SUMMER INTERNSHIP PROGRAM PROJECT REPORT ONSTUDY OF THE RELATIONSHIP BETWEEN BRANDAWARENESS, BRAND ASSOCIATION, PERCEIVED QUALITY, AND BRAND LOYALTY IN EMPRESS CITY TITLE:- PROJECT GUIDE: Mr. Parag Pawar (Sales Manager) Submited To: Prof.Geeta Naidue Submitted By: Miss.Swati Jaiswal S.B.Jain Institute Of Technology , Management And Research Batch-2009-2010 CONTENTS 1. Acknowledgement «««««««««««««««« (3) 2. Declaration «««««««««««««««««««.. (4) 3. Executive Summary «««««««««««««««.. (5) 4. Introduction «««««««««««««««««««. A.1- About Real Estate Industry In India ««««««. (9) A.2- About KSL and Industries «««««««.. (15) A.3- About Empress City ««««««««««. (25) 5. Board of Directors «««««««««««««. (27) 6. Main Competitors «««««««««««««.. (28) 7. Research Methodology ««««««««««« (44) 8. Analysis «««««««««««««««««« (46) 9. Conclusion ««««««««««««««««. (48) 10.Limitation and Recomdation ««««««««.. (49) 11. Bibliography «««««««««««««««.. (50) 2|Page ACKNOWLEDGEMENT There are many people who have been of enormously help in the preparation of our Project on Marketing, we are specially thankful to Mr.Junid Sheikh Assistant Vice President of Empress City, opportunity to undertake our project. who have given us this We are thankful to Mr.Parag Pawar, Sales Manager of Empress City and his team members for giving their remarkable contribution and special thanks to our faculty in charge, Prof. Geeta Naidu Mam who has permited us and encourage us to work and gain practical knowledge in Empress City. We are specially thankful to Mr. Parag Pawar who not only explained the topics very well but also thrown a good insight at the practical aspect too. 3|Page DECLARATION The research work presented in this project has been carried out under the supervision of Mr.Parag Pawar(Sales Manager) .The subject matter of the project is my original work and no such work has been done by anyone or published anywhere or has been submitted to any university or Institute for the award of any Degree / Diploma. The Project is the result of my bonafide work and the sources of literature used and all assistance received during the course of investigation have been duly acknowledged. I further declare that the information presented here is completely based on my observation and true to best of my knowledge. Place : Nagpur Date: Signature o f Student ( Swati Jaiswal ) SBJITMR, Batch- 2009- 2010 4|Page EXECUTIVE SUMMARY This research investigated direct and indirect relationship between brand equity constructs which includes brand awareness, brand association, perceived quality, and brand loyalty in Empress City. The finding showed that there is a significant and positive direct effect between brand awareness toward brand associations, and brand association toward perceived quality and brand loyalty. We argue that brand association plays as a suppressor in our model that leads to inverse relation between brand awareness and perceived quality. With respects to the mediating effect of perceived quality to the relationship between brand awareness towards brand loyalty and brand association towards brand loyalty, our finding showed that perceived quality does not play as a mediator role in this study. On the other hand, we find that brand association is a very important variable which mediate the relationship between brand awareness toward brand loyalty. 5|Page ICICI Bank. Real estate fast displacing IT/ITeS as the top private equity investment sector in India Various foreign real estate and finance companies such as GE Commercial Finance.1: About Real Estate Industry In India SIZE Real Estate and Construction is a US$16-billion (2006) industry in India There has been a rapid growth in the industry in the past few years Real estate share in total FDI increased from 10% in 2004-05 to over 25% in 2006-07 (estimated at over US$5 billion) High-demand growth has led to prices doubling over 3 years in many cities STRUCTURE Fragmented sector with relatively few organized players of scale o o Large corporations beginning to show active interest Margins are higher in India (>20%) as compared to the developed markets (56%) Active participation of institutional finance in real estate o Real estate venture funds permitted: Prominent Indian corporates like Tata Group. Several Private Equity firms have specific funds for real estate investments. Tishman Speyer. Ascendas and Farallon Capital. SBI and HDFC have promoted real estate venture funds o o Real estate Investment Trusts (REITs) expected to be set up shortly. have entered the Indian market 6|Page . Goldman Sachs.INTRODUCTION A. Lehman Brothers etc. HDIL Ansal Properties 784 590 286 190 7|Page . or 50.POLICY 100% FDI is allowed in real estate development subject to minimum scale norms of either: o o 25 acres in case of serviced plots or integrated townships. mtrs. million) US$ Unitech DLF Ltd.000 sq. of built-up area for construction development projects Initial investment is locked-in for a 3 year period Top Players in the Real Estate & Construction industry Company Sales Turnover (2007. OPPORTUNITY Commercial and office complexes mushrooming in major Over 25 million new housing units required in 7 years Indian metros OUTLOOK The real estate market is projected to grow to US$60 billion by 2010 at a CAGR of 40% Real estate companies have been successfully tapping the country¶s booming capital markets for funds o Companies have also raised equity internationally at the AIM in London Tier 2 cities (non-metros) likely to experience faster growth in the future 8|Page . Blackstone and Calpers have invested or are in the process of investing in Indian real estate 9|Page . IT/ITeS and Hospitality sectors o The recently announced JNNURM expected to provide further impetus Investment opportunities exist in almost every segment of the business o o o o Housing: about 25 million new units expected to be built in 7 years Office space for IT/ITES: 150 million sq. AIG.000 new rooms in the next 5 years Investment opportunity of over US$75 billion in the next 5 years Major foreign institutional investors including Morgan Stanley. with demand being fuelled by tax incentives and a growing middle class with higher savings o Increasing demand for commercial and office space especially from the rapidly growing Retail.POTENTIAL Several factors are expected to contribute to the rapid growth in real estate o Large demand-supply gap in affordable housing. ft. ft. across urban India by 2010 Commercial space for organised retailing: 220 million sq. Merrill Lynch. by 2010 Hotels and Hospitality: Over 100. Goldman Sachs. 10 | P a g e . to KSL & Industries Ltd. issued with Equity Shares in February 1995.2: About KSL and Industries The Company has recently converted the tradable warrants. into equity shares as envisaged inthe Prospectus.KSL & Industries Ltd has appointed Shri Utpal Mukhopadhyay as an Additional Director of the Company. 2002 . 2007 .The company name has been changed from Krishna Texport Industries Ltd.Once again the company name changed from KSL Realty and Infrastructure Ltd.A. The proceeds of the issue will be deployed for financingthe expansion plans and in other profitable ventures. to KSL Realtyand Infrastructure Ltd. 2005-Delist securities from Vadodara Stock Exchange Ltd (VSE) w. 2008 . 2005.f March.The company name changed from KSL & Industries Ltd. to KSL and Industries Ltd. 2010.e. Underwent expansion and modernisation of its existing textile mills. 1992. 2004.Adopted the inorganic route of expansion by acquiring assets of Kalameshwar Textile Mills.Forayed into real estate development through Reward Real Estate Company Ltd. 2003.Development of real estate properties in process.Krishna Mills is converted into a Private Limited Company. 2007.The Company goes public with an IPO and is listed on the Bombay Stock Exchange 2003. 11 | P a g e . 1995.Diversified into the real estate business by acquiring assets of the historic Empress Mills (the first venture by Sir Jamshedji Tata in India). 2005. (100% subsidiary). 2006.Adopted the inorganic route of expansion by acquiring fixed assets of Surat Cooperative Mills.Krishna Mills is converted into a Public Limited Company. Undertook a massive expansion program post quota regime.Milestone:1975.Acquired property of Deccan Co-operative Mills in Kolhapur.Krishna Mills is established as a partnership firm 1983. Nagpur. 2005. Reward Real Estate Company Limited ± is today engaged in developing 15 realty projects. From an integrated textiles company ± spanning the entire range of textile spinning. The real estate story in India is growing bigger by the day. processing and garment manufacturing activities. Punjab and the Union Territory of Dadra & Nagar Haveli. Industry experts believe that Indian real estate has huge demand potential in almost every sector especially commercial. Our 100% realty subsidiary . coupled with exports of specialty knitted fabrics ± KSL and Industries Limited has expanded into a diversified operation. including integrated townships. Limited. offering a rare insight into mills with distressed financials but large real estate assets. encompassing the fast-growing realty space development segments. hotels. The rationale behind the foray is to maximize shareholder value. 12 | P a g e . IT parks & commercial complexes. knitting.BENCHMARKING (INTRODUCTION) The flagship Company of Saurabh Tayal Enterprise. and malls & multiplexes across key cities in Maharashtra. The Company leveraged this insight to invest in such distressed properties with the objective to transform them into valuable assets.Textiles & Real Estate. This decision was a result of the Company¶s three-decade exposure to India¶s textile industry. residential and retail. After establishing a firm foothold in the textile business KSL forayed into the realty business through a 100% subsidiary Reward Real Estate Co. KSL and Industries Limited (formerly known as KSL Realty and Infrastructure Limited) is an industrial conglomerate engaged in two of India¶s fastest growing businesses . We acquired a mix of premium and upcoming locations across Mumbai. real estate action is no longer limited to the large metropolises of India but has now permeated to the burgeoning smaller towns and cities which have emerged as hot destinations for real estate development. the Tier-II cities will enable us to earn realizations higher than the prevailing average in relatively emerging locations With developments plans in place for 15 projects which are a mix of residential. retail. Kalameshwar and Silvassa. hospitality and warehousing we are geared to create worldclass properties. Kolhapur. 13 | P a g e . Tier-II and III urban centers of Nagpur. Amritsar. This is a suitable mix.Today. while up market locations will provide us with lucrative margins in tested markets. commercial. IT park. Punjab. Hafeez Contractor. added "Realty boom has moved into Tier II and Tier III cities like Nagpur in a big way.. It will be our endeavor to built the township confirming to global Standards". Shapoorji and Pallonji. "With a population of over 40 Lakhs. further added "This is our first major partnership with the Tayal Group and there will be many more to come." Ms. which has a history. Well Known Singapore based Company for landscaping and Trammel Crow Meghraj for property management Consultancy globally known. Site Concepts. chairman . attached with it. It makes strategic business source for us to initiate one of our first projects in realty here. Vinayak Puranik. Reward Real Estate has joined hands with Reputed Architect.KSL & Reward Real Estate unveils Empress City KSL and Industries Ltd (BSE code 530149). 14 | P a g e .KSL & Industries Ltd. Nagpur The "Empress City" project will be implemented by Reward Real Estate Company Private Ltd. a Wholly owned Subsidiary of KSL and Industries Ltd. Meghana Goenka . its first truly international Standard township. It will redefine Commercial and residential landscape of Nagpur.Senior Executive -Trammel Crow Meghraj (Marketing Agent).Shapoorji Pallonji. The "Empress City" project is of a lot of commercial and emotional value for us. Said Mr. the flagship company of Saurabh Tayal Enterprises has ventured into realty business and will develop an ambitious integrated township project christened. Saurabh Kumar Tayal. Mr. Senior General Manager . the renowned Construction group. "Empress City" which is spread over 25 acres in the heart of Orange City. We value our association with the "Empress City" projects. To give the city of Nagpur. Nagpur is the ninth largest city in the country. Empress City will prove to be a landmark for the city of Nagpur. health club. video phones. swimming pools. Bookings for the residential portions have already commenced. Prasad. " The project is of significance to us. largest and state of the art shopping mall. The facility comprises of state of the art Information Technology Park. playgrounds. temple.Mr. In addition there will be facilities like a club house. community halls. With its distinctive design. emergency post. Empress Mills that is now developed as an integrated township project. a 400 room five star hotel." KSL and Industries acquired the erstwhile Tata textile unit. Senior Associate. maintenance free buildings. tele-communication. 15 | P a g e . Hafeez Contractor. multiplexes and 600 luxury residential apartments. The project would be completed by December 2007. high security and much more. indoor games complex. jogging park. 3:About Empress City Nagpur! The Best Opportunity to grow your investment in Real Estate industry.000 sq. 5-Star Hotel. Commercial centre and Natural zone Magnificently landscaped gardens with water features Ample car parking space Professionally managed by KSL Uninterrupted and stable power supply Round-the-clock physical security Electronic surveillance systems at strategic locations Three sided open plot. Shopping Mall. consisting of six zones viz. contemporary design. spacious internal and lift lobbies Clear height of 4. Luxury apartments. ideally located with no construction zone on three sides 16 | P a g e .A. 150. Ft. service enabling systematic approach to interiors and service areas Provision of DG Sets State-of-the-art fire detection and fire fighting systems CCTV and advanced security measures Well-designed . IT Park. Empress City ± Nagpur Contemporary external façade design in a combination of glass and aluminium composite panels Typical floor plate of approx.5 M (slab to slab) Minimum 5 M passage size in width ranging upto 9 M on food court. High speed passenger elevators and service elevators Flat slab design leading to greater visibility and openness Infrastructure provision for utilities. General Highlights Planned development. The whole project of Empress City is divided into 5 stages as under: 1. 17 | P a g e Empress Trinity . Empress shopping mall 3. Hotel Taj 5. Corporate Tower 2. Residential Tower 4. Nagpur is known as ³Orange City´ of India and now with EMPRESS CORPORATE TOWER. Jabalpur etc. a flagship company of Krishna Group.³EMPRESS CORPORATE TOWER´. Bhopal. Nagpur is an ideal location for Large corporate. it will also be known as the largest business city in India. connectivity by road. aptly christened. The advantage of good infrastructure. Banks. one of the fastest growing conglomerates in the country presents an exclusive Corporate Park with plush offices for corporate and entrepreneurs . Raipur. Multi-nationals. rail and air..EMPRESS CORPORATE TOWER KSL and Industries Ltd. FMCG & White goods manufacturers to setup their Central India office which also has easy access to other nearby cities like Hyderabad. good schools and hospitals and the availability of educated manpower due the very high number of 18 | P a g e . the largest city in Central India and the second capital of Maharashtra. Indore. Insurance Cos. EMPRESS CORPORATE TOWER is in located in the heart of Nagpur. pantaloon and big bazaar are some of the prominent tenants) . 2 lakh sq ft of garden and club house. Lifestyle.professional institutions based in the city make it an ideal match for progressive organizations. mall & multiplex (Mc Donald¶s. something which is the biggest problem in Nagpur y y y y High Speed lifts and service lifts for higher efficiency Exclusive Food court and toilet blocks to get better efficiency in your workplace 100% power back up available.06 sq. so there is no loss of work time Offices available from 2000 sq ft to 70000 sq ft area EMPRESS CORPORATE TOWER Infrastructure :y y Ground + 9 storied with ultra-modern building with floor plates of 70000 sq ft Clear height of 17. travel time is not more than 10 minutes y y y Connects to 5 national highways and 3 state highways 15 minutes from Nagpur International Airport Ample parking of over 400 vehicles. Reliance. The entire township is called EMPRESS CITY which also includes residential flats. the first real 5 star hotel of Nagpur by the Taj group is also part of the same project.78 sq. EMPRESS CORPORATE TOWER Advantages:y y Just 5 minutes from Nagpur railway station It is the centre of Nagpur. from ground to 2nd floor & 13. Fire alarm and Fire fighting system available 19 | P a g e . Cinepolis.ft. and from any corner of corporation limit.ft for 3rd to 9th floor (slab to slab) y Contemporary external façade design in combination of glass and aluminum composite panels along with Designer entrance lobbies and lift lobbies y y y y Spacious parking (basement & ground level) Impressive landscaping and greenery Earthquake ± resistant design High security gadgets like CCTV. Globus. multiplex and hotel The project has been conceived and Designed by master architect Hafeez Contractor and Constructed by Shapoorji Palonjji & Co.Ltd.y y y Perimeter protection Recreation facilities and Leisure programmers¶ for staff Adjacent to shopping mall. All the equipment has been sourced from market leader to provide a world class facility which will remain young even in years to come. 20 | P a g e . ft y Basement +Ground +4 storied with ultra-modern building with floor plates of 1080000sq ft.Empress Mall ± Nagpur The whole construction of Empress Mall has been done in 10 lacs. watches &Main Anchor. y y y y y y y y Ground Floor ±Jewelers .Men¶sapperials 2nd Floor ±Ladies apparels 3rd Floor ± Refreshment zoon . Fire alarm and Fire fighting system available Perimeter protection Prominent Alliances For Shopping Mall / Multiplex already signed up: Pantaloons Retail Zodiac Big Bazaar Levi¶s Strauss Adlabs Film Ltd Benet ton McDonald's Fab India Lifestyle Spykar Jeans Madura John Players Galaxy Entertainment Bossini Wills Lifestyle Kappa 21 | P a g e . 1st Floor . Sq. Cenipolies (Maxicum company) 4th ± Banquet hall. Bud jet hotel Spacious parking (basement & ground level) High security gadgets like CCTV. Sq. 4 BHK ± 2435 sqft. 2 BHK. Rare side facing the Raman science view.1600 sqft.ft Residential area is divided into 2 parts y y Royale Dreamz Royale ±The flats in royale have 2 side: Front sides facing the Land scape view.Residential Tower The whole construction of Empress Mall has been done in 7 lac. 22 | P a g e . 3 BHK ± 1975 sqft. 2 BHK.1020 sqft. Amenities¶:y Power Back ± up y Covered parking y Dedicated guest Parking y Club House y 3 Swimming Pools y Temple y Aromatic garden y Tennis Court y Amp Theater 23 | P a g e . Rare side facing the Raman science view. 3 BHK ± 1320 sqft.Dreamz ± The flats in dreamz have 2 side: Front sides facing the Land scape view. Hotel Taj The construction area of Hotel Taj is 6 lac.sqft. 20 stories building 300 rooms 24 | P a g e . 10500 per sq ft.Rs. 25 | P a g e . 4 to 9th ± Rs. 2nd floor ± Rs. 6500 per sq ft.Empress Trinity Basement + Ground +12 floors Basement ± parking G + 12 ± Retail shop . Convenient shop 3 rd floor. On leaseGround floor.Rs.85 per sq ft.weeding suit/ refreshment zoon 4 to 12 ± service apartment On chargeable rates:On Out rateGround floor. 1st floor ± Rs. 105 per sq ft 2nd floor ± Rs.12500 per sq ft.65 per sq ft. 125 per sq ft 1st floor ± Rs.Rs.8500 per sq ft. 4 to 9th floor. BORED OF DIRECTORS MANAGEMENT TEAM:- Saurabh Tayal ± Chairman Mr. aged 33. is the Chairman of the Company. Gopal Aggarwal. specializing in the erection and servicing of the 26 | P a g e . With a Bachelor's degree in Mechanical Engineering he has over seven years of experience in handling textile projects and in administration. He also expertise in procurement and development of real estate projects. Mr. S N Dubey ± Director Mr. aged 35. Dubey. S. aged 36. Romil Aggarwal. is an independent director. he has five year of administrative and technical experience in setting up and running textile units. Aggarwal manages all operations within the Company. including Human Resource Development and ensuring quality control measures at every stage of production. With a Bachelor¶s degree in arts he has over seven years of experience. Gopal Aggarwal ± Managing Director Mr. aged 30. is an independent director. Samir Antani. With a Bachelor¶s degreein Commerce and a Master of business Administration. With a Bachelor's degree in Electrical Engineering he has over five years of experience in forming new textile units. With a Bachelor's degree in commerce he has seven years of experience in the textile industry with expertise in manufacturing operations.Saurabh Kumar Tayal. Romil Aggarwal ± Director Mr. Samir Antani ± Director Mr. is the Company's Managing Director. taking over and reviving sick units through inorganic growth.N. is an independent director. Harinder Kumar. He also has the expertise of setting up an entire textile plant & machinery system. Rajshekar Ganiger. Mahendra Patel. Rajshekhar S. aged 40.specialized yarn process. right from spinning to garmenting. is an independent director. With a degree in textile technology he has over 25 years of experience in double yarn spinning processes. With a Bachelor¶s degree in science as well as a diploma in textile technology he has over 10 years of experience in the textile industry. is an independent director. With a Bachelor's degree in commerce he has over five years of experience in excise and income tax accounting. is an independent director. Ganiger ± Director Mr. He also contributes on issues pertaining to modernisation of the plant & machinery of the Company. 27 | P a g e . He brings to the Company in-depth knowledge pertaining to various government policies and taxation matters. aged 34. aged 52. Harinder Kumar ± Director Mr. Mahendra Patel ± Director Mr. The main competitors of Empress City are: y y y y y Poonam Chambers Eternity Mall Emperial Mall Land Mark Sahara City 28 | P a g e . travel time is not more than 10 minutes. and from any corner of corporation limit. Connects to 5 national highways and 3 state highways15 minutes from Nagpur International Airport. It is the centre of Nagpur. It is the only project which is just 5 minutes from Nagpur railway station. Because of these advantages it is the unique project in the Nagpur City.MAIN COMPETITORS Empress City is situated in the heart of orange city. and brand loyalty.RESEARCH METHODOLOGY PRIMARY DATA SOURCES Observation method. brand association. To study the different factors of satisfaction & dissatisfaction of the recent mall in the city. 29 | P a g e . To study the service provided by the Empress Mall to the customer. To study the relationship between brand awareness. To study the loyalty of the customers towards the Empress Mall. perceived quality. and SECONDARY SOURCE Internet Newspaper Others OBJECTIVES To study the level of customer satisfaction. 1996) who established the four dimensions model of consumer based brand equity which the dimensionality has been tested by some researchers: (Cobb 30 | P a g e . Considering its comprehensiveness. 1996) incorporated the measurement.g. The customer. e. and brand loyalty. some combined the two approach and some were related brand equity to other variable as antecedents and consequences of brand equity. this study based on the concept of brand equity by Aaker (1991. brand image) and subjective brand (brand attitude). Blackston (1995) study about the concept of brand meaning which include objective brand (personality characteristic.based perspectives. Motameni and Shakroki (1998) proposed concept of global brand equity using brand strength and Prasad and Dev (2000) using brand performance and brand awareness to develop brand equity index. While this study focus on customer based brand equity. There have been three different perspectives for considering brand equity. 2001) mentioned about brand knowledge as combination between brand awareness and brand image. suggested measure four dimensions of brand equity: brand awareness. Dyson et al (1996) using brand loyalty and brand attitude. INTRODUCTION The issue of brand equity emerge as one of the most crucial topics for marketing management in 1990s and its concept and measurement has interested academicians and practitioners for more than one decade. Rao. and Srivastava (1991) claimed that a customer-based brand equity could be measured by the level of consumer perception. Later researchers. Operationalization of customer based-brand equity usually fall into two groups: consumer perception and consumer behaviour. While Farquhar (1990) claimed that brand equity is reflected by the change of consumer attitude while purchasing a product. PERCEIVED QUALITY. the financial perspectives and combined perspectives. e. customer-based brand equity has garnered considerable attention. beside using two approach: consumer perception and consumer behaviour. AND BRAND LOYALTY IN EMPRESS CITY. Lassar et al. brand association perceived quality.RELATIONSHIP BETWEEN BRANDAWARENESS. Mahajan. BRAND ASSOCIATION. (1995) evaluate only perceptual dimensions. While Aaker¶s (1991. In recent years. Keller (1993.g. 2005. 2005. Pappu et al. Consistent with Aakers conceptualization. we also could find which dimensions has influenced brand loyalty. (1995) and Pappu et al (2005) found four dimensions of brand equity. even Pappu et al. In addition. 2001. literature on brand equity within the hospitality industry still relatively limited (e. Atilgan (2005) using beverage industry.Walgren et al. 2005). By doing so. beside testing the dimensionality.g.2002) and Washburn and Plank (2002) that also based on Aaker¶s conceptualization. although numerous local or global different product categories have been employed to measure the brand equity. Yoo & Donthu. 1998. perceived quality and brand loyalty. Cobb-Walgren et al. and Kim and Kim. 31 | P a g e . Washburn and Plank. (2005) using car brands and television brands This research would provide manager and researcher a conceptual framework to describe the relationships between the brand equity constructs and a more thorough understanding of consumer behaviour that implies for marketing strategist for making better strategic decision about target market definition and product as well as better tactical decisions about specific marketing-mix actions. brand association. this present research tested the direct and indirect causal relationship among comprehensive dimensions of brand equity which included brand awareness. while contrasted with findings of Yoo and Donthu (2001. Atilgan. Kim and Kim (2005) using luxury hotel and chain restaurant. While previous studies tested and found associative relationship among the dimensions of brand equity. 1995. 2002. but observed only three brand equity dimensions. Cobb-Walgren. There have been three different perspectives for considering brand equity. Aaker. incremental utility (Simon & Sullivan. Faircloth et al. Kapferer.Based Brand Equity.1998. Dyson. the financial perspectives and combined perspectives. 1991.1988. Esch et al. Rao. The advantage of conceptualizing brand equity from the Customer. brand loyalty.1996. 2005. 2005). 1996. 1987.LITERATURE REVIEW Brand Equity The issue of brand equity has emerged as one of the most crucial topics for marketing management since 1990s( Leuthesser.based perspective is that it enables managers to consider specifically how their marketing programs improves the value of their brands in the minds of consumers. 2005). 2005. Yoo & Donthu (2001)): consumer perception (brand awareness.1999. 1993. Cobb-Wagren 1995). 2001.1993. 1999. & Dontu. brand associations (Aaker. brand preference. Mittal & Sharma. Farquhar. Lethesser 1988. Pappu et al. Brand equity has been considered in many context: the value added to the product (Jones. 2006. Farr. 2003). Also operationalized by Lassar 32 | P a g e .1993. value of the firm (Aaker. Martensen & Gronholt. brand associations.1993). Within the marketing literature. Mahajan. differential effect of brand knowledge of consumer response to the marketing of brand (Keller. Gralpois 1998. Zeithaml 1988. 1995. (1995). value of the customer(Aaker1991. Hardie et al 1993. Kim & Kim. Atilgan et al. The customerbased perspectives. 1991.1991. Customer. and Srivastava (1991) claimed that customer-based brand equity could be measured by the level of customer¶s perception. operationalization of customer based-brand equity usually fall into two groups (Cobb-Walgren et al. and Hollis. Ramos & Franco et al. 1990. brand awareness perceived quality. Keller. 1986. willingness to pay a high price). perceived quality ) and consumer behaviour (brand loyalty. While this study focus on the customer based perspectives. 2005). purchase intention (Lattin. Keller. consequence of marketing efforts (Ramos & Franco. Keller. 1995: Lassar. 1996. 1997). 1993). Ruble. Aaker. brand association perceived quality. Keller (1993) Adopted two basic approaches (direct and indirect ) to measure customerbased brand equity emphasizing two constructs: brand awareness and brand image. not including behavioural or attitudinal such as loyalty or usage intention. Main different concepts: Main contributor Mahajan (1991) Farquhar (1990) Concept Rao Measure customer based brand equity by the level of customer¶s perception -Brand equity is reflected by the change of consumer attitude while purchasing a product. Customer-based brand equity in this respect. its name and symbol that add to or subtract from the value provided by a product or service to a firm¶s consumers (Aaker. which differs from Aaker¶s (1991) who suggested to measure brand equity including behavioural and attitudinal dimensions.g. some researcher related the customer based brand equity with other construct. and brand loyalty. and brand loyalty.Based Brand Equity is defined as ³a set of Brand assets and liabilities linked to a brand. Farquhar (1990) maintained that brand equity is reflected by the change of consumer attitude while purchasing a product.based brand equity indicates only perceptual dimensions.et al. Table 1. Aaker ( 1991) Measuring the four dimensions of brand equity: brand awareness. Farquhar and Ijiri (1991) proposed a model by judging the corporation¶s marketing efforts on its brand directly. The indirect approach to identify potential sources of costumerbased brand equities The direct approach focuses on consumer response to 33 | P a g e . Aaker (1991) incorporated definitions. (1995) as an enhancement of the perceived utility and desirability that a brand name confers on a product. While Lassar et al (1995) focused on relationship between customer based and financial/ market based brand equity measurement. brand association perceived quality. On the other hand. According to them. 1991)´. e. Customer. the four dimensions of brand equity namely brand awareness. is the driving force for incremental financial gains to the firm. costumer. which consists of brand loyalty. Customer-based brand equity in this respect is the driving force for incremental financial gains to the firm.2005). Moreover. These literature review leads to hypotheses H1 H1: Brand Awareness has a positive direct effect to Brand Associations.1997). (1991) Lassar 1995 et al.(Keller. Fiske and Taylor (1995) contended that brand associations could be recalled in customer¶s mind as emotional impressions. 1996) argued that brand equity is a multidimensional construct. Brand awareness and brand associations were found to be correlated (Atilgan et al 2005. brand loyalty and brand awareness and brand associations.1993. Customer based brand awareness. and Pappu et al 2005). favourable. Brand awareness influences consumer decisions making by affecting the strength of the brand associations in their mind. Aaker (1991. Relationship between customer based and financial/ market based brand equity measurement. high levels of brand awareness positively affect the formation of the product¶s brand image (association) (Ramos and Franco. They further indicated that brand associations of the product can be stored in consumer¶s minds after brand awareness of the product are already in their memory.different elements of firm¶s marketing program. Brand equity occurs when the consumer has a high level of awareness and familiarity with the brand and holds some strong. Farquhar & Ijiri Judging the corporation¶s marketing efforts on its brand directly. Hypothesis Relationships between Brand Awareness and Brand Associations. Esch et al (2006) also found that brand awareness affects brand image (association). and unique brand association memory. 34 | P a g e . Pitta and Katsanis (1995) also pointed out that there are several dimensions of brand awareness with brand associations. perceived quality. These literature review leads to hypotheses H2. H5: Brand Associations has a positive direct effect to Perceived Quality. The Relationship between Perceived Quality and Brand Loyalty. 1968. 1970 Szybiloo and Jacoby. brand association and perceived quality. These literature review leads to hypotheses H4 and H5: H4: Brand Awareness has a positive direct effect to Perceived Quality. Donthu and Lee. H3 H2: Brand Awareness has a positive direct effect to Brand loyalty H3 : Brand Association has a positive direct effect to Brand Loyalty The Relationship between brand awareness. Shapiro. 35 | P a g e . consumer who hold favorable associations towards a brand are also likely to develop favorable perceptions of quality and vice versa.The Relationship between Brand Awareness. brand loyalty would increase. 1974) as reviewed by Lau and Lee (1999). the more their loyalty and vice versa. (2000) researched about brand awareness with brand associations and brand equity. Similarly in Atilgan¶s (2005) study. the more favourable associations consumers have towards a brand. These researchers indicated that brand awareness with brand association has a significant positive effect on brand equity. As studied by Aaker (1991). Brand awareness in their study has been defined as consumer¶s ability to recall that a brand is a member of product category. While brand loyalty can be defined as combination of elements including the degree of customer satisfaction and the positive of brand associations. Thus it can be seen that if customers had higher brand associations and brand awareness. For several studies found that brand loyalty is related perceived quality (Mc Connel. Brand Association and Brand Loyalty Yoo. Consumers brand awareness is likely to be high when they have strong associations for the brand and when they perceived the quality of the brand to be high and vice a versa. Keller (1993) and Pappu et al (2005). Similarly. (2005) studied the relationship between the dimensions of brand equity and brand equity itself. The more brand loyal a consumer is. As a result they suggested that concentrating brand loyalty.Atilgan et al. They concluded that brand loyalty is the most influence dimension of brand equity. consumers¶ perception of quality of a brand is likely to be high when they have strong association with the brand and vice versa Pappu et al. 1991). According to Aaker (1991) while brand awareness builds the familiarity liking sight and is a signal of substance/commitment. Even their study did not give enough support to the existence of a direct causal relationship between the three dimensions brand awareness. and perceived quality. H8: Perceived Quality is mediating the relationship between Brand Association and Brand loyalty. H8 H7: Perceive Quality is mediating the relationship between Brand Awareness and Brand Equity. As Pappu et al¶s study (2005) is envisaged that consumer¶s perception of quality will be associated with their brand loyalty. These literature review leads to hypotheses H6 H6 : Perceived Quality has a positive direct effect to Brand Loyalty The Mediating Effect of Perceived Quality Brand awareness has been defined as consumer¶s ability to recall that a brand is a member of product category (Aaker. Consumers brand awareness is likely to be high when they have strong associations for the brand and when they perceived the quality of the brand to be high and vice a versa. brand association. and perceived quality and brand equity However. These literature review leads to hypotheses H7. brand awareness. (2005). 36 | P a g e . observed pair-wise comparison suggested that there is a correlation between brand loyalty. perceived quality acts as a differentiation tools. the more he or she is likely to perceived the brand as offering superior quality and vice a versa. should not undervalue the effect of brand awareness and perceived quality to brand loyalty. These literature review leads to hypotheses H9 H9: Brand Association is mediating the relationship between Brand Awareness and Brand Loyalty. Later Atilgan et al. and Pappu et al (2005) found that brand awareness and brand associations were correlated.1997). Pitta and Katsanis (1995) also indicated that brand associations of the product can be stored in consumer¶s minds after brand awareness of the product are already in their memory. Brand awareness influences consumer decisions making by affecting the strength of the brand associations in their mind.The Mediating Effect of Brand Association.(Keller.1993. 37 | P a g e . perceived quality and brand loyalty Research Framework Based on literature review and research hypotheses as illustrated in the last chapter. FIGURE 1. this study develop the conceptual framework of this research as shown in Figure 3 38 | P a g e . This research examined the relationship among the four most important dimensional constructs of brand equity which is includes brand awareness.Research Map To illustrate the relationship between brand equity dimensions and the relationships with another construct based on literature review. we present a research map shown in Figure 2. Research map METHOD. brand associations. which is situated in the heart of orange city.FIGURE : The Research Framework The proposed research framework present the relationship between four construct of customer based brand equity namely Brand awareness. Brand awareness:Empress City is the project of KSL and Industries. This project is distributed in five phase Empress mall. perceived quality and brand loyalty. Resident tower. brand association. Co-operate 39 | P a g e . This study employed a five point Likert scale anchored from 1 (strongly disagreed) to 5 (strongly agreed) which were adopted from Atilgan (2005) and Kim and Kim (2005). Measures Measures of brand equity consist of the four construct of customer based brand equity. room décor.security etc. sign. Lets take the Empress mall in which more focus is given on main anchors like Life style. the staff of the shop. it is very different from other malls in Nagpur. Big Bazaar. Empress Mall has provided with good physical facilities (e. service provide.prompt service is provided.the footcourt also contains a lot of brand. illumination) are visually appealing. at one place all needs of customer is fulfild.Empress Mall provides big brand. service provide. etc. good quality good is available at affordable price . In Empress Mall there are all big brands are situated no local brand is present which is the main strength of empress mall. Empress City is known for its collection of various brand name together at one place. Pantaloons.. Perceived Quality:- Whenever the customer visits any shop he/she first see the quality of the product. it¶s a symbol of status. their behavior towards their customer. well trained staff members.tower.Thus. Brand Associations:For the association of brand the main attraction of Empress city is its shopping mall as it is one of the biggest shopping mall in the central India. Pantaloon¶s. its location. 40 | P a g e . Brand awareness means how much the customer knows about the specific brand name. The five phase of Empress City is designed to assess their ability to recognize and recall the brand as a member of a certain project category. Because of these the customers are pulled to Empress Mall.As in Empress Mall main focus is on quality of goods.service is promt. big Bazar which occupies a large space. Lifestyle. All these things mentioned above makes the Empress mall associates with its customer. Hotel Taj. Mac Donald¶s.the main attraction is Mac Donald.as these brands are more appraciated by the customers and it also the sign of status. good brands wssssith persised quality. in Empress Mall more efforts are made to maintain the quality and relation with customer. Empress Trinity.g building. intend to visit the mall again.97 0. usually tis mall is first choice. The loyalty of customer is seen by regular visit to mall.19 0.73 -0. Direct Effect.10 0.47 0.02 -0. not switching to another mall. brand associations. customers satisfaction.51 1. perceived quality and brand loyalty.02 -0.39 Positive Positive Positive Supported Supported Not supported F 12 F 13 F 23 BA -> PQ 0. recommendation to others.14 0.14 Positive Not supported BAW-> PQ K 21 -0.51 1.17 -1.15 5.17 Positive Supported 41 | P a g e .and the service provide the customer are more loyal o it. From the structural model we got the result as follows: .Brand Loyalty:Brand loyalty means customers are not moved to another brand they are loyal to their respective brand.08 -2.45 0. The Structural Model The main purpose of this study is to analyze the causal relationships.45 0.19 0. including the mediating effect between brand awareness.25 2. Path Paramet er estimate Standard Terror value Standard Hypothese Result solution s BAW->BL K 11 0s.98 0.25 5.14 0. the quality .98 Positive Not supported BAW->BA BA->BL PQ-> BL K 31 0. In Empress Mall because of the collection of all big brands together at one place. Tvalue 2.value 5. T-value -1.73 p< 0.value 5.05) this not support the hypotheses ( H2) that brand awareness has a positive direct effect to brand loyalty.05) this not support the hypotheses (H4) that brand awareness has a positive direct effect to perceived quality.05) thus the hypothesis that Brand association has a positive direct effect to brand loyalty (H3) is supported.25 p< 0.51 T.The Direct Relationship Table 6 shows the path coefficient from brand awareness ( BAW) to brand loyalty (BL) is positive but not significant: ( K 11 = 0. T-value -2. We argue that brand association plays as a suppressor in our model that leads to inverse relation between brand awareness and perceived quality. The path coefficient from Brand awareness (BAW) and Brand Association (BA) is significant( K 31= 0.45. sThe path coefficient from Brand Association (BA) to Perceived Quality ( PQ) is significant ( F 23=0. The path coefficient from Perceived Quality (PQ) to Brand loyalty (BL) is not significant even inverse ( F 13= -0. 42 | P a g e .05) this not supported the hypothesis (H6) that Perceived quality has a positive direct effect to Brand loyalty. T.17 p< 0.98. The path coefficient from Brand Associations ( BA) to Brand Loyalty ( BL) is significant( F 12= 1.97 p> 0.05) thus the hypothesis that Brand Associations has a positive direct effect to Perceived Quality (H5) is supported.05).15 p>0.19. thus the hypotheses that brand awareness has a positive direct effect to brand association (H1) is supported.14.02. T-value 0. The path coefficient from Brand awareness ( BAW) to Perceived Quality (PQ) is significant even inverse: ( K 21= -0.25 p < 0. In this case we find that Brand Association( BA) mediate the relationship between Brand Awareness(BAW) and Perceived Quality (PQ) and between Brand awareness (BAW) toward Brand Loyalty.45 T 0.15 --1. Fully mediation is also found in the relationship between Brand awareness and Perceived Quality because there is an inverse direct relationship between Brand awareness and Perceived quality but there is an indirect effect between Brand Awareness and Perceived Quality via Brand Association.TABLE . The Total and Indirect Effect Endogenous Brand Associations Effect T value B.58 at **p 0. Quality Direct Indirect Total Perceived Quality Effect T value -.98*** -.38*** .01 level and 3.50*** .51*** 5.73*** -5.65*** 5.63*** 3. Fully mediation ( only indirect effect) is found in the relationship between Brand awareness and Brand Loyalty via mediator. 43 | P a g e .15*** -1.58 *** -.29 at ***p 0.73*** Brand Loyalty Effect T value .97 2. thus the hypothesis H9 is supported .51*** 5.25* 4.001 Indirect relationships ( Mediating Effect) Table shows the existence of mediating effect on the structural model.52*** .58 *** -.19 .96 *p 0.15 Exogenous Endogenous Endogenous T level 1.84*** 4.15*** -4.05 level T 2. Brand Association.98*** -2.25*** Indirect --Total .31*** . Associations Direct Indirect Total P.45 --. Awareness Direct .76** 4.25*** B.14 . We find that perceived quality is not mediate the relationship between Brand Awareness( BAW) toward brand loyalty (BL) and between Brand Associations (BA) toward Brand Loyalty (BL) this not support the hypothesis H7 and H8. 70 PY 92 ! .58 PY 13.57 23 I 12 ! .41 I 8 ! .66 I 13 ! . if a single factor emerge from the factor analysis or one factor accounts for more than 50 % of the variance in the variable.3 ! .79 H 2 ! .3 ! . Result of proposed model in Lisrel Common method variance According to the technique of Harman¶s one factor test.69 PY 42 ! . BA : Brand Association Figure 3.52 I 1 ! .73 P Y 82 ! . common method variance is present (Matilla and Enz.47 PY 10.70 PY 31 ! . It does provide support for the absence of such general bias in the finding ( Matilla and Enz. 44 | P a g e ¥ ££ PY .65 PY 1 .19 * ¡ ¡ PY 11 ! .72 PY 1 .91 P X 31 ! .59 Note: BAW : Brand awareness.3 ! .02 * L3 .3 ! .77 PY 52 ! .72 I 10 ! .53 K 31 ! . Our analysis revealed 3 factor structure with no general factor present ( the 1 st factor account for 34 % variance).73 13 ! 1.66 I 2 ! .I 4 ! . BL: Brand Loyalty.37 PX 11 ! .47 I 7 ! . 2002).52 I 9 ! .56 PY 72 ! . PQ : Perceived Quality.55 K 21 ! .51 I 6 ! .51 L2 ¢ 12 L1 P Y 21 ! .82 PX 21 ! .53 ¤ I 14 ! .73 \ K 1 K 11 PY 62 ! .17 H 3 ! . 2002).51 I 3 ! .68 H 1 ! .70 I 11 ! .43 I 5 ! .3 ! . SWOT Analysis 2. weakness.It helps to collect the proper information about the mall and if the result us negative than it also helps to take proper action over it. Competitors 3.Mac Donald¶s) 2.Pantaloons. 2. Marketing is not proper 2. bus stop. Too near to railway station. Central India¶s biggest shopping mall 4. Late opening 45 | P a g e . Capture the market 2. Saturday market Street Hawkers Near by locality Santra market OPORTUNITIES 1. opportunities and threat of the Empress Mall. BCG matrix SWOT Analysis deals with the strengths.ANALYSIS The analysis has been done in two ways 1.Big Bazar. Big brands (lifestyle.etc WEAKNESSSES 1. 4. SWOT ANALYSIS STRENGTHS 1. 3. Prompt service 3. Attract the customer THREAT 1. BCG Matrix STAR EMPRESS MALL CASH COW RESIDENTIAL TOWER QUESTION MARK COORPERAT TOWER PROBLEM CHILD HOTTLE TAJ EMPRESS TEINITY 46 | P a g e . while contrasted with findings of Yoo and Donthu (2001. good taste and price. Finding shows that brand association becomes a very important dimension to affect brand loyalty. It has implication that manager have to maintain or strengthen their effort upon the Brand association as: to keep their clean-lines. We also found that brand association plays as a suppressor in our model that leads to inverse relation between brand awareness and perceived quality. We also found that brand awareness affect brand loyalty via brand associations. Thus brand association is mediate the relationship between brand awareness toward brand loyalty support our hypothesis. while previous studies tested and found associative relationship among dimensions of brand equity. as well as its limitation and suggestion for future research.CONCLUSION From this research we could present some contribution and managerial implication. cheerful atmosphere. Another contribution is that this present research enriched the consumer based brand equity measurement by tested and found that there are direct and indirect causal relationship among dimensions of brand equity.2002) and Washburn and Plank (2002) that also based on Aaker¶s conceptualization. we found that brand association is the most important variable which affect brand loyalty. (1995) and Pappu set al (2005). but observed only three brand equity dimensions. Even Empress Mall targeting a diverse market ranging 47 | P a g e . and perceived quality toward brand loyalty that against our hypothesis. 1996) that was similar to CobbWalgren et al. This has been indicated by Pitta and Katsanis (1995) that brand associations of the product can be stored in consumer¶s minds after brand awareness of the product are already in their memory. In this study. and friendly staffs. Contribution and Implications One of the contribution of this research is that the result established that four dimensions model of consumer based brand equity is the distinct dimension/construct consistent with the conceptualization of Aaker¶s (1991. The descriptive statistic of demographic characteristic and information about individual habit of the consumer in this research may could be considered.from children to elderly people. manager have to be aware about customer¶s characteristic relevant with their age and individual habit toward the mall. 48 | P a g e . or become an example for the manager to get information from their customer. No support of locality 6. Week Marketing of the mall 2. Cotton Market 5. 2.LIMITATIONS This research describe the causal relationship between brand equity constructs without relate them to their antecedents like marketing efforts and with their for the marketing consequences like value of the firm. that might be more useful strategies. Hawkers on roadside RECOMMENDATIONS 1. 4. Phule Market 4. Saturday Market 7. Traffic must be control. There are certain limitations to this mall it is as follows:1. Santra market 3. Declare the nearby area of mall as no hawker zone. It is essential to increase the marketing strategies. Proper training must be given to the employees and also the employees must have good communication skill. 49 | P a g e . 3. David. Measuring Brand Equity Across Products and Markets. California Management Review. Spring. Aaker.google. Philip Kotler 12th edition Marketing Managem. www.com 5. 2. The value of Brand Equity. Aaker.s 4. Journal of Business Strategy. Vol 13. www. A. David.BIBLIOGRAPHY 1. 3. A. 1996.com 50 | P a g e . 1992.ksl and industries.