INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)

ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue XIV December 2025| Special Issue on Management

Effect of Customer-Based Brand Equity on Brand Performance and

Organizational Performance of Selected Manufacturing Companies

in Nigeria

Kyauta Nathan Bawa, PhD

America University of Peace and Governance, Texas, USA

DOI: https://dx.doi.org/10.47772/IJRISS.2025.914MG00250

Received: 20 September 2025; Accepted: 27 September 2025; Published: 30 December 2025

ABSTRACT

This study investigates the influence of customer-based brand equity (CBBE) on brand performance and

organisational performance in selected manufacturing companies in Nigeria. The target population comprised

1,500 consumers, from which a sample size of 379 was determined using the Taro Yamane formula. The

research examined how the four dimensions of CBBE – brand trust, brand loyalty, brand associations, and

perceived quality – affect both brand and organisational outcomes. Findings from regression analysis revealed

that all four dimensions exert a positive and significant impact, with perceived quality and brand trust

emerging as the most influential drivers of performance. These results underscore the strategic importance of

brand management in enhancing competitiveness within Nigeria’s manufacturing sector. The study contributes

to branding literature by offering theoretical insights, empirical evidence specific to the Nigerian context, and a

methodological contribution through the integration of consumer-based and financial data. It concludes that

strengthening customer-based brand equity is vital for sustaining organisational growth and enhancing

shareholder value. Accordingly, the study recommends that Nigerian manufacturing firms should invest in

strategies that build and reinforce brand equity to achieve long-term success.

Keywords: Customer-based brand equity, brand performance, organizational performance, Nigerian

manufacturing companies.

INTRODUCTION

In Nigeria's fiercely competitive manufacturing scene, customer-based brand equity (CBBE) has become a

vital factor not just for brand performance but for the overall success of organizations. From the customer's

viewpoint, brand equity represents the value a brand holds in their minds, influenced by elements like trust,

loyalty, perceived quality, and brand associations. Major players like Dangote Cement Plc, Nestlé Nigeria Plc,

Unilever Nigeria Plc, Nigerian Breweries Plc, and Cadbury Nigeria Plc depend heavily on their brand strength

to stay ahead in the market and boost their profits. As the global marketplace continues to evolve, brands have

transformed into significant assets for companies, with CBBE emerging as a key element in achieving long-

term brand success. CBBE captures the value customers link to a brand, shaped by their perceptions,

experiences, and attitudes. Strong brand equity is widely recognized as a crucial factor in brand performance

measured through market share, customer loyalty, and profitability and, ultimately, in the performance of the

organization as a whole (Santos & Ribeiro, 2021).

Today’s businesses are increasingly using brand equity as a strategic tool to tackle competitive challenges and

adapt to shifting consumer behaviors. With digital platforms changing how consumers interact with brands, the

elements of brand equity like brand awareness, perceived quality, loyalty, and associations are receiving fresh

attention (Ali et al., 2022). These elements not only sway customer preferences but also play a key role in

determining a brand's strength and resilience in both local and global markets. Customer-Based Brand Equity

(CBBE) is a framework that looks at brand equity through the eyes of the consumer. Keller (1993) first

introduced CBBE as the unique impact that brand knowledge has on how consumers respond to brand

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INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)

ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue XIV December 2025| Special Issue on Management

marketing. Recent studies continue to build on this concept, highlighting its importance in today’s market

landscape.

Contemporary studies continue to back this perspective, broadening the idea into four key dimensions: brand

awareness, brand associations, perceived quality, and brand loyalty (Ali et al., 2022). Together, these elements

shape how customers perceive brands and lay the groundwork for brand value. Recent research highlights the

growing significance of trust, credibility, and emotional connections as new factors affecting Customer-Based

Brand Equity (CBBE), particularly in the realm of digital branding (Nwankwo, et al., 2024). In fiercely

competitive industries like banking, telecommunications, and fast-moving consumer goods (FMCGs), CBBE

has been shown to sway purchasing decisions and foster long-term customer loyalty (Ezekwesili &

Nwachukwu, 2021). The relationship between brand performance and organizational outcomes such as

profitability, growth, and shareholder value is well-documented in current literature. However, there’s a

noticeable gap in studies that systematically trace the effects from customer-based brand equity to brand

performance and, ultimately, to overall organizational performance (Okoye & Bello, 2023). Grasping this

progression is crucial, as it sheds light on how brand strategies can impact broader organizational objectives.

Moreover, as companies grapple with the challenge of aligning marketing efforts with tangible business

results, it becomes essential to conceptualize and empirically explore the interconnected pathways between

CBBE, brand performance, and organizational success (Ibrahim &Ajayi, 2020). The literature review in this

thesis aims to fill this gap by examining recent academic contributions, pinpointing trends and inconsistencies,

and suggesting a conceptual model for future research. The Nigerian consumer market has become

increasingly dynamic, with savvy consumers whose buying choices are swayed more by intangible brand

qualities than by mere product features. Therefore, understanding the chain reaction—from CBBE to brand

performance and ultimately to organizational performance—has become critical for firms focusing on

sustained competitive advantage.

While many studies around the world have looked into various aspects of brand equity, there's still a noticeable

gap in the literature that connects these elements directly to brand and organizational performance, particularly

in Nigeria. This is especially true for publicly listed manufacturing companies. That's why this study aims to

critically review recent literature from 2020 to 2025, backed by secondary quantitative data from 2014 to 2024,

to explore how customer-based brand equity (CBBE) components impact real business outcomes in Nigeria's

manufacturing sector. Even with significant investments in brand management, numerous Nigerian

manufacturing firms are grappling with inconsistent brand performance metrics, wavering consumer loyalty,

and unpredictable organizational results. The fragmented understanding of how customer-based brand equity

translates into brand and corporate performance is hindering these firms from effectively aligning their

marketing strategies with their business goals.

Additionally, there's a lack of empirical research specifically targeting listed Nigerian manufacturing

companies, particularly regarding how factors like brand trust, brand loyalty, brand associations, and perceived

quality influence performance indicators such as market share, profitability, customer retention, and

shareholder value. Without a solid understanding of these connections, brand managers and corporate

strategists risk misallocating resources and jeopardizing long-term brand sustainability. Thus, it's crucial to

investigate the causal relationships between CBBE and brand and organizational performance, utilizing both

qualitative insights from existing literature and quantitative performance data from reliable sources like the

Nigerian Stock Exchange (NGX) and the National Bureau of Statistics (NBS). This study aims to fill that gap

by examining the key constructs and their interconnections within the context of Nigeria's manufacturing

industry. The study proposes the following hypotheses:

H0₁: There is no significant effect of consumer brand trust on brand performance and organizational

performance in listed Nigerian manufacturing companies.

H0₂: There is no significant effect of consumer brand loyalty on brand performance and organizational

performance in listed Nigerian manufacturing companies.

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INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)

ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue XIV December 2025| Special Issue on Management

H0₃: There is no significant effect of consumer brand associations on brand performance and organizational

performance in listed Nigerian manufacturing companies.

H₁₄: There is no significant effect of consumer perceived quality on brand performance and organizational

performance in listed Nigerian manufacturing companies.

REVIEW OF CONCEPTS AND RELATED LITERATURE

Concept of Customer-Based Brand Equity (CBBE)

The concept of Customer-Based Brand Equity (CBBE) was popularized by Keller (1993), who defined it as

the differential effect that brand knowledge has on consumer response to marketing activities. CBBE

emphasizes that a brand’s value is not only rooted in financial or market measures but also in how customers

perceive, experience, and respond to the brand. When customers are more familiar with a brand and hold

favorable, strong, and unique associations in memory, the brand is said to have positive equity, which

influences their willingness to purchase, pay premium prices, or remain loyal (Aaker, 1991; Keller, 2013). This

consumer-centric perspective shifts the focus of brand management from purely financial metrics to

psychological and behavioral responses of customers. Customer-Based Brand Equity (CBBE) is all about how

the knowledge of a brand influences how consumers react to its marketing efforts (Keller, 2021). It's widely

recognized that CBBE is a vital intangible asset that shapes consumer behavior and impacts a company's

financial success. Aaker (2023) breaks down brand equity into several key dimensions, including brand

loyalty, brand awareness, perceived quality, and brand associations, all of which play a role in how consumers

perceive and engage with a brand.

Keller’s (2001) CBBE model further breaks down the construct into key dimensions, including brand

awareness, brand associations, perceived quality, and brand loyalty. These elements collectively shape

consumer perceptions and drive their decision-making processes. Strong brand equity enhances marketing

effectiveness, creates competitive advantages, and leads to long-term profitability by building emotional

connections and trust with consumers (Severi & Ling, 2013). In this sense, the concept of CBBE provides both

a theoretical and practical framework for understanding how brands create value in the minds of consumers,

and how that value translates into improved market and financial performance. Recent research highlights the

significance of CBBE in emerging markets like Nigeria, where standing out from the competition is crucial in

crowded marketplaces (Ajayi & Musa, 2023; and Adekunle & Okon, 2022). The real value of CBBE lies in its

power to drive better brand performance metrics think sales growth and market share while also boosting a

company's overall performance through increased profits and a sustainable competitive edge (Onwuka &

Uche, 2020).

Concept of Brand Performance

Moving on to the concept of Brand Performance, this term refers to how effectively a brand meets its market

and financial goals, which include brand awareness, loyalty, market share, customer retention, and its financial

impact on the organization. It essentially measures how well a brand meets consumer expectations and keeps a

competitive advantage in the marketplace. Aaker (2023) points out that brand performance is a key result of

good brand management, encompassing metrics like customer acquisition rates, repeat purchases, and brand

advocacy. Keller (2021) adds that brand performance serves as a downstream indicator of brand equity; when a

brand has strong equity, it tends to perform better in terms of perceived quality and customer preference.

More so, brand performance refers to the extent to which a brand is able to deliver on its promises and meet

customer expectations, resulting in favorable outcomes such as sales growth, market share, customer loyalty,

and profitability. It is a multidimensional construct that assesses how well a brand competes in the market, not

only in financial terms but also in customer-based metrics such as satisfaction, trust, and repeat patronage

(Aaker, 1996; Keller, 2013). A strong brand performance indicates that a brand has successfully translated its

equity measured through awareness, associations, perceived quality, and loyalty into tangible marketplace

results. This makes brand performance a vital measure for firms, as it reflects both consumer acceptance of the

brand and the brand’s ability to sustain a competitive advantage over time (Mokhtar et al., 2014).

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In the context of Nigerian manufacturing, Ajayi and Musa (2023) discovered that key brand performance

indicators like customer loyalty, sales volume, and brand recognition—play a crucial role in boosting revenue

for companies such as Dangote Cement Plc and Nigerian Breweries Plc. Likewise, Oladimeji and Eze (2021)

highlight that maintaining brand consistency and aligning value with what consumers expect can significantly

improve brand performance metrics, including brand recall and preference. Brand performance isn't just about

clever marketing strategies; it's fundamentally rooted in long-term brand positioning, consistent value delivery,

and the ability to adapt to evolving consumer needs (Okon & Adeoye, 2022). When customers see real value in

a brand, it leads to better performance outcomes.

Concept of Organizational Performance

Organizational performance is all about how well an organization meets its goals and objectives. This is often

gauged through various metrics like financial results, market share, productivity, innovation, and customer

satisfaction. It’s a more comprehensive concept than just brand performance, as it encompasses both how

efficiently things run internally and how effectively they perform externally. One of the key frameworks for

evaluating organizational performance is Kaplan and Norton’s Balanced Scorecard. This approach looks at

financial performance, customer satisfaction, internal processes, and perspectives on learning and growth

(Kaplan & Norton, 2020). In the manufacturing industry, this multifaceted method is particularly useful for

understanding how outcomes at the brand level contribute to the overall success of the organization.

Furthermore, organizational performance refers to the ability of a firm to achieve its objectives effectively and

efficiently by utilizing resources to generate desired outcomes such as profitability, growth, competitiveness,

and stakeholder satisfaction. It is a multidimensional construct that encompasses both financial indicators such

as return on assets (ROA), return on equity (ROE), and sales growth and non-financial indicators, including

customer satisfaction, innovation, employee engagement, and social responsibility (Richard et al., 2009). High

organizational performance reflects not only short-term financial success but also long-term sustainability and

adaptability in dynamic environments, making it a critical measure for managers, investors, and policymakers.

In Nigeria, Idemudia (2024) highlights that companies like Nestlé Nigeria Plc and Unilever Nigeria Plc see

their organizational performance significantly influenced by strategies focused on customers, operational

innovation, and building brand trust. Data from the Nigerian Bureau of Statistics (2024) shows that companies

with strong consumer brand equity tend to outperform their rivals in terms of revenue growth, return on equity

(ROE), and employee productivity. Moreover, Onwuka and Uche (2020) emphasize that organizational

performance shouldn’t just be about financial results. It should also take into account corporate reputation,

stakeholder engagement, and sustainable practices. This perspective aligns with the global trend towards

incorporating ESG (Environmental, Social and Governance) metrics into performance assessments. In

conclusion, organizational performance is the result of various strategic initiatives, including brand strategy,

operational efficiency, innovation, and effective leadership.

Effect of Brand Trust on Brand and Organizational Performance

Brand trust is all about the confidence that consumers have in a brand’s reliability and integrity (Umar &

Lawal, 2021). It serves as the bedrock for nurturing strong customer relationships and boosting brand loyalty,

both of which are crucial for enhancing brand performance. Research from Nigerian manufacturing firms

backs this up, showing that brand trust is a strong predictor of positive consumer behavior and organizational

success. According to Umar and Lawal (2021), companies that enjoy higher levels of consumer trust see an

uptick in repeat purchase intentions and better brand equity scores, which directly impacts their profitability.

Similarly, Yusuf and Danladi (2023) point out that trust helps reduce perceived risks in consumer choices,

thereby reinforcing brand preference.

Meanwhile, Uche and Nwankwo (2022) studied how brand trust mediates the relationship between brand

equity and customer purchase intention. Using data from 400 retail consumers and structural equation

modeling (SEM), they found that brand trust significantly influences how CBBE affects consumer buying

behavior. On a global scale, studies echo these findings. Dede and Rufai (2022) revealed that trust plays a

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mediating role between brand communication strategies and financial performance in the FMCG sector,

underscoring its critical importance in achieving brand and organizational success.

Effect of Brand Loyalty on Brand and Organizational Performance

Brand loyalty is a vital aspect of Customer-Based Brand Equity (CBBE), defined by the commitment

consumers show to consistently repurchase or use a brand (Aaker, 2023). Loyal customers often become brand

advocates, helping to stabilize market share and lower marketing costs. More so, brand loyalty is vital for

improved organizational performance due to increase sales volume accrued from repeated purchases helps to

increase market share and improves profitability of the organization. Brand loyalty shows customer loyalty to a

particular brand with a high level of commitment and intends to continue to buy it in the future if consumers

need it (Bagram & Khan, 2012).

For instance, Adeyemi and Ojo (2020) looked into how brand loyalty impacts brand performance in Nigeria’s

beverage sector. They conducted a quantitative survey with 300 consumers and used regression analysis,

finding that brand loyalty positively influences brand performance. Companies should invest in loyalty

programs and personalized customer engagement to boost brand performance. Chinedu and Omisore (2021)

explored how brand loyalty contributes to long-term customer retention in Nigeria’s banking sector. They

surveyed 400 bank customers and found that those who were loyal were more likely to stick with their bank

and recommend it to others. The authors emphasized the need for personalized services and better

communication to enhance brand loyalty.

Recent studies in Nigeria highlight how loyalty contributes to maintaining brand performance. Ogunyemi

(2019) examined the impact of customers’ loyalty on organizational performance in hotel industry in

Abeokuta, Ogun State. The result shows that an effective customer loyalty, hotel services remain the best

despite competitors’ product from other hotels which leads to increases in organizational performance.

Adekunle and Okon (2022) found that brand loyalty positively affects customer lifetime value and profitability

for manufacturing firms listed on the Nigerian Exchange. Furthermore, Yusuf and Danladi (2023) noted that

loyalty programs and experiential marketing strategies significantly boost consumer retention in Nigeria’s

competitive FMCG landscape. Globally, research also supports the idea that brand loyalty is a powerful driver

of firm performance. Ajayi and Musa (2023) discovered that loyalty mediates the relationship between various

factors and overall firm success, reinforcing the importance of cultivating loyal customer bases. More so, Rono

and Simotwo (2023) documented a positive and statistically significant effect of brand loyalty on the

performance of deposit-taking SACCOs in Uasin Gishu country.

Effect of Brand Associations on Brand and Organizational Performance

Brand associations are the mental connections and traits that consumers associate with a brand (Keller, 2021).

When these associations are positive, they help shape the brand's personality and foster emotional ties, which

in turn boost brand preference and the ability to command premium prices. A number of empirical studies

carried out between 2020 and 2024 have delved into the connections between customer-based brand equity

(CBBE), brand performance, and organizational performance, especially in Nigeria and other emerging

markets. These studies offer solid evidence of how different elements of brand equity like brand loyalty, trust,

perceived quality, and associations can lead to tangible outcomes for both brands and organizations.

A number of empirical studies carried out between 2020 and 2024 have delved into the connections between

customer-based brand equity (CBBE), brand performance, and organizational performance, especially in

Nigeria and other emerging markets. These studies offer solid evidence of how different elements of brand

equity like brand loyalty, trust, perceived quality, and associations can lead to tangible outcomes for both

brands and organizations. In Nigeria, research by Oladimeji and Eze (2021) found that positive brand

associations have a beneficial effect on key performance indicators like brand recall, perceived value, and

consumers' willingness to pay more. Their study on Nigerian breweries showed that brands with strong social

and cultural ties tend to outperform their rivals in terms of sales and profitability.

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In another study, Eze and Ajayi (2023) aimed to assess how brand associations affect consumer choices and

sales performance. They gathered responses from 350 Nigerian consumers and analyzed the data using SPSS.

Their results indicated that positive brand associations played a significant role in shaping brand preference,

ultimately leading to increased sales. The authors recommended that companies should tailor their branding

strategies to resonate culturally and inspire aspirations. Similarly, Harcourt and Ozo (2018) investigated the

relationship between brand awareness and market performance for Rivers State food and beverage

companies. The regression analysis result shows that brand awareness has a positive and significant impact on

market performance for Rivers State food and beverage companies. These findings are supported by

international studies as well. Rono and Simotwo (2023) find that brand awareness has a positive and

significant effect on the performance of deposit-taking SACCOs in Uasin Gishu County. Idemudia (2024)

pointed out that culturally relevant brand associations enhance consumer engagement and trust in emerging

markets, leading to improved organizational performance.

Effect of Perceived Quality on Brand and Organizational Performance

Perceived value is a customer's assessment of the overall product benefits based on the customer's assessment

of the benefits and costs of obtaining and using the product (Hellier et al., 2003). Perceived quality is all about

how consumers judge a product's overall excellence or superiority (Aaker, 2023). It's one of the key factors

that drive brand equity and customer satisfaction. Perceived quality has been widely examined in marketing

literature as a key determinant for both brand and organizational performance, often serving as one of the

central dimensions of customer-based brand equity (Aaker, 1991; Keller, 1993). Empirical studies indicate that

when consumers perceive a brand’s offerings as superior in quality, they are more likely to develop stronger

brand loyalty, pay premium prices, and engage in positive word-of-mouth, which directly enhances brand

performance (Yoo et al., 2000). Research further shows that perceived quality positively influences repurchase

intentions and brand preference, thereby reinforcing sales growth and market competitiveness (Pappu et al.,

2005). In this way, perceived quality acts as a psychological value cue for consumers that translate into

tangible brand outcomes.

In a similar vein, Okon and Adeoye (2021) examined how perceived quality affects organizational

performance in Nigeria's fast-moving consumer goods (FMCG) industry. Their research combined surveys and

interviews with 250 consumers and 5 industry experts, revealing that perceived quality plays a crucial role in

enhancing organizational performance by improving customer retention and increasing sales. They suggested

that firms maintain consistent product quality to strengthen positive customer perceptions. Furthermore,

Onuoha and Emeh (2023) took a closer look at how perceived quality impacts firm growth in Nigeria's food

processing sector, both directly and indirectly. By using partial least squares structural equation modeling

(PLS-SEM) with data from 300 consumers, they discovered that perceived quality has an indirect effect on

firm growth through brand loyalty. The authors emphasized the importance of regular quality assessments and

strategic brand communication to build consumer trust.

Recent research from Nigeria backs up the idea that perceived quality has a significant impact on both brand

and organizational performance. Idemudia (2024) noted that manufacturing companies with a strong perceived

quality saw higher consumer preference, increased sales, and better financial outcomes. Likewise, Adekunle

and Okon (2022) found a connection between perceived quality and positive stock market performance for

manufacturing firms listed on the NGX. On a global scale, the importance of perceived quality is well

recognized. Keller (2021) explains that it supports premium pricing and boosts brand loyalty, ultimately

enhancing profitability. Additionally, Onwuka and Uche (2020) showed that perceived quality plays a

mediating role in how brand equity affects organizational success across various industries. This is an

indication that perceived quality enhances market share and financial performance because consumers

associate superior quality with trustworthiness and reliability, leading to reduced switching and lower

marketing costs (Erdem & Swait, 2004). Thus, perceived quality is not only a predictor of consumer-level

outcomes but also a strategic lever for improving organizational growth and financial sustainability.

In a similar vein, Musa and Lawal (2024) conducted a case study to explore how brand performance can boost

organizational competitiveness, specifically examining Dangote Cement Plc. Their research revealed that a

strong brand not only leads to market dominance but also fosters investor confidence. They suggested that

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companies should regularly track brand health and adopt flexible branding strategies to stay ahead in the

market. Yusuf and Bello (2024) took a different approach by analyzing secondary data from 20 listed Nigerian

manufacturing companies, focusing on financial performance indicators from 2014 to 2022. Their findings

showed that companies with stronger brand equity enjoyed higher returns on equity (ROE) and better stock

market valuations. They urged firms to weave brand equity management into their strategic financial planning.

In a related investigation, Abubakar and Danjuma (2022) examined the relationship between CBBE and

organizational innovation within Nigerian manufacturing firms. They conducted surveys and performed

Pearson correlation analysis with data from 250 employees across five firms. Their study concluded that strong

brand equity fosters a culture of excellence and encourages innovation.

Summary of the Review Literature and Research Gap

The literature we've looked at offers a rich, multi-faceted view of how customer-based brand equity (CBBE)

influences brand performance and, in turn, boosts overall organizational success. It shines a light on important

conceptual frameworks, like Aaker’s Brand Equity Model from 1991, which includes key elements such as

brand loyalty, brand awareness, perceived quality, and brand associations. These components are essential for

building a strong brand and have consistently been linked to better brand and organizational results (Eze &

Ajayi, 2023; Yusuf & Bello, 2024).

Research conducted between 2020 and 2024 backs up the idea that factors like brand trust, loyalty,

associations, and perceived quality play a significant role in brand performance indicators, including customer

retention, purchase intention, and market share (Abubakar & Danjuma, 2022; and Ibrahim & Sule, 2020).

Additionally, outcomes like revenue growth, brand equity value, and competitive advantage are closely related

to how effectively organizations handle these brand equity elements (Okon & Adeoye, 2021). When we look at

Nigerian manufacturing companies like Dangote Cement Plc, Nestlé Nigeria Plc, Nigerian Breweries Plc,

Unilever Nigeria Plc, and Cadbury Nigeria Plc it appears that while branding strategies are in place, there's a

lack of comprehensive empirical research linking CBBE to broader organizational performance through brand

performance as a mediating factor (Musa & Lawal, 2024; Yusuf & Bello, 2024).

Research Gap

Despite a wealth of global research and some localized studies in Nigeria focusing on customer-based brand

equity, there are still several significant gaps that need addressing:

Firstly, lack of integrated chain-based analysis where previous studies have looked at the connections between

CBBE, brand performance, and organizational performance separately. There's a noticeable absence of a

unified model that explores how brand trust, loyalty, associations, and perceived quality influence brand

performance, which in turn affects organizational performance in Nigerian manufacturing firms. Secondly,

there is limited context-specific empirical evidence since research has been done in areas like banking and

telecommunications, there’s a scarcity of robust empirical data examining these relationships within the

manufacturing sector, particularly for publicly listed companies such as Dangote Cement, Unilever, and

Nigerian Breweries.

Thirdly, inadequate use of longitudinal data where most studies in Nigeria relies on cross-sectional data. This

research stands out by utilizing longitudinal data from 2014 to 2024, gathered from the Nigerian Stock

Exchange and the National Bureau of Statistics, offering a deeper insight into performance trends over time.

Also, insufficient focus on customer perspectives, although brand and financial performance are frequently

analyzed, fewer studies take into account the consumer viewpoint (with a sample size of 1500) regarding brand

equity factors. This study aims to fill that gap through primary data collection. Lastly, lack of combined

quantitative-qualitative insight, many existing studies either focus solely on quantitative or qualitative

methods. This research adopts a mixed-method approach, providing a richer and more nuanced understanding

of the relationships involved. In summary, this study addresses the identified gaps by delivering a thorough,

empirical, and literature-informed analysis of how customer-based brand equity impacts brand performance

and, subsequently, organizational performance in selected listed Nigerian manufacturing companies. It offers

valuable practical and theoretical insights into branding and performance literature.

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Theoretical Review

The study is based on Aaker’s Brand Equity Model, which was first introduced by David A. Aaker in 1991 in

his groundbreaking book "Managing Brand Equity." He expanded on this concept in his 1996 work, "Building

Strong Brands." This model has become one of the most significant frameworks in the field of brand

management. Aaker describes 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" (Aaker, 1991). The theory suggests that these brand-related assets can significantly impact

consumer behavior and a company's performance, making it essential to manage them strategically. In Aaker’s

perspective, brand equity is a complex concept that plays a crucial role in shaping customer perceptions and

driving organizational success. When a brand has strong equity, it leads to consumer preference, the ability to

charge premium prices, lower marketing costs, increased customer loyalty, and ultimately, better performance

for both the brand and the organization. Aaker’s Brand Equity Model consists of five key components:

Brand Loyalty – This refers to the emotional connection a customer feels towards a brand, which encourages

repeat purchases and helps retain customers.

Brand Awareness – This is about how well customers can recognize or remember a brand.

Perceived Quality – This reflects how customers view the overall quality or superiority of a product or

service.

Brand Associations – These are the various connections and mental images that customers associate with a

brand.

Other Proprietary Brand Assets – This includes trademarks, patents, and relationships with distribution

channels that give a brand a competitive edge. Together, these components enhance a brand’s market position

and financial success.

Relevance of the Theory to the Study

The significance of Aaker’s Brand Equity Model in this study, which explores the connection between

customer-based brand equity and its effects on brand and organizational performance in Nigeria’s

manufacturing sector, is quite complex. The research zeroes in on four essential elements from Aaker’s

framework: brand trust (which ties into loyalty), brand loyalty itself, brand associations, and perceived quality.

These components are crucial to Aaker’s understanding of brand equity. By applying this model, the study can

effectively analyze how customer perceptions (CBBE) shape brand performance—think market share and

customer retention and, in turn, influence organizational performance, such as profitability and growth. This

model serves as a solid theoretical base for crafting hypotheses and interpreting findings, particularly when it

comes to connecting customer-focused metrics with business results. In Nigeria, where standing out in a

competitive consumer goods market is vital, this model is instrumental in evaluating the strategic value of

managing brand equity as a long-term asset (Ajayi & Musa, 2023).

METHODOLOGY

The study adopted an explanatory cross-sectional design in identifying the sample size of consumers

who have engaged with brands from five major listed manufacturing companies in Nigeria: Dangote Cement

Plc, Nestlé Nigeria Plc, Unilever Nigeria Plc, Nigerian Breweries Plc, and Cadbury Nigeria Plc. The total

estimated population of consumers were focusing on which is estimated 1,500 consumers as of 2025. Thus, the

sample size was 316 respondents using Taro Yamane’s formula. Specifically, Tumiran (2024) and Bello

(2023) disclosed that the sample size should be increased by at least 30% to compensate for the likelihood of

non-responses. In view of this, the sample size of this study was increased to 379 or by 20% (63) to remedy the

likelihood of high non-response rate as suggested by (Tumiran, 2024 and Bello, 2023). Hence, 379 copies of

the questionnaire were distributed to the respondents. Such consumers who have engaged with brands from

five major listed manufacturing companies in Nigeria.

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Explanatory research aims to demonstrate how and why two or more facets of a situation or phenomenon are

related to determining cause-and-effect relationships between variables. Primary data were collected using

structured questionnaires. Questionnaires were utilized to build rapport, inspire respondents, and dispel

misconceptions because they are less expensive. The study asked questions based on the structure of the

customer-based brand equity conceptual framework, including brand trust, brand association, brand loyalty,

and perceived quality, and how they influence brand and organizational performance of the selected

manufacturing companies in Nigeria. Both descriptive and inferential statistics were used to analyze data and

presented in the form of frequency distribution tables.

RESULTS AND DISCUSSIONS

Questionnaires were distributed to consumers who have engaged with brands from five major listed

manufacturing companies in Nigeria for 10 days. The number of questionnaires filled in was 316 respondents,

which is more than the minimum targeted sample (379 samples). Twenty-six questionnaires were incomplete

copies, 37 respondents failed to return the questionnaires and 316 (92%) questionnaires were used in this

study. All qualitative variables of the survey, including personal information of survey subjects and business

information, were subjected to descriptive statistical analysis, and the findings revealed the level of spread

across all components. The survey findings are gathered, demonstrating that the survey results are unaffected

by any special factor or variable in determining the effect of customer-based brand equity on brand

performance and organizational performance of selected manufacturing companies in Nigeria. The

demographic characteristics of respondents result are presented in Table 1.

Table 4.4

Respondents Profile

Demography

Gender

Details

Frequency

182

134

316

68

% of Respondents

Male

57.6

42.4

100

Female

TOTAL

18 – 25yrs

21.5

32.3

27.5

18.7

100

Age Group

26 – 35yrs

102

87

36 – 45yrs

46 and above

TOTAL

59

316

38

S.S.C.E

12.0

17.1

43.0

27.8

100

Educational

Level

OND/NCE

54

BA, B.Sc., B.Ed., HND or equivalent

Post Graduate Qualification

TOTAL

136

88

316

Source: Field Survey, 2025.

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The first information about individuals in the survey was gathered through the observation of variables such as

gender, age, and academic level. For gender, males accounted for 57.6%, while females accounted for 42.4%.

The sample survey is then sent to all age groups and collects the opinions of all subjects in the factor group,

with the age group 26–55 receiving the highest response rate of 32.3%. Similarly, the academic level is the

final information factor. Up to 43% of subjects have university level education, while the rest have college and

post-university education equivalent to 5.30%.

Answers to Research Questions

Research Question 1: What impact does consumer brand trust have on brand performance and organizational

performance?

Table 2: Average Responses on Brand Trust

Item

Mean

4.3

SD

I trust brands like Nestlé and Unilever to deliver quality.

Brand trust influences my loyalty to a product.

Trust in a brand leads me to recommend it to others.

0.52

0.61

0.65

4.29

4.18

Source: SPSS Output, 2025.

From Table 2, it shows an impressive average mean (over 4.0), the responses indicate that brand trust has a

positive effect on consumer behavior, which in turn reflects on both brand and organizational performance.

Research Question 2: How does consumer brand loyalty affect brand performance and organizational

performance?

Table 3: Average Responses on Brand Loyalty

Item

Mean

4.11

3.96

3.89

SD

I repurchase brands like Cadbury and Nigerian Breweries.

I remain loyal to a brand even if prices go up.

I overlook competitor ads if I’m loyal to a brand.

0.71

0.84

0.79

Source: SPSS Output, 2025.

The result shows that brand loyalty seems to be moderately strong among consumers, indicating it plays a

significant role in driving repeat purchases and generating long-term revenue.

Research Question 3: What is the effect of brand association on brand performance and organizational

performance?

Table 4: Average Responses on Brand Association

Item

Mean

4.02

SD

I associate Nigerian Breweries with national pride.

The image of a brand affects my buying decision.

0.69

0.60

4.15

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Advertising creates a strong emotional connection.

Source: SPSS Output, 2025.

4.10

0.66

From Table 4, it shows that consumers have a strong connection to the symbolic and emotional aspects tied to

brands, suggesting that brand associations are crucial in shaping brand perception.

Research Question 4: What impact does perceived quality have on brand performance and organizational

performance?

Table 5: Average Responses on Perceived Quality

Item

Mean

4.28

4.32

4.41

SD

I believe the quality of Dangote Cement is reliable.

Product quality influences my perception of the brand.

I avoid products with poor quality reputation.

0.54

0.47

0.45

Source: SPSS Output, 2025.

From Table 2, it shows the ratings for perceived quality are notably high; highlighting that consistent quality

plays a crucial role in enhancing both brand and organizational performance.

Hypotheses Testing

The study performed a multiple regression analysis using SPSS. Here, the dependent variable is brand and

organizational performance, while the independent variables include brand trust, brand loyalty, brand

associations, and perceived quality.

Table 6: Model Summary

Model

R

R²

Adjusted R²

Std. Error

1

0.741

0.549

0.544

0.389

Source: SPSS Output, 2025.

The regression model shows a strong overall fit, as indicated by the correlation coefficient (R = 0.741). This

suggests that the set of independent variables brand trust, brand loyalty, brand associations, and perceived

quality are strongly related to brand and organizational performance. The coefficient of determination (R² =

0.549) implies that about 54.9% of the variance in brand and organizational performance is explained* by the

four predictors included in the model. This is a substantial explanatory power for social science research,

where human behavior is influenced by many factors. The adjusted R² (0.544), which accounts for the number

of predictors and sample size, confirms the robustness of the model by showing only a slight decrease

compared to R². This indicates that the model is not over fitted and can generalize well beyond the sample

data.

Table 7: ANOVA

Source

Sum of Squares

Df

Mean Square

F

Sig.

Regression

41.212

4

10.303

68.041

0.000

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Residual

Total

33.785

74.997

311

0.109

Significant at the 0.05 level.

Source: SPSS Output, 2025.

The results of the ANOVA test show that the model is statistically significant, with F(4, 311) = 68.041, p <

0.001. This indicates that, taken together, the independent variables have a meaningful impact on brand and

organizational performance. In other words, the predictors collectively explain a significant amount of variance

in the dependent variable compared to what would be expected by chance. This finding validates that the

regression model as a whole is effective and reliable in explaining performance outcomes, thereby justifying

the inclusion of brand trust, brand loyalty, brand associations, and perceived quality in the analysis.

Table 8: Coefficients

Predictor

B

Std. Error

1.204

Beta

t

Sig.

Constant

0.324

0.202

0.185

0.174

0.284

3.715

4.073

3.356

3.086

5.449

0.000

0.001

0.002

0.000

Brand Trust

0.224

0.198

0.179

0.267

0.055

Brand Loyalty

Brand Association

Perceived Quality

0.059

0.058

0.049

Source: SPSS Output, 2025.

The regression results indicate that brand trust (B = 0.224, β = 0.202, t = 4.073, p < 0.001) has a significant

positive effect on brand and organizational performance. This means that for every unit increase in brand trust,

brand and organizational performance increases by 0.224 units, holding other variables constant. The

standardized beta value (0.202) shows that brand trust is an important predictor in the model, contributing

about 20.2% of the variation explained by the predictors. This confirms that when customers trust a brand

believing it to be reliable, credible, and honest they are more likely to support the brand, leading to improved

performance outcomes for the organization. Brand trust plays a crucial role in shaping both brand and

organizational performance, which aligns with the research conducted by Keller (2021) and Aaker (2023).

Similarly, the results further reveal that brand loyalty (B = 0.198, β = 0.185, t = 3.356, p = 0.001) significantly

enhances performance. This implies that a one-unit improvement in loyalty leads to a 0.198 increase in brand

and organizational performance, all else being equal. Although its standardized beta coefficient (0.185) is

slightly smaller than that of brand trust, loyalty remains a critical factor. Loyal customers repeatedly purchase,

recommend the brand, and resist switching to competitors, which directly boosts sales, market share, and

organizational stability. This result highlights the importance of cultivating and maintaining customer loyalty

for sustained long-term performance. Brand loyalty is a key to ensuring long-term brand retention and the

sustainability of organizations, reflecting the insights from Dede and Rufai (2022).

Furthermore, brand associations also significantly influence performance, with values of B = 0.179, β = 0.174,

t = 3.086, p = 0.002. This means that strengthening positive brand associations increases brand and

organizational performance by 0.179 units. The beta coefficient (0.174) indicates that the strength of

associations is a moderately strong predictor, though less influential compared to trust, loyalty, and quality.

Brand association such as favorable perceptions, emotional connections, and symbolic meaning play an

important role in shaping customer attitudes toward the brand for the firm. The finding suggests that

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organizations that successfully build positive associations can create differentiation in competitive markets,

thereby enhancing performance outcomes. Brand associations are vital for influencing consumer preferences

and enhancing brand image, as supported by Okonkwo et al. (2021).

Lastly, the analysis identifies perceived quality as the strongest predictor, with coefficients of B = 0.267, β =

0.284, t = 5.449, p < 0.001. This implies that a one-unit increase in perceived quality results in a 0.267 increase

in performance, which is higher than the effects of trust, loyalty, and association. The standardized beta (0.284)

shows that quality perceptions account for the greatest contribution among the predictors. This means that

when customers believe a brand consistently delivers superior products or services, it has the most direct and

powerful effect on performance outcomes, including customer satisfaction, repeat patronage, and overall

organizational growth. Perceived quality stands out with the most significant impact, underscoring its

importance in driving consumer satisfaction and boosting corporate profitability (Idemudia, 2024).

In summary, the results demonstrate that brand trust, brand loyalty, brand associations, and perceived quality

all significantly and positively affect brand and organizational performance. The significance of each predictor

shows that performance is multi-dimensional, relying not on a single factor but on a combination of trust,

loyalty, associations and quality. Among these, perceived quality stands out as the most influential

determinant, followed by trust, loyalty, and association. This emphasizes that organizations aiming to improve

performance should prioritize quality perceptions while also strengthening trust, loyalty, and associations to

achieve sustainable competitive advantage.

DISCUSSION OF FINDINGS

The research supports the chain effect model, which shows that customer-based brand equity dimensions play

a crucial role in driving both brand and organizational performance. This finding is in line with the studies

conducted by Alvarez and Delgado (2020), Adekunle and Okon (2022), Eze and Nwankwo (2023), Onuoha

and Emeh (2023), Rono and Simotwo (2023) and Idemudia (2024), which highlighted how customer

perception can significantly boost corporate valuation and profitability for publicly listed companies. Take

manufacturing giants like Nestlé Nigeria Plc and Dangote Cement Plc, for instance their consistent brand

strategies have led to impressive market results, thanks to the strong consumer trust and loyalty they've built

over time, reinforcing the connection between brand equity and performance. Additionally, the Nigerian

consumer market places a significant emphasis on perceived quality. This means that companies that skimp on

product excellence are likely to see a decline in brand value and stock returns.

CONCLUSION AND RECOMMENDATIONS

This study highlights that customer-based brand equity is a vital factor in determining brand performance,

which in turn affects organizational performance, especially in Nigeria’s competitive manufacturing sector.

Companies that prioritize building trust, fostering loyalty, maintaining quality, and creating strong brand

associations tend to see tangible benefits in consumer retention, market share, and financial success. The

regression analysis confirmed that perceived quality and brand trust are the key drivers of these outcomes.

These findings align with established global branding theories (e.g., Aaker, 1991; Keller, 2021), while also

being rooted in the unique context of Nigeria’s manufacturing landscape, where strong brand-consumer

relationships are increasingly recognized as a source of sustainable competitive advantage.

Based on what we've discovered, here are some key recommendations:

Manufacturing companies should make quality control a top priority since perceived quality is the biggest

driver of both brand and organizational success. There is need for management of manufacturing firms in

Nigeria to focus on open communication and reliable product delivery to foster long-term trust, which in turn

boosts consumer loyalty and advocacy.

More so, launching and maintaining reward programs, loyalty discounts, and personalized marketing strategies

can strengthen consumers' emotional connection to brands. Brands should use strategic advertising and

corporate social responsibility (CSR) initiatives to connect with values that resonate on an emotional level with

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consumers. Lastly, brand managers and financial strategists should work more closely together to ensure that

brand investments align with measurable financial goals, such as stock performance and profit margins.

Contributions to Knowledge

This study brings several important contributions, both scholarly and practical. It enhances our understanding

of the brand equity-performance relationship by placing it in the context of Nigeria’s listed manufacturing

sector, highlighting that consumer perceptions are valuable strategic assets with real financial consequences. In

term of practical contribution, this research equips Nigerian manufacturing firms with a data-driven framework

to harness brand equity for improving operational results and stock market performance.

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