Strategic Brand Equity Management for SMEs: Insights from a Comprehensive Literature Review
Abstract
This paper critically examines the challenges and strategies involved in building and managing brand equity for SMEs across various industries. The study aims to identify key factors influencing brand equity and propose actionable strategies for enhancing brand value, with potential applications in the Malaysian Personal Protective Equipment (PPE) industry. This study employs a comprehensive literature review to explore the key concepts of brand equity, challenges faced by SMEs, and the impact of digital marketing strategies. The paper synthesizes findings from diverse industries to propose an adapted conceptual framework based on Aaker's Brand Equity Model, tailored to the SME context. The literature review highlights that SMEs face significant challenges in building brand equity, including resource constraints, global competition, and rapidly changing market dynamics. Digital marketing and organizational culture are identified as critical factors in enhancing brand equity for SMEs. The proposed conceptual framework integrates these factors with traditional brand equity dimensions, offering a holistic approach to brand management for SMEs, with implications for the PPE industry. This study addresses a gap in the research on brand equity management for SMEs by synthesizing insights from various industries and proposing strategies that could be adapted to the PPE sector. It offers a tailored conceptual framework and practical recommendations to help SMEs strengthen their brand equity and achieve sustainable growth in competitive markets.
References
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AbdGhani, N. H., Nawi, N. C., & Rahman, A. A. A. (2021, July). Sources of brand equity: An investigation in SMEs context. In AIP Conference Proceedings (Vol. 2347, No. 1). AIP Publishing.
Amoroso, D. L., & Ackaradejruangsri, P. (2024). Brand commitment as predecessor to the factors of continuance intention. Journal of Marketing Analytics, 1-15.
Anees-ur-Rehman, M., & Johnston, W. J. (2019). How multiple strategic orientations impact brand equity of B2B SMEs. Journal of Strategic Marketing, 27(8), 730-750.
Ashraf, A., Hameed, I., & Saeed, S. A. (2023). How do social media influencers inspire consumers' purchase decisions? The mediating role of parasocial relationships. International Journal of Consumer Studies, 47(4), 1416-1433.
Chaffey, D., & Ellis-Chadwick, F. (2019). Digital marketing. Pearson UK.
Cheng, B., & Hou, S. (2024). Brand equity and financial performance: an institutional view. Marketing Intelligence & Planning.
Cortez, R. M., Gilliland, D. I., & Johnston, W. J. (2020). Revisiting the theory of business-to-business advertising. Industrial Marketing Management, 89, 642-656.
Dwivedi, A., & Pawsey, N. (2023). Examining the drivers of marketing innovation in SMEs. Journal of Business Research, 155, 113409.
Enes, Y. D. S. O., Demo, G., Porto, R. B., & Zulato, T. S. (2024). What Is Next for Consumer-Based Brand Equity in Digital Brands? Research Itineraries and New Challenges. Sustainability, 16(13), 5412.
Gonda, G., Gorgenyi-Hegyes, E., Nathan, R. J., & Fekete-Farkas, M. (2020). Competitive factors of fashion retail sector with special focus on SMEs. Economies, 8(4), 95.
Grand View Research. (2023). Personal Protective Equipment Market | PPE Report 2030. https://www.grandviewresearch.com/industry-analysis/personal-protective-equipment-ppe-market
Hanaysha, J. R. (2023). Exploring the relationship between entrepreneurial marketing dimensions, brand equity and SME growth. IIM Kozhikode Society & Management Review, 12(1), 22-38.
Hu, L. (2022). The PPE industry in Italy during COVID-19: supply chain disruption and the adoption of digital and social media in B2B firms. Journal of Business & Industrial Marketing, 37(10), 2050-2063.
Kanimozhi, V., Thilagavathi, V. (2024). Factors Affecting Brand Choices in Grocery Purchases. South Asian research journal of engineering and technology, 6(04):95-100.
Karim, N., Afroj, S., Lloyd, K., Oaten, L. C., Andreeva, D. V., Carr, C., ... & Novoselov, K. S. (2020). Sustainable personal protective clothing for healthcare applications: a review. ACS nano, 14(10), 12313-12340.
Keller, K. L. (1993). Conceptualizing, measuring, and managing customer-based brand equity. Journal of Marketing, 57(1), 1-22.
Keller, K. L. (2020). Consumer research insights on brands and branding: a JCR curation. Journal of Consumer research, 46(5), 995-1001.
Kumar, R. K., & Dubey, A. K. (2022). The Role of Governance in Solving the Problems of SMEs: A Review of the Literature Using a Systematic Approach. International Journal of Electronic Government Research (IJEGR), 18(1), 1-26.
Kumar, P., & Singh, G. (2020). Using social media and digital marketing tools and techniques for developing brand equity with connected consumers. In Handbook of research on innovations in technology and marketing for the connected consumer (pp. 336-355). IGI Global.
Li, M., Chin, C. H., Li, S., Wong, W. P. M., Thong, J. Z., & Gao, K. (2022). The Role of Influencing Factors on Brand Equity and Firm Performance with Innovation Culture as a Moderator: A Study on Art Education Firms in China. Sustainability, 15(1), 519.
Liñán, F., Paul, J., & Fayolle, A. (2020). SMEs and entrepreneurship in the era of globalization: advances and theoretical approaches. Small Business Economics, 55, 695-703.
Naradda Gamage, S. K., Ekanayake, E. M. S., Abeyrathne, G. A. K. N. J., Prasanna, R. P. I. R., Jayasundara, J. M. S. B., & Rajapakshe, P. S. K. (2020). A review of global challenges and survival strategies of small and medium enterprises (SMEs). Economies, 8(4), 79.
Nguyet, N.T.H., Trần, D. (2024). Exploring the factors influencing brand loyalty for the online food ordering sector in Vietnam. International Journal of Advanced and Applied Sciences, 11(6):68-78.
Park, J., Lee, J. M., Xiong, V. Y., Septianto, F., & Seo, Y. (2021). David and Goliath: When and why micro-influencers are more persuasive than mega-influencers. Journal of Advertising, 50(5), 584-602.
Ramadhani, Y., Kusyana, K., & Ismuni, M. (2024). The Influence of Religiosity on Repurchase Intention with Perceived Behavioral Control and Brand Image as Connecting Factors. Kontigensi: Jurnal Ilmiah Manajemen, 12(1), 303-310.
Ramadhani, I., & Mujayana, M. (2022). Brand Equity And Strategies To Win Business Competition. Journal of Applied Management and Business, 3(1), 20-25.
Rodríguez-Molina, M. A., Frías-Jamilena, D. M., Del Barrio-García, S., & Castañeda-García, J. A. (2019). Destination brand equity-formation: Positioning by tourism type and message consistency. Journal of Destination Marketing & Management, 12, 114-124.
Rudeloff, C., & Bruns, J. (2024). Effectiveness of femvertising communications on social media: how brand promises and motive attributions impact brand equity and endorsement outcomes. Corporate Communications: An International Journal.
SME Corporation Malaysia (2020). SME Definitions. https://www.smecorp.gov.my/index. php/en/policies/2020-02-11-08-01-24/sme-definition
SME Corporation Malaysia (2022). Business Strategic Plan (2022 – 2030). https://www.smecorp.gov.my/images/pdf/2022/Ringkasan_BSP_2022_2030_Sept2022.pdf
Thanh, P. T., Hac, L. D., Tran, V. D. (2024). The Relationship between Corporate Social Responsibility of Hotels and Brand Equity in Ho Chi Minh City, the Mediating Role Of Customers. Advances in Social Sciences Research Journal, 11(6):70-78. doi: 10.14738/assrj.116.17020
Tiwary, N. K., Kumar, R. K., Sarraf, S., Kumar, P., & Rana, N. P. (2021). Impact assessment of social media usage in B2B marketing: A review of the literature and a way forward. Journal of Business Research, 131, 121-139.
Vander Schee, B. A., Peltier, J., & Dahl, A. J. (2020). Antecedent consumer factors, consequential branding outcomes and measures of online consumer engagement: current research and future directions. Journal of Research in Interactive Marketing, 14(2), 239-268.
Van Quang, N., Hoai, N. T., Hang, C. T., Hoa, N. T., Thao, D. T. P., Thi, N., & Hue, O. (2024). Factors affecting brand attachment in the social media channels: Case of university in Vietnam.
Varsha, P. S., Akter, S., Kumar, A., Gochhait, S., & Patagundi, B. (2021). The impact of artificial intelligence on branding: a bibliometric analysis (1982-2019). Journal of Global Information Management (JGIM), 29(4), 221-246.
Wei, Z. (2022). Impact of Organizational Brand-Building Strategies on Organizational Brand Equity: A Moderating Role of Brand-Oriented Leadership. Frontiers in Psychology, 13, 919054.
Weismueller, J., Harrigan, P., Wang, S., & Soutar, G. N. (2020). Influencer endorsements: How advertising disclosure and source credibility affect consumer purchase intention on social media. Australasian marketing journal, 28(4), 160-170.
Wibowo, A., Chen, S. C., Wiangin, U., Ma, Y., & Ruangkanjanases, A. (2020). Customer behaviour as an outcome of social media marketing: The role of social media marketing activity and customer experience. Sustainability, 13(1), 189.
World Health Organization (2020). Health products policy and standards. https://www.who.int/teams/health-product-policy-and-standards/assistive-and-medical-technology/medical-devices/ppe
Xie, Y., & Zheng, X. (2020). How does corporate learning orientation enhance industrial brand equity? The roles of firm capabilities and size. Journal of Business & Industrial Marketing, 35(2), 231-243.
Yanenko, M., Nazarova, E., Kuzmenko, V., & Moshkin, I. (2020). Development of digital technologies in brand strategies of retailing. In Proceedings of the 12th International Conference on Digital Transformation and Global Society (pp. 23-32).
Zutshi, A., Mendy, J., Sharma, G. D., Thomas, A., & Sarker, T. (2021). From challenges to creativity: enhancing SMEs’ resilience in the context of COVID-19. Sustainability, 13(12), 6542.
AbdGhani, N. H., Nawi, N. C., & Rahman, A. A. A. (2021, July). Sources of brand equity: An investigation in SMEs context. In AIP Conference Proceedings (Vol. 2347, No. 1). AIP Publishing.
Amoroso, D. L., & Ackaradejruangsri, P. (2024). Brand commitment as predecessor to the factors of continuance intention. Journal of Marketing Analytics, 1-15.
Anees-ur-Rehman, M., & Johnston, W. J. (2019). How multiple strategic orientations impact brand equity of B2B SMEs. Journal of Strategic Marketing, 27(8), 730-750.
Ashraf, A., Hameed, I., & Saeed, S. A. (2023). How do social media influencers inspire consumers' purchase decisions? The mediating role of parasocial relationships. International Journal of Consumer Studies, 47(4), 1416-1433.
Chaffey, D., & Ellis-Chadwick, F. (2019). Digital marketing. Pearson UK.
Cheng, B., & Hou, S. (2024). Brand equity and financial performance: an institutional view. Marketing Intelligence & Planning.
Cortez, R. M., Gilliland, D. I., & Johnston, W. J. (2020). Revisiting the theory of business-to-business advertising. Industrial Marketing Management, 89, 642-656.
Dwivedi, A., & Pawsey, N. (2023). Examining the drivers of marketing innovation in SMEs. Journal of Business Research, 155, 113409.
Enes, Y. D. S. O., Demo, G., Porto, R. B., & Zulato, T. S. (2024). What Is Next for Consumer-Based Brand Equity in Digital Brands? Research Itineraries and New Challenges. Sustainability, 16(13), 5412.
Gonda, G., Gorgenyi-Hegyes, E., Nathan, R. J., & Fekete-Farkas, M. (2020). Competitive factors of fashion retail sector with special focus on SMEs. Economies, 8(4), 95.
Grand View Research. (2023). Personal Protective Equipment Market | PPE Report 2030. https://www.grandviewresearch.com/industry-analysis/personal-protective-equipment-ppe-market
Hanaysha, J. R. (2023). Exploring the relationship between entrepreneurial marketing dimensions, brand equity and SME growth. IIM Kozhikode Society & Management Review, 12(1), 22-38.
Hu, L. (2022). The PPE industry in Italy during COVID-19: supply chain disruption and the adoption of digital and social media in B2B firms. Journal of Business & Industrial Marketing, 37(10), 2050-2063.
Kanimozhi, V., Thilagavathi, V. (2024). Factors Affecting Brand Choices in Grocery Purchases. South Asian research journal of engineering and technology, 6(04):95-100.
Karim, N., Afroj, S., Lloyd, K., Oaten, L. C., Andreeva, D. V., Carr, C., ... & Novoselov, K. S. (2020). Sustainable personal protective clothing for healthcare applications: a review. ACS nano, 14(10), 12313-12340.
Keller, K. L. (1993). Conceptualizing, measuring, and managing customer-based brand equity. Journal of Marketing, 57(1), 1-22.
Keller, K. L. (2020). Consumer research insights on brands and branding: a JCR curation. Journal of Consumer research, 46(5), 995-1001.
Kumar, R. K., & Dubey, A. K. (2022). The Role of Governance in Solving the Problems of SMEs: A Review of the Literature Using a Systematic Approach. International Journal of Electronic Government Research (IJEGR), 18(1), 1-26.
Kumar, P., & Singh, G. (2020). Using social media and digital marketing tools and techniques for developing brand equity with connected consumers. In Handbook of research on innovations in technology and marketing for the connected consumer (pp. 336-355). IGI Global.
Li, M., Chin, C. H., Li, S., Wong, W. P. M., Thong, J. Z., & Gao, K. (2022). The Role of Influencing Factors on Brand Equity and Firm Performance with Innovation Culture as a Moderator: A Study on Art Education Firms in China. Sustainability, 15(1), 519.
Liñán, F., Paul, J., & Fayolle, A. (2020). SMEs and entrepreneurship in the era of globalization: advances and theoretical approaches. Small Business Economics, 55, 695-703.
Naradda Gamage, S. K., Ekanayake, E. M. S., Abeyrathne, G. A. K. N. J., Prasanna, R. P. I. R., Jayasundara, J. M. S. B., & Rajapakshe, P. S. K. (2020). A review of global challenges and survival strategies of small and medium enterprises (SMEs). Economies, 8(4), 79.
Nguyet, N.T.H., Trần, D. (2024). Exploring the factors influencing brand loyalty for the online food ordering sector in Vietnam. International Journal of Advanced and Applied Sciences, 11(6):68-78.
Park, J., Lee, J. M., Xiong, V. Y., Septianto, F., & Seo, Y. (2021). David and Goliath: When and why micro-influencers are more persuasive than mega-influencers. Journal of Advertising, 50(5), 584-602.
Ramadhani, Y., Kusyana, K., & Ismuni, M. (2024). The Influence of Religiosity on Repurchase Intention with Perceived Behavioral Control and Brand Image as Connecting Factors. Kontigensi: Jurnal Ilmiah Manajemen, 12(1), 303-310.
Ramadhani, I., & Mujayana, M. (2022). Brand Equity And Strategies To Win Business Competition. Journal of Applied Management and Business, 3(1), 20-25.
Rodríguez-Molina, M. A., Frías-Jamilena, D. M., Del Barrio-García, S., & Castañeda-García, J. A. (2019). Destination brand equity-formation: Positioning by tourism type and message consistency. Journal of Destination Marketing & Management, 12, 114-124.
Rudeloff, C., & Bruns, J. (2024). Effectiveness of femvertising communications on social media: how brand promises and motive attributions impact brand equity and endorsement outcomes. Corporate Communications: An International Journal.
SME Corporation Malaysia (2020). SME Definitions. https://www.smecorp.gov.my/index. php/en/policies/2020-02-11-08-01-24/sme-definition
SME Corporation Malaysia (2022). Business Strategic Plan (2022 – 2030). https://www.smecorp.gov.my/images/pdf/2022/Ringkasan_BSP_2022_2030_Sept2022.pdf
Thanh, P. T., Hac, L. D., Tran, V. D. (2024). The Relationship between Corporate Social Responsibility of Hotels and Brand Equity in Ho Chi Minh City, the Mediating Role Of Customers. Advances in Social Sciences Research Journal, 11(6):70-78. doi: 10.14738/assrj.116.17020
Tiwary, N. K., Kumar, R. K., Sarraf, S., Kumar, P., & Rana, N. P. (2021). Impact assessment of social media usage in B2B marketing: A review of the literature and a way forward. Journal of Business Research, 131, 121-139.
Vander Schee, B. A., Peltier, J., & Dahl, A. J. (2020). Antecedent consumer factors, consequential branding outcomes and measures of online consumer engagement: current research and future directions. Journal of Research in Interactive Marketing, 14(2), 239-268.
Van Quang, N., Hoai, N. T., Hang, C. T., Hoa, N. T., Thao, D. T. P., Thi, N., & Hue, O. (2024). Factors affecting brand attachment in the social media channels: Case of university in Vietnam.
Varsha, P. S., Akter, S., Kumar, A., Gochhait, S., & Patagundi, B. (2021). The impact of artificial intelligence on branding: a bibliometric analysis (1982-2019). Journal of Global Information Management (JGIM), 29(4), 221-246.
Wei, Z. (2022). Impact of Organizational Brand-Building Strategies on Organizational Brand Equity: A Moderating Role of Brand-Oriented Leadership. Frontiers in Psychology, 13, 919054.
Weismueller, J., Harrigan, P., Wang, S., & Soutar, G. N. (2020). Influencer endorsements: How advertising disclosure and source credibility affect consumer purchase intention on social media. Australasian marketing journal, 28(4), 160-170.
Wibowo, A., Chen, S. C., Wiangin, U., Ma, Y., & Ruangkanjanases, A. (2020). Customer behaviour as an outcome of social media marketing: The role of social media marketing activity and customer experience. Sustainability, 13(1), 189.
World Health Organization (2020). Health products policy and standards. https://www.who.int/teams/health-product-policy-and-standards/assistive-and-medical-technology/medical-devices/ppe
Xie, Y., & Zheng, X. (2020). How does corporate learning orientation enhance industrial brand equity? The roles of firm capabilities and size. Journal of Business & Industrial Marketing, 35(2), 231-243.
Yanenko, M., Nazarova, E., Kuzmenko, V., & Moshkin, I. (2020). Development of digital technologies in brand strategies of retailing. In Proceedings of the 12th International Conference on Digital Transformation and Global Society (pp. 23-32).
Zutshi, A., Mendy, J., Sharma, G. D., Thomas, A., & Sarker, T. (2021). From challenges to creativity: enhancing SMEs’ resilience in the context of COVID-19. Sustainability, 13(12), 6542.
Published
2024-12-01
How to Cite
KEE WEI, Wong; NASRUDDIN, Ellisha.
Strategic Brand Equity Management for SMEs: Insights from a Comprehensive Literature Review.
International Journal of Business and Technology Management, [S.l.], v. 6, n. 4, p. 264-280, dec. 2024.
ISSN 2682-7646.
Available at: <https://myjms.mohe.gov.my/index.php/ijbtm/article/view/28484>. Date accessed: 24 jan. 2025.
Section
English Section
