SOCIAL MEDIA ADVERTISEMENT AND BRAND EQUITY OF SELECTED FOOD AND BEVERAGE COMPANIES IN LAGOS STATE, NIGERIA
Abstract
The study investigated interaction between social media advertisement and brand equity of selected food and beverage companies in Lagos State, Nigeria. The objective was to establish effect of social media advertisement on brand equity of selected food and beverage companies in Lagos State, Nigeria using a survey research design. Four government owned higher institutions and one private higher institution in Lagos State. A total population of 125, 393 students were investigated with a sample size of 776. In this research, a proportionate stratified sampling technique was adopted, and only 627 copies (or 80.3 percent) of the questionnaire were properly completed and recovered. To determine the link between the variables, the data was examined using the bivariate regression statistical technique. The investigation revealed that social media advertisement had significant effect brand equity of selected food and beverage companies in Lagos State, Nigeria (β = 0.927, t = 59.677, R2 = 0.884, p < 0.05). As a result, it was concluded that social media advertisement affected brand equity of selected food and beverage companies in Lagos State, Nigeria. It was suggested, among other things, that management of food and beverages companies should consider strategies in developing the existing brand image and brand loyalty by making unique products that increase the selling value of their companies.
Keywords: Social media advertisement, Brand equity, Fast moving consumer goods, Brand loyalty
CITATION: Oduwole, W. K., Olawore, O. P., & Akinbiyi, R. E. (2022). Social media advertisement and brand equity of selected food and beverage companies in Lagos State, Nigeria. The Strategic Journal of Business & Change Management, 9 (2), 156-171.
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DOI: http://dx.doi.org/10.61426/sjbcm.v9i3.2359
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