Brand awareness, word-of-mouth and willingness-to-pay (WTP) high price: The role of herbal brand image in Ghana

Peter Kwasi Oppong, Joseph Owusu and Wilberforce Owusu Ansah
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Peter Kwasi Oppong: Kwame Nkrumah University of Science & Technology, Kumasi, Ghana
Joseph Owusu: Department of Marketing & Corporate Strategy School of Business Kwame Nkrumah University of Science & Technology, Kumasi, Ghana
Wilberforce Owusu Ansah: Department of Marketing & Corporate Strategy School of Business Kwame Nkrumah University of Science & Technology, Kumasi, Ghana

International Journal of Research in Business and Social Science (2147-4478), 2022, vol. 11, issue 6, 01-11

Abstract: A high level of brand awareness and brand image enhances customers` favourable word-of-mouth referrals which in turn, strengthens their WTP a high price for a brand. Despite the increasing importance of brand awareness and brand image to customers` word-of-mouth referrals and their WTP a high price, there are limited studies on the mediated role of brand image in the influence of brand awareness on customers` word-of-mouth referrals and their WTP a high price, particularly in the herbal industry. Hence, this study aimed to investigate the mediated role of brand image in the impact of brand awareness on word-of-mouth referrals and WTP a high price in the herbal industry. Using a systematic sampling strategy, data were collected from 265 samples of customers in the Cape Coast herbal market. The research hypotheses were statistically tested via structural equation modelling with the help of smart PLS 3.3.3. The study establishes that the relationship between brand awareness, word-of-mouth and WTP a high price is partly attributed to the influence of brand image. Besides, the study found that word-of-mouth contributes partially to the influence of brand awareness and brand image on WTP a high price. The study confirmed that brand image is critical in developing brand awareness to strengthen customers` word-of-mouth referrals and their WTP a high price in the herbal industry. Key Words: Herbal Industry, Brand Awareness, Image, Word-of-Mouth, WTP High Price

Date: 2022
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