BRAND EQUITY AND SALES PERFORMANCE IN RETAIL PHARMACIES

ABSTRACT

The study investigated brand equity and sales performance of retail pharmacies in Benin City, Edo state. Data were primarily sourced through the online administration of one hundred and nineteen (119) questionnaire out of which same number (119) were found usable for the empirical analysis. The descriptive (frequency, mean and percentage) and inferential statistics (regression) were adopted for the study’s analysis. Specifically, the regression analysis revealed that: there is a significant relationship between perceived brand quality and sales performance; there is a significant relationship between brand associations and sales performance; brand awareness has a significant relationship with sales performance; and brand loyalty have a significant relationship with sales performance. As a result of these findings, it was recommended that: to improve sales performance, retail pharmacies should focus on enhancing the perceived quality of their brand; retail pharmacies should work on creating and promoting positive associations with their brand; to increase sales, retail pharmacies should invest in marketing and advertising efforts that raise awareness about their brand; and pharmacies should implement loyalty programs, offer incentives to repeat customers, and engage in personalized communication to create a loyal customer base.