Promoting Customer-Based Brand Equity Through Product Rejuvenation: A Study of Rite Foods Limited, Nigeria

Abstract

The study examined the effect of product rejuvenation on customer-based brand equity of Rite Foods Limited. Primary data was sourced through the administration of a structured questionnaire to the employees of the selected firm, while secondary data was obtained through the review of related literature. The study adopted the descriptive research design, which aids the researcher in collecting quantitative data used to address the relationship between the dependent and independent variables. A total of 188 copies of the questionnaire were administered adopting random sampling techniques. Data collected were analyzed using Pearson’s correlation coefficient and hypotheses were tested using multiple regression. The findings revealed that rebranding, brand positioning, brand extension, and product differentiation has positive effect on customer-based brand equity. The study concluded that product rejuvenation is a strategic process initiated to improve the existing product, process, or brand to meet the changing demands and requirements of consumers in the evolving market. It is a corrective measure applied when the business or the product is at the maturity or decline stage (alarming phase) of its life cycle and is on the verge of becoming obsolete. Therefore, it must be carefully planned such that the essence of the entity remains intact even though its products are modernized.
 Keywords: Customer-based Brand Equity, Brand Positioning, Rebranding, Product Differentiation, Brand Extension.