated effect of brand equity in the plant medicine market in Kumasi, Ghana. Guided by Keller`s brand equity model, seven hypotheses were postulated and tested by using structural equation modelling. The study confirmed that brand awareness and brand association both directly and indirectly impact on brand loyalty through the mediated influence of brand equity. Recognizing the strategic role of loyalty in the growth of a business, plant medicine companies should focus on developing brand awareness and brand association to support loyalty in the traditional herbal medicine market in Kumasi.