Introduction
Gain (2014) reports that Toyota has retained its lead as the most valuable car Brand in the World. Such reports are a huge boost to companies in the Automobile Industry where reputation defines success. The credibility of the reports and the actual status of the company create the much needed reassurance to the customers concerning the Toyota brand. In particular, retaining a top position and a solid reputation is pertinent in determining the value of brand equity. According to Simms (2002), brand equity is a common phrase in the marketing industry, and it is used to connote the value of possessing a ‘well-known’ brand name. The ‘well-known’ element in the definition of brand equity illustrates the relationship between brand equity and reputation which further justifies the centrality of such reports. The value of a brand equity draws from the idea that a person who owns a ‘well-known’ brand name is able to generate a relatively large amount of money with that brand. Applying this to the case of automobile consumers, a well-known brand name translates into quality, durability, and overall value for money. In simpler terms, brand equity connotes the value of a brand. According to Gain (2014) and Winfield (1994), Toyota has become an ‘indigenous’ brand in the UK owing to the jobs it has brought to the country with its manufacturing plant in Burnaston, Derbyshire, and numerous outlets in London. On this note, several past studies have delved into the analysis of the value of Toyota brand equity to the UK consumers (Highfill et al. 2012). While most of these studies have been successful, most of them have never been specific to a particular city in the UK despite their metropolitan nature. In particular, no study ever focused on London, which is the largest and most populated city in Britain and the 32nd most populated city in the world. However, previous reports have noted the large consumer base and positive consumer perception of Toyota brands in London. It is such a gap that has created the necessity to assess the value of Toyota brand equity among the London consumers, which will be the purpose of this research.
Research Aim and Questions
The aim of the following research will be presenting a profound and comprehensive analysis of the value of Toyota brand equity to the UK consumers with a special focus on the London consumers. In connection with the overall aim of the research, the following research questions will shape the study and support its objectives.
Ø What factors influence the value of brand equity?