Exploring the Impact of Corporate Brand Equity on Consumer Buying Intention for Petroleum Products: A Study of Service Stations in Lekki, Lagos
Journal Title: Journal of Economics, Finance and Management Studies - Year 2025, Vol 8, Issue 05
Abstract
Petroleum products are integral to today’s economies, as they significantly influence consumer purchasing decisions as a result of the important role they play in transportation, energy, and various industrial sectors. While methods such as targeted marketing, sustainability initiatives, and pricing strategies have been employed to improve consumer buying intentions, a reduction in such purpose has been observed. This drift may be linked to weak corporate brand equity, which weakens consumer trust and loyalty. In areas such as Lekki in Lagos, it is imperative to examine how corporate brand equity impacts consumer decisions with respect to petroleum products, as a favorable brand image can significantly impact purchasing behavior. The research utilized a survey design. The study's population consisted of 10,500 customers from selected petroleum outlets in the Lekki corridor of Lagos State. A sample size of 520 was established using Taro Yamani's calculation. Data were gathered using a structured questionnaire; the reliability coefficients, measured by Cronbach's alpha, spanned from 0.71 to 0.85 across various constructs. The results were analyzed using the Statistical Package for the Social Sciences (SPSS). The results indicated that corporate brand equity significantly influences customers’ purchase decisions of the chosen petroleum outlets in the Lekki area of Lagos State (R = 0.530; R² = 0.280; F-stat (1, 435) = 169.575). The research concludes that corporate brand equity has a significant impact on customers' purchasing decisions at petroleum stations in the Lekki area of Lagos State. It is recommended that petrol service stations in Lekki focus on consistent branding, high-quality customer service, and a guarantee of quality to strengthen their brand equity.
Authors and Affiliations
Nwaulune, J. C.
Keywords
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- EP ID EP768234
- DOI 10.47191/jefms/v8-i5-80
- Views 8
- Downloads 0
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