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UNIVERSITY OF GHANA 
 
CORPORATE BRANDING AND CONSUMER ATTITUDE: THE 
MEDIATING ROLE OF BRAND POSITIONING 
 
 
BY 
MICHAEL NANA AMOAKOH 
(10551628) 
 
 
 
THIS THESIS IS SUBMITTED TO UNIVERSITY OF GHANA, LEGON IN 
PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD 
OF MPHIL MARKETING DEGREE 
 
 
 
 
 
 
 
 
 
 
JUNE, 2017 
 
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DECLARATION 
 
I hereby declare that this study is my original work and has not been presented anywhere for 
academic award either in this University or any other University. All references used in the work 
have been fully acknowledged. This thesis has been prepared according to the regulations for 
postgraduate study by the University 
I bear sole responsibilities for any shortcomings 
 
 
 
 
 
 
 
…………………………………                                                         ……………………….. 
MICHAEL NANA AMOAKOH                                                          DATE 
                 (10551628) 
 
 
 
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CERTIFICATION 
We hereby certify that this work was duly supervised in accordance with procedures laid down by 
the University. 
 
 
 
 
 
 
 
 
 
 
 
…………………………………..                                                               …………………….. 
 
DR. MAHAMA BRAIMAH                                                                         DATE 
(PRINCIPAL SUPERVISOR) 
 
 
…………………………………..                                                                …………………….. 
 
PROF. BEDMAN NARTEH                                                                        DATE 
(CO-SUPERVISOR) 
 
 
 
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DEDICATION 
This work is dedicated to my family for their immeasurable sacrifices, irreplaceable roles in my 
life and timeless counsels which helped in shaping my dreams, and to my dear wife Dorcas Baah 
for her support and concern. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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ACKNOWLEDGEMENT 
My foremost gratitude is to God almighty for his sustaining grace throughout my course of study. 
I express my sincerest appreciation to my research supervisor, Dr. Mahama Braimah for his 
striking patience, immense guidance, enlightenment and critical review. I'm also thankful to my 
co-supervisor, Prof. Bedman Narteh for his contribution. 
I further wish to acknowledge some key individuals especially Mr. Bernard Tutu-Boahene, Mr. 
DD Dankwah, Mr. Samuel Affum, Mr. Robert Mensah, Magnus Kofi Aning Jnr, Frederick Asiedu 
and Martin Agyei for their diverse contributions that spurred me on to accomplish this task. Each 
of you supported me in special ways to make this task achievable. 
A very special thanks to my dearest family Madam Dinah Effah, Felix Otchere Boateng, and 
Naomi Boateng, who helped me financially and spiritually in all these times. To Dorcas Baah my 
dear wife, I am most thankful for your level of understanding throughout this program. God richly 
bless you all for your contribution towards the success of this program.  
 
 
 
 
 
 
 
 
 
 
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TABLE OF CONTENT 
 
DECLARATION ....................................................................................................... i 
CERTIFICATION .................................................................................................... ii 
DEDICATION ......................................................................................................... iii 
ACKNOWLEDGEMENT ....................................................................................... iv 
TABLE OF CONTENT ............................................................................................. v 
LIST OF TABLES ................................................................................................. viii 
TABLE OF FIGURES ............................................................................................. ix 
ABSTRACT ............................................................................................................... x 
CHAPTER ONE ........................................................................................................ 1 
INTRODUCTION ..................................................................................................... 1 
1.0 Introduction ....................................................................................................... 1 
1.1 Background of the Study .................................................................................. 1 
1.2 Research Problem ............................................................................................. 3 
1.3 Research Purpose .............................................................................................. 8 
1.4 Research Objectives .......................................................................................... 8 
1.5 Significance of the Study .................................................................................. 8 
1.5.1 Contribution to Academia .......................................................................... 9 
1.5.2 Contribution to Industry ............................................................................. 9 
1.6 Scope and Delimitations ................................................................................... 9 
1.7 Chapter Outline ...............................................................................................10 
CHAPTER TWO .....................................................................................................11 
LITERATURE REVIEW ........................................................................................11 
2.0 Introduction .....................................................................................................11 
2.1 Branding ..........................................................................................................11 
2.2 Corporate Branding .........................................................................................12 
2.2.1 Corporate Branding Dimensions ..............................................................14 
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2.3 Corporate Branding Model .............................................................................19 
2.4 Consumer Attitude ..........................................................................................24 
2.4.1 Consumer Attitude Theory .......................................................................26 
2.5 Brand Positioning ...........................................................................................28 
2.6 Corporate Branding and Consumer Attitude ..................................................30 
2.7 Corporate Branding and Brand Positioning ....................................................32 
2.8 Brand Positioning and Consumer Attitude .....................................................33 
2.9 Conceptual Framework ...................................................................................34 
CHAPTER THREE..................................................................................................37 
CONTEXT ANALYSIS ..........................................................................................37 
3.0 Introduction .....................................................................................................37 
3.1 Significance of Banking Industry ...................................................................37 
3.2 Overview of Ghana Banking Sector ...............................................................39 
CHAPTER FOUR ....................................................................................................49 
RESEARCH METHODOLOGY.............................................................................49 
4.0 Introduction .....................................................................................................49 
4.1 Research Paradigm .........................................................................................49 
4.2 Research Design .............................................................................................52 
4.3 Research Approach .........................................................................................52 
4.4 Population for the Study .................................................................................54 
4.5 Sampling Techniques and Sample Size ..........................................................54 
4.6 Data Collection Instrument .............................................................................55 
4.7  Data Analysis Method ...................................................................................57 
4.8 Ethical Consideration ......................................................................................57 
4.9 Limitations of the study ..................................................................................58 
CHAPTER FIVE ......................................................................................................59 
DATA ANALYSIS AND DISCUSSIONS OF FINDINGS ...................................59 
5.0 Introduction .....................................................................................................59 
5.1 Data Editing ....................................................................................................59 
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5.1.1 Data Entry and Analysis ..............................................................................60 
5.1.2 Item Scales and Variable Codes ...............................................................60 
5.2 Normality Test ................................................................................................61 
5.3 Exploratory Factor Analysis (EFA) ................................................................62 
5.3.1 Final Data Purification ..............................................................................65 
5.4 Demographic Profile of Respondents .............................................................66 
5.3.1 Name of Main Bank..................................................................................69 
5.4 Confirmatory Factor Analysis (CFA) .............................................................70 
5.4.1 Measurement Model .................................................................................72 
5.5 Structural Equation Modelling .......................................................................75 
5.5.1 Analysis of Hypothesised Relationship ....................................................77 
5.5.2 Testing for Mediation effect .....................................................................79 
5.6 Discussion of Results ......................................................................................81 
CHAPTER SIX .....................................................................................................85 
SUMMARY, CONCLUSIONS AND RECOMMENDATIONS ........................85 
6.0 Introduction .....................................................................................................85 
6.1 Summary of the study. ....................................................................................85 
6.2 Summary of major findings ............................................................................86 
6.3 Conclusion ......................................................................................................88 
6.4 Recommendations ...........................................................................................88 
6.5 Implication for theory .....................................................................................90 
6.6 Future research direction ................................................................................90 
REFERENCES .........................................................................................................92 
APPENDIX ............................................................................................................102 
 
 
 
 
 
 
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LIST OF TABLES 
 
Table 2.1 Differences between Corporate Branding and product branding ..........144 
Table 5.1 Scales and Codes .....................................................................................58 
Table 5.2 Descriptive Statistics................................................................................60 
Table 5.3 KMO and Bartlett's Test ..........................................................................61 
Table 5.4 Rotated Component Matrix and Internal Consistencies ..........................62 
Table 5.5 Demographic Variables ...........................................................................64 
Table 5.6 Name of main bank ..................................................................................67 
Table 5.7 Factor Loadings .......................................................................................79 
Table 5.8 Measurement model fit indices ................................................................71 
Table 5.9 Correlation Table .....................................................................................73 
Table 5.10 Measurement model fit indices for proposed model .............................75 
Table 5.11 Hypothesised Relationship ....................................................................76 
Table 5.12 Mediation effect .....................................................................................78 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 TABLE OF FIGURES 
 
Figure 2.1 Six Conventions of Corporate Branding ..............................................200 
Figure 2.2 Interplay of Corporate Branding dimensions .......................................221 
Figure 2.3 Attractive forces of Corporate Branding ..............................................232 
Figure 2.4 Tri-component model of attitude formation .........................................276 
Figure 2.5 Pre-Study conceptual framework .........................................................343 
Figure 5.1 Measurement Model ...............................................................................71 
Figure 5.2 Proposed Model ......................................................................................74 
Figure 5.3 Hypotheses Testing ................................................................................77 
Figure 5.4 Post-Study Conceptual framework .........................................................79 
 
 
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ABSTRACT 
 
The reforms introduced in the banking sector since 2006 by the central bank in Ghana has changed 
the sector significantly. The changes include deregulation and minimum capital requirement. 
These have seen an influx of foreign banks into the Ghanaian market. The influx of more banks in 
Ghana have paved way for consumers to have multiple choices of banks to select from. Studies 
have indicated that trust is a key ingredient consumers’ use in their brand selection. Meanwhile, 
other studies have also revealed that consumers’ trust in the brand is decreasing significantly. 
Therefore, developing a Corporate Branding strategy that envelopes the entire business under one 
umbrella and effective positioning of such strategy has become critical. The current study seeks to 
measure the impact of Brand Positioning mediating between Corporate Branding and Consumer 
Attitude in the Ghanaian banking sector. The key objective of the study is to assess the relationship 
between Corporate Branding, Consumer Attitude, and Brand Positioning within the banking sector 
in Ghana. A quantitative approach was adopted for the study and structured questionnaire was 
used to gather data. 310 respondents took part in the survey. The sample was selected using 
convenience sampling approach. Structural Equation Modeling (SEM) through AMOS20 was 
used to analyse the data. The findings of the study revealed that Corporate Branding (Business 
Activities, Corporate Image and Employees Actions) has a significant influence on Consumer 
Attitude in the Ghanaian banking sector. Brand Positioning partially mediate both Business 
Activities and Corporate Image dimensions in this study. However, Employees Actions dimension 
fully mediate Brand Positioning in order to influence Consumer Attitude. These findings of the 
study brought to fore the need of banking institutions management in Ghana to concentrate on 
building the strong corporate brand through the effective interplay of the proposed dimensions 
used for the current study in order to influence Consumer Attitude positively. 
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CHAPTER ONE 
INTRODUCTION 
1.0 Introduction 
The banking sector in Ghana has become highly competitive as a result of major changes that have 
been introduced as well as changing the behaviour of consumers’ in the banking sector. The 
transformation within the sector requires the industry players to adopt a strategy that creates brand 
differentiation and foster positive Consumer Attitude towards the banking institution. Therefore, 
this chapter seeks to provide an overview of the chosen research topic in terms of the background 
of the study, the problem of the study and the objectives to be addressed at the end of the study. 
  
1.1 Background of the Study 
Deregulation of the banking sector since the 1990s coupled with the global financial crisis in 2008 
has changed the face of the banking industry and as a result, consumers have become 
discriminatory in their bank selection (Ohnemus, 2009). These changes have given consumers the 
opportunity and power to weigh options before making a final purchase decision (Abdul Rashid, 
Sambasivan, & Rahman, 2004; Karjaluoto, Mattila & Pento, 2002). This suggests that consumers 
do not make a purchase decision in a vacuum, but based on long-held beliefs that have been learned 
and developed over time about an object or company.  
 
These beliefs have the possibility of changing consumers lifestyle and purchase intention (Kaynak 
& Harcar 2005). This is also confirmed by a study conducted by (Silva & Alwi, 2006), that 
consumers evaluate products or object through the combination of their belief and emotions 
towards the object. This suggests that beliefs and emotions affect the perception consumers have 
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about a company in terms of the products or services offered and can influence Consumer Attitude 
either positively or negatively. 
 
Studies have shown that consumers develop an attitude about a product or service through 
systematic processes such as past experience and brand knowledge. These processes help 
consumers to develop traits that affect their level of response and trust towards the object under 
consideration (Abdul Rashid et al., 2004). This shows that consumers often resist change in attitude 
if the brand or the object involved do not communicate trust as brand trust has become a key 
ingredient in consumers’ supplier selection (Sichtmann, 2007). However, Lantieri and Chiagouris, 
(2009) study identified a steady decline annually in the manner in which consumer trust brands. 
This is also confirmed by a study conducted by Ruediger, Vrontis, Czinkota, and Hadiono (2012) 
that doubts and distrust of consumers towards brands are increasing in recent times. The situation 
could be attributed to consumers experienced about a specific brand that did not meet their 
expectations.   
 
Zboja and Voorhees, (2006) argued that unless the feelings of trust and satisfaction consumers 
have for the brand are positive, the impact of repeat business may not be ultimate. This suggests 
that customers expect the company’s products or services to generate trust and satisfaction. Such 
trust and satisfaction could then lead to a positive attitude, deepen relationships and reduce 
switching behaviour due to the bond that has been developed with the company (Narteh, 2013). 
So, the role of managers has become complex and challenging as 21st- century brand management 
has shifted from just managing product lines to involve managing the entire business activities 
under a single umbrella that is Corporate Branding. The emphasis of Corporate Branding is to 
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create differentiation and preference in the minds and hearts of consumers’ in order to influence 
attitude positively towards the company (Knox & Bickerton, 2003).    
 
Corporate Branding has become popular recently in the literature as the concept embraces the 
unified and consistent message that is conveyed to the company’s customers and other 
stakeholders. Ruediger et al. (2012) argued that Corporate Branding project brand differentiation 
and can stimulate consumers’ desire and attitude towards the company positively. This has become 
critical for business managers as the nature of business environment has gone through a lot of 
changes. The banking industry in Ghana has seen major changes recently due to the deregulation 
of the sector making the industry highly competitive. The keen competition within the sector has 
generated interest in understanding the determinants of Ghanaian customers bank selection and 
their degree of satisfaction with the new portfolio of bank products and services available to them 
(Blankson, Omar, & Cheng, 2009; Narteh, 2013). 
 
In this vein, the current study seeks to examine the impact of Corporate Branding on Consumer 
Attitude in the Ghanaian banking sector. The study intends to introduce Brand Positioning as a 
mediating role between Corporate Branding and Consumer Attitude in order to measure Brand 
Positioning effect on Corporate Branding and Consumer Attitude.   
 
1.2 Research Problem 
The banking sector in Ghana has transformed significantly due to the reforms introduced by the 
Central Bank since 2006 which has made the industry very competitive. These reforms include the 
deregulation of the sector and an initial capital of $60 million required before granting banking 
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license has shaped the industry significantly (Narteh, 2013). These reforms according to the author 
have facilitated the influx of foreign banks, especially from neighbouring countries such as 
Nigeria. These banks have come in with modern technology and cutting-edge marketing strategies 
that have given Ghanaian consumers the opportunity to have multiple banks to select from (Narteh, 
2013). 
 
Understanding consumers in terms of what they want have become the major task for managers in 
the highly competitive banking sector in Ghana (Hinson, Owusu-Frimpong & Dasah, 2009). This 
suggests that knowing the needs of customers and instilling trust in the transaction through 
engaging in business practices that project credibility and consistency is now more critical than 
ever. Hinson and Hammond (2006) have noted that due to the passage of the universal banking 
license law, banking institutions in Ghana are entreated to adopt corporate entity practices that 
envelopes the entire business processes under one umbrella.  
 
Despite the growing advocacy of Corporate Branding adoption in the literature (Anisimova, 2013; 
Hatch & Shultz 2003; Souiden, Kassim & Hong, 2006), review of the literature has revealed that 
scholars have discussed the concept of Corporate Branding using different dimensions to assess 
its impact on Consumer Attitude. This is confirmed by a study of Theng So, Parsons and Yap 
(2013) that literature is not clear on dimensions constituting Corporate Branding. For example, 
Souiden et al. (2006) used Corporate Image as a Corporate Branding in their study in America and 
Japan. The findings of the study revealed that consumers in these two countries consider the 
Corporate Image of the company when evaluating products or services in the market. 
 
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Bravo, Montaner, and Pina (2009) study also highlighted the role of Corporate Image in building 
corporate brands and found that Corporate Image plays a significant role in consumer behaviour. 
Silva and Alwi (2006) assessed the concept of Corporate Branding from brand attributes and 
Corporate Image dimensions and measured them on consumers’ response. The findings of the 
Silva and Alwi (2006) study revealed positive correlation among brand attributes of the company, 
Corporate Image, and consumers’ response. 
 
Anisimova (2013) study conducted in Australia indicated that Corporate Branding dimensions of 
corporate associations and organisational values have the corresponding effect on consumers’ level 
of satisfaction. Hatch and Shultz (2003) also used Strategic Vision, Organisational Culture, and 
Corporate Image to constitute dimensions of corporate banding in assessing brand management 
approach of British Airways. Again, Abratt and Kleyn (2011) study highlighted visual identity, 
brand promise, brand personality and brand communication as critical to building a strong 
corporate brand. Against this background, the current study seeks to identify an appropriate model 
that seeks to combine most of the dimensions used by authors as Corporate Branding and assess 
its impact on consumers’ attitude in the Ghanaian banking context. 
 
Even though Corporate Branding and Consumer Attitude have received much attention in the 
literature, the mediating role of Brand Positioning appears to be silent. Brand Positioning indicates 
the value the company wishes the brand project in the minds of consumers (Knox, 2004; Singh, 
Kalafatis & Ledden, 2014). Therefore, effective communication is important in order to activate 
the brand in the minds of consumers.  
 
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Brand activation enhances consumer brand awareness to facilitate purchase decisions (Hakala, 
Svensson, & Vincse, 2012). The Hakala et al. (2012) further found in their study that brand 
awareness can either be brand recognition or brand recall. This suggests that brand development 
goes beyond just developing the brand to include placing the brand in the minds of consumers to 
facilitate easy recognition and recall. Fuchs and Diamantopoulos (2010) further argued that 
effective positioning enhances brand value and doing it wrong can result in disaster. Thus, 
communicating the new outlook of the company is critical to enhancing the brand value. This may 
enhance brand selection as studies have shown that consumers select brands they trust (Sichtmann 
(2007). 
 
The current study adapts Hatch and Shultz (2003) model of Corporate Branding comprises 
Strategic Vision, Organisational Culture, and Corporate Image. Though Hatch and Shultz (2003) 
model of Corporate Branding was conceptual and not based on empirical data, the model provides 
a framework that depicts a comprehensive understanding of Corporate Branding from an 
organisational perspective. Again, the model is in line with Fetscherin and Usunier (2012) 
interdisciplinary  literature review on Corporate Branding between 1969 and 2008, which revealed 
that within this period, scholars have used three dimensions of Transactional (product, services, 
and sponsorship), Internal (corporate identity, employment image and application) and External 
(public image) as main approaches to Corporate Branding in literature. Thus, Strategic Vision and 
Transactional dimension discuss management decisions regarding the operations of the company, 
Organisational Culture, and Internal dimension looked at the values and beliefs exhibited by the 
members of the organisation. Corporate Image and External dimension also considered the 
impression of stakeholders regarding the activities of the company.  
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The adaptation of Hatch and Shultz (2003) model of Corporate Branding for this study is attributed 
to the fact that the model is developed from organisation’s perspective and has been used to discuss 
brand management approach in the literature (Hatch & Shultz, 2008; Ruediger et al., 2012). These 
dimensions from organisation’s perspective are not privy to the consumer in order to assess its 
impact on consumers’ attitude as Keller (2012) postulated that consumers own the brands. For this 
reason, the current study seeks to adapt two dimensions of the model to reflect consumer’s 
perspective and determine the significance of the adapted model on Consumer Attitude in the 
Ghanaian banking sector. Therefore, for this study, Strategic Vision would be adapted to Business 
Activities (for example, a line of business) and Organisational Culture to Employees’ Actions (for 
examples, services rendered by employees) which are privy to consumers to influence attitude 
positively or negatively towards the banking institution. Therefore, the Corporate Branding model 
adopted for this study is made up of three dimensions; Corporate Image, business activities and 
employees’ actions.       
 
Even though literature appears to be rife with Corporate Branding, not much research has been 
done in Africa specifically in Ghana on how three dimensions of Corporate Branding (Business 
Activities, Corporate Image and Employees’ Actions) could be combined simultaneously to 
positively influence consumers’ attitude in the banking industry. Also, not much work has been 
done on Brand Positioning playing a mediating role between Corporate Branding and Consumer 
Attitude. The current study thus seeks to examine Corporate Branding and Consumer Attitude in 
the Ghanaian banking sector. The study also determined the mediating role of Brand Positioning 
in the relationship between Corporate Branding and Consumer Attitude.  
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1.3 Research Purpose 
The study seeks to examine Corporate Branding strategies of selected banks in Ghana and 
determine whether Corporate Branding influence consumers’ attitude within the banking sector in 
Ghana. The study intends to determine the mediating role of Brand Positioning on the relationship 
between Corporate Branding and Consumer Attitude in the Ghanaian banking sector. 
1.4 Research Objectives 
The study seeks to explore the following objectives with regards to the gaps identified in the 
research problem. Consequently, the objectives of the are to; 
1. Assess the relationship between Corporate Branding and customer attitude 
2. Determine the mediating role of Brand Positioning on Corporate Branding and customer 
attitude. 
3. Examine the Corporate Branding element that significantly influences consumers’ attitude the 
most 
1.5 Significance of the Study 
Brand building practices for companies in the 21st century is shifting from just focusing on product 
or service branding to Corporate Branding. Branding in a way that brings the whole company 
under one umbrella to create consistent and credible value to consumers and other stakeholders is 
critical in modern day business environment. The banking industry in Ghana has gone through 
tremendous changes. These changes have enhanced the power of consumers since they now have 
multiple choices to choose from. Understanding Consumer Attitude and how to realign the 
business activities to meet their expectation has become important in the banking industry due to 
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the competitive nature of the industry. The completion of this study will be significant because it 
will assess the influence of Corporate Branding on Consumer Attitude. The findings of the study 
will be relevant to both scholars and industry practitioners in the following category; 
 
1.5.1 Contribution to Academia 
The findings of this thesis will help in contributing to academia in terms of closing the research 
gap in Corporate Branding and Consumer Attitude in Ghana. The study uses three dimensions of 
Corporate Branding simultaneously to assess its impact on Consumer Attitude in the banking 
industry in Ghana. Future researchers can use the outcome of this study as a reference point for 
further studies on Corporate Branding and Consumer Attitude or conduct another study relating to 
the current research area.  
 
1.5.2 Contribution to Industry 
The banking industry in Ghana has gone through a lot of reforms such as deregulations and 
advancement in technology which has given consumers the opportunity to become sophisticated 
and enlightened. The current study will contribute to the banking industry in Ghana in the form of 
helping the banks to understand how consumers form attitude and impact of Corporate Branding 
on the attitude of consumers.  
 
1.6 Scope and Delimitations  
Corporate Branding and Consumer Attitude in the banking sector in Ghana is the focus of this 
thesis. The intention of this study is to identify the impact of Corporate Branding on Consumer 
Attitude in the banking sector and determine the mediating role of Brand Positioning. The 
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researcher will focus on banks customers in Accra because the majority of banks in Ghana are 
found in Accra.  
1.7 Chapter Outline  
The thesis will be grouped into six chapters. The contents of each chapter are outlined below: 
Chapter one introduces the background of the study, highlighting the research problem/gap, and 
outlines the research objectives and research questions. Furthermore, scope and delimitations, as 
well as the contributions of the study are contained in this chapter. Chapter two presents a review 
of the relevant literature in Corporate Branding and Consumer Attitude. Chapter three details the 
context of the study that examines the Ghanaian banking industry. Chapter four will provide a 
detailed description of the methodology to be used in achieving the study’s objectives and research 
questions. It also provides a profile of the respondents to be selected, and the validation of the 
methodological choices including the data analysis techniques. Chapter five will focus on the 
analyses and discussion of the empirical results. It will also present the major findings of the study 
discussing the key results of the study in relation to the literature. Chapter six outlines the major 
findings and conclusions draw recommendations of the study. It further outlines the theoretical 
contributions to literature and outlines provide a number of managerial implications. The chapter 
concludes by indicating the limitations of the study and makes recommendations for further 
research.  
 
 
 
 
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CHAPTER TWO 
LITERATURE REVIEW 
2.0 Introduction 
This aspect of the current study presents a relevant and contemporary literature review on concepts 
and theories underpinning the study. Literature is reviewed in the following thematic areas; 
branding, Corporate Branding, Consumer Attitude and Brand Positioning. The issues identified in 
the literature review is integrated into the conceptual framework for investigating Corporate 
Branding and Consumer Attitude: the mediating role of Brand Positioning. 
 
2.1 Branding  
Branding is considered now as a strategic tool as part of organisation’s priority agenda due to the 
value brands generate and the support brands offer businesses for the satisfaction of all 
stakeholders (Knox & Bickerton, 2003). Brands are well known to offer a sustainable competitive 
advantage to companies over rival brands through rare superior value-creating resources that 
brands generate (Ponsonby-McCabe & Boyle, 2006). This has necessitated the concept to receive 
much attention in the literature over the years (Dawes, 2014; Nam, Ekinci & Whyatt, 2011).  
 
Studies have shown that building a strong brand has been the goal of managers due to the value 
strong brands offer companies. Kay (2006) argued in his study that the value strong brands offer 
companies stem from the willingness of distribution networks to accept the product, ability to 
extend the brand and enhancement of customer loyalty. Xie and Boggs (2006) study also recognise 
the impact of branding on marketing strategies of the company. The authors argued that branding 
facilitate market segmentation and differentiation of the product from competitors in the minds of 
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consumers. This suggests that brands offer a lot of benefits to the firm and the firm’s stakeholders 
and as such brands need to be managed well to realise brands potentials and importance to the 
organisation.   
 
Due to the importance of brands to the company and the company’s stakeholders, scholars have 
given definitions to explain the concept of brand. Brand has been defined by Kotler, Bowen, 
Makens, Xie, and Liang (2006), as a name, term, sign, symbol, design or a combination of these 
that identifies the maker or seller of a product or services. This definition describes how branding 
is used to differentiate the offerings of one producer from others as well as legal protection against 
copying.  
 
Despite the growing importance of branding in literature, 21st brand management practice is 
shifting from Product Branding to branding strategy that creates strong differentiation and 
preference in the mind of consumers (Knox & Bickerton, 2003). New branding strategy has 
become relevant for adoption by companies due to transformations characterizing the modern 
business environment. Against this background, Hinson and Hammond (2006) entreated 
institutions to embrace Corporate Branding concept that unite all business activities under single 
umbrella due to the reforms that have been introduced in the business environment.   
 
2.2 Corporate Branding 
Corporate Branding hinges on the tradition of Product Branding which seeks to focus on the 
organisation as a whole rather than the individual brands (Harris & de Chernatony,2001; Knox & 
Bickerton, 2003). This is also confirmed by Souiden et al, (2006) that attention of brand 
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management strategies of companies has shifted from just concentrating on product line branding 
but rather linking it with Corporate Branding. Corporate Branding is defined as “a holistic brand 
management approach adopted by firms to craft a unique corporate identity” (Abratt & Kleyn 
2011).  
 
To facilitate a better understanding of Corporate Branding from product branding, Hatch and 
Shultz (2003) in their study made a clear distinction between the two concepts. The authors opined 
firstly that branding focus is shifting from Product Branding to organisation-wide branding 
approach that unites all corporate activities under single entity due to the economic values of 
Corporate Branding. Secondly, in terms of management approach, middle managers are often in 
charge of Product Branding strategies while the chief executive officers of the company handle 
Corporate Branding strategies. The third difference between Product Branding and Corporate 
Branding according to the authors involve the attention such strategy attracts and the support the 
strategy offers. Product Branding skew towards the satisfaction of customers only while Corporate 
Branding seeks to create a positive image in order to appeal to multiple stakeholders. 
  
In terms of delivery, Product Branding is delivered on departmental lines specifically the 
marketing department while Corporate Branding is an organisation-wide activity that incorporates 
the entire organisation’s departments to project a singular image in the minds of all stakeholders. 
Communication strategies for the two concepts are also different as suggested by the authors. Since 
the main target of Product Branding strategy is customers, the communication approach is purely 
marketing while Corporate Branding involves total corporate communication that combines both 
internal and external as well as creating coherence images across all media platforms. Time 
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horizon is another dimension used in differentiating Product Branding from Corporate Branding.  
Product Branding use short time approach to attract customers and help in generating sales. 
However, Corporate Branding technique dwells on a long time horizon that seeks to consider the 
entire life of the company to achieve the Strategic Visions. The last element that distinguishes 
Corporate Branding from Product Branding is the level of importance. Product Branding appeals 
only to the department while Corporate Branding is a strategic approach that focuses on the entire 
organisation. The table below adopted from Hatch and Shultz (2003) simplifies the differences 
between Product Branding and Corporate Branding;       
Table 2.1 Differences between Corporate Branding and product branding 
 Product Branding Corporate Branding 
Focus attention on The product  The company 
Managed by  Middle manager CEO 
Attract attention and gain support of  Customers  Multiple stakeholders 
Delivered by  Marketing  Whole company 
Communication mix Marketing Total corporate communication 
communication 
Time horizon Short (life of product) Long (life of company) 
Importance to company Functional  Strategic  
 
 
2.2.1 Corporate Branding Dimensions 
Studies have shown that Corporate Branding emerged in the 1970s and the concept was 
managerially driven rather than academic (Fetscherin & Usunier, 2012). However, since the 
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inception of Corporate Branding, business environment, as well as academic literature have 
embraced the concept due to the importance of Corporate Branding to all major stakeholder groups 
(Balmer & Gray, 2003; Xie & Boggs, 2006). 
 
In the academia, scholars have discussed Corporate Branding from different dimensions as there 
is no agreement in the literature on dimensions constituting Corporate Branding (Theng So et al., 
2013). Harris and de Chernatony (2001) study considered the role of internal brand resources in 
building the corporate brand. The authors argued that brands management practices are changing 
significantly from just planning to include total integration of all internal activities in order to build 
a strong corporate brand. The authors further postulated that the role of employees cannot be 
undermined as the values of brands are not communicated only through marketing communication 
campaigns but also through employees who interact with organisation’s different stakeholders.  
 
Building corporate brand through employees has become important because the advent of 
technology is making sustainable competitive advantage unachievable. Harris and de Chernatony 
(2001) then further argued that as a result of technological changes, businesses are now focusing 
on emotional attachment through their employees rather than the functional elements of the brand 
in building strong corporate brands.  
 
In addition, Papasolomou and Vrontis (2006) also argued in their study in the United Kingdom 
(UK) that retail banking industry build the corporate brand through Internal Marketing (IM) 
practices. The authors study identified four thematic constructs that constitute IM practices 
adopted by UK retail banks. The constructs of Internal Marketing found in the study are Internal 
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Customers that view employees as internal customer, Training and Educating employees to 
understand the values of the company, Quality Standard set to monitor the performance of 
employees and Reward systems that signify compensating employees fairly for their effort in 
delivering the brand promise.  
 
This implies that banking institutions engaging in internal marketing activities for their employees 
have the possibility of changing employees attitude and behaviour towards delivering the “brand 
promise” to the target audience (Punjaisri, Evanschitzky, & Wilson, 2009). Moreover, a study has 
revealed that employees are attracted to employers that create an enabling working environment 
for employees to work effectively (Sokro, 2012). Ability to create good working conditions 
enhances employees’ retention rate and increases productivity level. This suggests that the 
responsibility of companies is not about just hiring staff, but also includes ensuring that all the 
necessary training and motivational packages are delivered to enhance the performance of 
employees in order to build the strong corporate brand within the banking industry (Sokro, 2012). 
 
Apart from some scholars using internal dimensions of a company to discuss Corporate Branding 
in literature, other scholars discussed Corporate Branding through the Corporate Image held by 
stakeholders of that company. Page and Fearn (2005) study found that consumers consider the 
corporate reputation in their purchase decisions. The implication of this assertion is that 
performance of organisations depends on the image held about the company in the minds of the 
company’s stakeholders within a particular sector. The authors further opined in the study that 
corporate reputation goes beyond just focusing on engaging in corporate social responsibilities but 
also ensuring that there is fair treatment for all customers to build brand equity.  
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Bravo et al (2009) revealed in their study that Corporate Image represents a great asset for financial 
institutions. The authors outlined the following dimensions constituting Corporate Image in their 
study on the role of bank image for customers and non-customers. The dimensions of Corporate 
Image identified are service offered, accessibility, corporate social responsibility, global 
impression, location, and personnel. The outcome of the study revealed that for non-customers, 
they consider global impression of the banking institution for their brand selection whilst existing 
customers looked at satisfaction derived from the institution to build an image about the company. 
  
Richard and Zhang (2012) study in New Sealand in the tourism and travel industry revealed that 
Corporate Image drives consumer’s commitment and further leads to customer loyalty. The 
findings of the authors’ study revealed that consumers in the tourism and travel industry are highly 
price sensitive and hence depends on the image of the company in their brand selection. Osei, 
Kastner, and Narteh (2014) also found in their study in the Ghanaian banking sector that the issue 
of Corporate Image is a major concern in the banking sector. According to the authors, consumers 
and employees of Ghana have divergent views relating to the image they have about banking 
institutions. The outcome of the study revealed that consumers have unfavorably image about 
banks whilst employees have favorably image. These divergent views called for a critical study to 
ensure consumers have a positive image about banks in order to build a strong corporate brand as 
studies have shown that the power of brand resides in the mind of consumers (Keller, 2012).  
 
 
 
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Other scholars have used the nature of the company’s business and future intentions of the 
company as a Corporate Branding building tool to build strong corporate brands in the mind of 
consumers. Anisimova (2013) study found that understanding perceived consumer benefits drive 
the business of the company in order to build a strong corporate brand so as to influence Consumer 
Attitude. This suggests that the business strategy must create values in order to offer the perceived 
benefits to the consumers to influence their attitude positively towards the banking institution.  
 
Ramaseshan, Rabbanee & Tan Hsin Hui (2013) opined further that the values offered by the 
company to the customers must create consumer equity through the company’s marketing 
programmes so as to enhance long-term business performance. The author identified three 
consumer equity drivers that must be monitored by the company to detect a signal of erosion in 
any of the drivers that may affect customer satisfaction. The drivers of consumer equity according 
to the author are value equity, brand equity, and relationship equity. The implication is that the 
nature of the company’s business must create customer equity and also serve as a source of 
inspiration to the management of the company to drive the business to the desirable state (Hatch 
& Shultz, 2003).  
 
The implication of the above discussions indicates that; different dimensions have been used by 
scholars to discuss Corporate Branding. Therefore, there is a need to identify the appropriate model 
that suggests that all the dimensions could be merge to project consistent brand knowledge in the 
minds of consumers’ in order to influence attitude positively in the highly competitive banking 
environment.   
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2.3 Corporate Branding Model 
 
Literature has revealed that scholars have used both conceptual and empirical studies to develop 
Corporate Branding model ( Fetscherin & Usunier, 2012; Halliburton & Bach, 2012;  Hatch & 
Schultz, 2003; Knox & Bickerton, 2003; ). Knox and Bickerton (2003) study described Corporate 
Branding as a complex phenomenon to understand. The outcome of their study stipulated that even 
though various scholars have used models to discuss Corporate Branding, some of the models used 
were based on conceptual approach. To overcome the challenges of using the conceptual model of 
corporate brand management, Knox and Bickerton (2003) adopted an empirical approach in 
understanding Corporate Branding model and came out with six elements which the authors named 
as “six conventions” of Corporate Branding model.  
 
The six “conventions” constituting Corporate Branding model according to the authors are; brand 
context, brand construction, brand confirmation, brand consistency, brand continuity and brand 
conditioning. The Brand context is explained as ensuring branding strategies for the entire business 
is combined with single entity management. Brand construction has to do with the communication 
framework that ensures value is placed in the mind of consumers by the business. Brand 
confirmation according to the authors involved articulating the promises made to the consumers 
through the delivery of values that represent the company’s brand proposition. Brand consistency, 
on the other hand, looks at developing unique communications to all stakeholder groups that 
project consistent brand promise made by the organisation. Brand continuity according to the 
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authors examines the business processes to identify areas for reviews in order to ensure that brand 
promise is continuously delivered to the target audience. Brand conditioning which is the last 
element of the six conventions by the authors considers the brand building as a continuous process 
to ensure that brand relevance is active and delivered at all times for the benefit of both the 
consumer and the corporate institution. The authors’ conceptualization of Corporate Branding is 
presented in the figure below: 
                    
Figure 2.1: Six Conventions of Corporate Branding 
 
Fetscherin and Usunier (2012) study that focused on an interdisciplinary review of the literature 
on Corporate Branding between the periods of 1969 to 2008 identified that scholars have used 
three dimensions to represent the concept of Corporate Branding within this period. The 
dimensions used are Internal, Transactional and External. The Internal approach according to the 
authors represent issues relating to what the company stands for and caliber of employees 
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employed. The transactional approach was discussed to mean what the company which suggests 
the products, services and sponsorship activities the company is known for. The External element 
constitutes the general public perception of the company’s activities and how such perception 
influence Consumer Attitude.   
 
 
Hatch and Shultz (2003) also argued Corporate Branding model from the perspective of British 
Airways brands management approach even though the study was not based on empirical data. 
The authors found in the study that successful Corporate Branding approach depends on the 
interplay of three dimensions. These dimensions are Strategic Vision, Organisational Culture, and 
Corporate Image. The authors further argued that managing Corporate Branding simultaneously 
along the strands of Strategic Vision, Organisational Culture, and Corporate Image ensures that 
there would be consistency in the delivery of brand values to the firm’s various stakeholders. The 
interplay of the dimensions found by Hatch and Shultz (2003) is represented in the figure below.           
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Figure 1.2 Interplay of Corporate Branding dimensions 
 
 
The authors argued that the Strategic Vision of the company represent the core philosophy of the 
company that serves as an inspiration for management in terms of what they wish the business 
become in the future. The Organisational Culture, on the other hand, looks at the core values and 
beliefs of the company which has been communicated to the employees by the management of the 
company so as to change employees’ behaviour to the desired behaviour of all members of the 
company. Corporate Image also looked at the general perception of the stakeholders about the 
company.  
 
 
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For the better understanding of each of the element in the model, Hatch and Shultz (2003) also 
outlined activities under each element that represent the strategies that need to be performed by 
the company in order to attract various stakeholders to the company. The activities that draw 
stakeholders to the company according to the authors are represented in the figure below.  
      
Figure 2.2 Attractive forces of Corporate Branding 
 
The figure above suggests that the decision making of managers of companies have a strategic 
effect on how well the company is perceived by the outside world. For example, the line of 
businesses, locations, alliances and change initiatives needs critical considerations before they are 
implemented by the company in order to build a strong corporate brand to attract stakeholders to 
the company. The authors further looked at the issues from the company’s employees as they are 
the members usually interacting with the various stakeholders.  
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Employees’ willingness to execute their duties diligently and stand by the company in a positive 
way has a significant effect on building the desired brand to the expectations of all stakeholder 
groups. The authors further argued that once the Strategic Vision and Organisational Culture are 
positive, the general impression formed by the stakeholders would also be positive. This suggests 
that consumers would have a positive attitude towards the bank. 
 
2.4 Consumer Attitude 
The dynamic and challenging nature of business environment has called for the study and 
understanding of consumers’ attitude. This would help in formulating and implementing effective 
marketing strategies in order to meet expectations of customers so as to achieve competitive 
advantage (Makanyeza, 2014 & Solomon, 2009). According to Liu, Li, Miserski, and Soh (2012), 
Consumer Attitude is a key dimension of customer loyalty which represent an overall evaluation 
of the brand by the consumer.  
 
 
Cesareo and Pastore (2014) also defined Consumer Attitude as “a person’s un/favorableness 
toward a behaviour”. This suggests that Consumer Attitude towards a brand represent the overall 
perception that has been developed about a brand and a predictor of consumer behaviour towards 
the brand (Liu et al., 2012).  Liu et al (2012) further found in their study that consumers’ form 
attitude towards brands through cognitive, affective and conative processes. It is therefore 
important to study the processes of attitude formation in order to get a better understanding of 
consumers’ in the banking sector.  
 
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Understanding consumer’s attitude in the banking sector so as to develop effective strategy has 
become eminent because of the reforms introduced in the sector which has changed the industry 
behaviour (Ohnemus, 2009 & Narteh, 2013). Hinson et al (2009) then argued that the survival and 
prosperous of banks in Ghana depends on how well the banks respond to the changes confronting 
the banking sector recently. The changes include an influx of foreign banks especially from Nigeria 
with excellent customers’ services which have given Ghanaian consumers opportunities to have 
multiple banks to select from (Narteh, 2013). 
 
The responsibility of bank managers in Ghana is to understand criteria Ghanaian consumers use 
in their bank selection in order to make the strategic choice of the marketing mix element so as to 
meet consumers’ expectations to increase customer retention (Narteh & Owusu-Frimpong, 2011). 
Customer retention strategies have become important in the banking sector as consumer switching 
has been found to have a negative effect on the growth and profitability of banks (Narteh, 2013). 
Narteh (2013) study on “key determinant of consumer switching in the banking sector” identified 
key factors that can cause consumers’ to switch from one banking institution to another 
 
The following factors were identified by the author as possible causes of switching in the banking 
sector; service encounter failure, service recovery failure, core service failure and pricing failure. 
These factors require effective consideration to restore consumers’ belief in the bank’s brand in 
order to influence Consumer Attitude positively. Studies have shown that consumer belief in a 
brand is a key determinant of consumer purchase intention  (Kaynak & Harcar 2005). Purchase 
intention of consumers’ can be better understood through the adoption of effective Consumer 
Attitude that has been suggested by scholars over the years.  
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2.4.1 Consumer Attitude Theory 
For a better understanding of Consumer Attitude, scholars have outlined several theories worth 
studying to gain meaningful insight into Consumer Attitude.  Prominent among these models are; 
hierarchy of effective model, attitude towards object model, a theory of planned behaviour, attitude 
towards behaviour model, the theory of reasoned action and tri-component attitude model 
(Makanyeza, 2014). The current study adopts a tri-component or tripartite model which suggest 
that consumers’ form attitude towards an object or brand based on the interplay of three key 
components (Abdul Rashid et al, 2004). These three components are; cognition, affection, and 
conation as represented in the figure below. 
                                                                       
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Figure 2.3 Tri-component model of attitude formation 
 
 Liu et al, (2012) study considered the cognitive dimension of attitude formation towards a brand 
as an overall evaluation of the brand based on consumers’ prior knowledge or brand experience as 
a result of information acquired about the brand performance. Karjaluoto et al. (2002) study in 
Finland also supported the assertion that consumer’s personal banking experience affect their 
attitude towards the bank positively or negatively based on the evaluation of actual service 
delivered.  
 
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Liu et al, (2012) also considered the affective component as the consumer likeability of a brand 
that generates pleasure for the consumer. Silva and Alwi (2006) study indicated that affection for 
brand stems from consumer’s cognitive evaluation of the brand. This suggests that prior 
knowledge and personal experience influences the love and emotions the consumer has towards 
the brand.   Richard and Zhang (2012) study, therefore, indicated that the nature of consumer 
affection for a brand determines the willingness of consumer’s desire to switch or remain loyal to 
the brand. 
 
 Liu et al (2012) also argued that the conative component of attitude formation rest on the consumer 
willingness to take action towards the brand. Narteh and Owusu-Frimpong (2011) study supported 
the holistic approach to understanding Consumer Attitude formation towards an object. The 
authors indicated that cognitive, affective and conative components of attitude predict actual 
consumer behaviour and classification of attitude formation in one or two components would not 
give the true meaning of Consumer Attitude formation. Therefore, Narteh and Owusu-Frimpong 
(2011) study suggested that the best predictor of Consumer Attitude should consider the generic 
Tri-component model of attitude formation.               
 
2.5 Brand Positioning 
Knox (2004) study has revealed that the nature of the business environment which is highly 
competitive with faster growing innovations require businesses to ensure that value is delivered to 
customers. Value delivery to consumers in the business environment has become eminent due to 
the deregulation of business sectors which has increased competition from home and abroad 
(Narteh & Owusu-Frimpong 2011).  
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Fuchs and Diamantopoulos (2010) further argued that the competitive nature of the business 
environment has increased market fragmentation. The market which is fragmented has made it 
difficult for businesses to differentiate brands from competitors. According to the authors, the 
responsibility of business managers is to create differential advantage through establishing brand 
associations in the mind of consumers.  
 
According to Keller (2012), the brand associations place in the minds of consumers symbolises 
the attributes, benefits, images, thought, feeling, attitudes and experiences that are evoked by the 
brand which enhances consumers’ brand knowledge. Hakala, Svensson andVincse (2012) study 
also found that consumers’ brand knowledge involves two distinct components; brand awareness 
and brand image. The authors further explained consumers’ brand awareness from the perspectives 
of brand recognition and brand recall. Brand recognition represents the ability of the consumer to 
identify brands when exposed to brand cues whilst brand recall connotes effort of consumers to 
retrieve the brand from memory without an aid when making purchase decisions.  
 
Even though Brand Positioning has proven to be a valued exercise for businesses, Fuchs and 
Diamantopoulos (2010) study have revealed that positioning the brand wrongly would be a disaster 
for the company through diminishing sales and unfavorable impression. This suggests that 
businesses need to ensure that right brand associations are designed and strategically placed in the 
minds of consumers to increase their brand knowledge so as to influence consumers’ attitude 
positively. Knox (2004) further argued in his study that in positioning the organisation to occupy 
distinct place in the mind of consumers, the company needs to consider the following four 
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components; 
1. The company’s overall reputation. The author was of the view that the entire business activities 
have the potential to influence consumers purchase decisions. This suggests that the business 
activities should communicate trust and commitment in the minds of consumers. 
2. Product/service performance. This aspect focus on how the consumers perceived the 
organisation’s brand performance. This suggests that focusing on brands performance and 
communicating such benefits in the minds of consumers have the possibility of influencing their 
attitudes. 
3. Product and customer portfolio. The author was of the opinion that the business needs to 
consider its target market and design appropriate marketing programmes to suit each customer 
category. This according to the author have the possibility of increasing the company profit. 
4. Network. The author also argued that businesses should foster a relationship with other 
companies to create value for customers. This suggests that networking with companies with 
credible reputation can help in building a strong brand which can create favorable impression and 
influence consumers’ attitude positively. 
 
2.6 Corporate Branding and Consumer Attitude 
The relationship between Corporate Branding and Consumer Attitude has been discussed by 
different scholars using different approaches. Bravo et al (2009) study within the banking sector 
in America found that consumers’ perception of a financial institution is driven by the image held 
by the consumers’. According to the authors, consumers’ perception about the financial institution 
has the tendency to influence consumers’ purchase decision. Because of this, the authors further 
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postulated that institutions are striving to build strong Corporate Image in order to improve 
corporate brand to facilitate positive Consumer Attitude.  
 
Souiden et al (2006) study on the other hand study focused on the cross-cultural analysis of 
Corporate Branding and consumers’ product evaluation. The authors’ study analysed America and 
Japan consumers’ behaviour in relation to product evaluation. The study revealed that differences 
in environmental factors and branding approaches of America and Japan have great influence on 
consumers’ brand evaluation. For instance, the authors’ study revealed that Japanese consumers’ 
do not consider products or services they are not familiar with and as such accept brands under 
corporate umbrella due to Japanese cultural values.  
 
Silva and Alwi (2006) study in British context focusing on book retailers also identified the 
relationship between Corporate Branding and consumers’ response. The authors found that 
consumers’ cognitive and affective association of brands has a significant impact in determining 
the level of consumers’ responses in the book retailing sector in British. Tuškej, Golob, and Podnar 
(2011) argued in their study that brand values identification of consumers’ has the corresponding 
effect on consumers’ brand relationship. The authors suggested in their study that the brand's 
relationship with consumers reflect the behaviour consumers’ portray towards the brand.  
 
Richard and Zhang (2012) study in New Sealand postulated that there is interrelationship among 
Corporate Image, loyalty, and commitment in the consumer travel industry. The authors suggested 
that the responsibilities of travel agencies are to develop appropriate bonding strategies and 
determine mechanisms to enhance the image of the organisation. The implication of the bonding 
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strategies coupled with improves Corporate Image and efficient service delivery that instill trust 
in consumers should be undertaken and positioned in the minds of consumers. 
 
2.7 Corporate Branding and Brand Positioning  
Knox (2004) advocated in his study that competition in the business environment has transformed 
the business philosophy from focusing on department basis to organisation-wide approach and 
project the new approach in the minds of consumers. The author further argued that focusing on 
corporate brand present an avenue to differentiate company’s brand from competitors. Singh et al. 
(2014) study appreciated the role cobranding in enhancing corporate brand performance.  
 
Despite the growing importance of co-branding or brand alliance in the contemporary business 
environment, improper management may lead to consumer brand “spill-over” effect, that is, 
consumers using previous experience as a basis to judge the new alliance. To reduce consumers’ 
mind unrest and project consistent values in the minds of consumers’, the authors suggested 
effective Brand Positioning.  
 
Punyatoya (2015) study has revealed that one criterion consumers use to select brands in India is 
how well the business factor the environment in marketing decisions. This implies that engaging 
in environmentally friendly marketing programmes and effective positioning of such programmes 
in the minds of consumers may influence consumer’s attitude. Bashir and Madhavaiah ( 2015) 
found in their study that internet banking adoption in India by consumers depends on several 
factors that influence attitude and behavioural intentions of the consumers. The factors identified 
by the authors as peculiar in determining adoption of internet banking include perceived risk, 
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perceived enjoyment, and trust associated with in using such a banking services. The 
responsibilities of management of banking institutions in Ghana is to identify appropriate branding 
elements that are appealing to consumers and positioned the elements in the minds of the target 
audience to influence the target audience attitude. 
 
 2.8 Brand Positioning and Consumer Attitude 
Narteh and Owusu-Frimpong (2011) emphasised in their study that liberalization of market 
specifically in Ghana has paved way for buyer’s economy. This presupposes that understanding 
what consumers’ needs are and providing goods and services to handle those needs are the surest 
way to survive in the liberated market of Ghana. This suggests that taking care of consumers’ 
needs can enhance consumer satisfaction as a study by Frank (2012) in Germany in the Fast Food 
restaurants industry has shown that customer satisfaction increases repurchase behaviour and 
reduces customer defection rate. The author further indicated that customer satisfaction is triggered 
by the consumer’s perception and intentions towards the brand. This suggests that consumer’s 
perception and intentions towards brands is facilitated by beliefs which have been developed by 
the consumer about the brands.  
 
Marinkovic and Obradovic (2015) argued in their study that consumers’ belief in the banking 
institution represent the level of reliability and integrity possessed by the financial service provider 
and can stimulate consumers’ trust in the brand. The stimulation of the consumer trust in the brand 
can be echoed by the positioning strategy adopted by the banking institution. This is because Brand 
Positioning connotes the values in the brand designed to reside in the minds of consumers in order 
to influence purchase intention of the consumer (Blankson & Kalafatis, 2007).                    
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2.9 Conceptual Framework  
This section presents the conceptual framework that guides the empirical investigation of the 
study. The constructs explaining the framework are depicted in the figure below.  
 
 
                                                                                        
Brand 
 Positioning 
 
 
Corporate Branding 
 
Business Activities 
Consumer 
 Corporate Image Attitude 
Employees’ Actions 
 
 
Figure 2.4 Pre-Study conceptual framework 
 
The framework depicts that successful Corporate Branding strategy is focused on the interplay of 
three key dimensions or activities as adapted from Hatch and Schultz, (2003). These activities are 
business activities, employees’ actions, and Corporate Image. The framework exhibits a direct 
relationship between Corporate Branding and Consumer Attitude. Consumer Attitude has been 
explained by Cesareo and Pastore (2014) as a person’s favorable and unfavorable action towards 
an object under consideration. 
 
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Business Activities dimension as part of the conceptualised Corporate Branding model for this 
study considers the nature of business of banks the serve as a frame of reference that the banks use 
to attract consumers’ attention. Employees Action, on the other hand, explains how the employees 
of the bank carry out their duties in accordance with the values and beliefs of the company in 
meeting customers’ expectation. Corporate Image also represents the overall impression formed 
by the stakeholders regarding the overall activities of the company.        
 
Studies have shown that consumers’ trust in brands is decreasing significantly especially within 
the banking sector and react to brands discriminatorily (Ohnemus, 2009). To enhance the value of 
brands and create a corporate identity in the minds of consumers, Hinson and Mohammed (2006) 
advocated for Corporate Branding that unify all firm’s activities under one umbrella. The 
framework thus seeks to assess if there is a direct relationship between Corporate Branding and 
Consumer Attitude. 
The framework also mediates Brand Positioning between Corporate Branding and Consumer 
Attitude. The choice of Brand Positioning performing the mediating role is as a result of Keller 
(2012) assertion that the power of a brand resides in the minds of consumers. This suggests that 
Corporate Branding development must be communicated to occupy a distinct place in the mind of 
the consumer (Knox, 2004).  The framework suggests that effective Brand Positioning may lead 
to the favorable impression of consumers’ to influence attitude positively as consumer behaviour 
has been found to be triggered by consumer perception and intention about the brand (Frank, 
2012). 
 
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The scenarios in the conceptual framework would be hypothesized as follow; 
H1: Corporate Branding has a significant and positive impact on Consumer Attitude. 
H2: Brand Positioning partially mediate between Corporate Branding and Consumer Attitude. 
H3: Business Activities has a significant impact on Consumer Attitude 
H4: Corporate Image has a significant impact on Consumer Attitude 
H5: Employees’ Actions has a significant impact on Consumer Attitude. 
 
 
 
 
 
 
 
 
 
 
 
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CHAPTER THREE 
CONTEXT ANALYSIS 
3.0 Introduction 
This section provides analysis of the industry for the study. The researcher selected the banking 
industry in Ghana as a frame of reference for the study due to the contribution of the sector to the 
socio-economic development of Ghana. The banking sector globally has transformed significantly 
due to the reforms introduced that have shaped the industry and attitude of consumers’ in the 
sector. This section will discuss the significance of the banking sector in general and overview of 
Ghana. 
 
3.1 Significance of Banking Industry 
Narwal and Pathneja (2016) argued in their study in India that financial and economy of a country 
strengthens due to the strong banking systems of that country. The authors are of the further 
opinion that; such a strong banking system ensures that financial resources are released to relevant 
sectors of the economy that seeks to develop the country. This suggests that a banking system that 
is efficient and effective is important to both developing and developed countries as opined by the 
authors.  
 
This is confirmed by a study of (Shakespeare & Harahap, 2009) that banks offer numerous 
financial services to the bank’s respective customers’ to enhance customers’ wellbeing. The 
financial services the banks provide include depositing and lending services which support living 
standards of customers’ and overall economic development of the country. The financial services 
support has become relevant as customers’ have developed entrepreneurial firms which play 
significant roles in the economy as argued by (Ibbotson & Moran, 2005). The authors further 
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argued that the contribution of the small entrepreneurial firm in the United Kingdom is around 
44% of the total Gross Domestic Product (GDP) of the country. This call for more financial support 
from the banks to enhance the performance of the small firms to increase their contribution to the 
economic development of the country as suggested by the authors.  
 
Apart from traditional depositing and lending services that banks are known to provide Chen, 
Danbolt, & Holland (2014) postulated in their study that banks have gone through a lot of 
transformations by adding a lot of new product portfolios in order to develop value to individual 
customers and small entrepreneurial firms who are the backbone of the economy. Some of the 
sophisticated portfolios that banks have added to their business models include risk management, 
insurance, and mortgage. The provision of such sophisticated products within the banking sector 
has become relevance as a result of intense competition which calls for innovative business models 
that generate value so as to respond to the pressure within the sector.  
 
Even though banks are noted for their significant contribution to the economic development of a 
country, how well the banks continue to support individuals and firms of a country depends on the 
profit margin of such bank (Garcia & Guerreiro, 2016). The authors argued that 2008 financial 
crises affected banks’ performance and suggested that studying both internal and external factors 
that have an effect on bank’s profit has become eminent. The implication of studying the banking 
environment calls for the adoption of corporate governance as proposed by (Narwal & Pathneja, 
2016). The authors implied that proper management of the banking sectors ensures that high 
returns are delivered to the bank’s investors and also enhances the performance of the banks which 
is an indicator of an economic growth.   
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3.2 Overview of Ghana Banking Sector 
Narteh and Owusu-Frimpong (2011) contextual study of the banking sector in Ghana has revealed 
a significant transformation since 1983 as a result of sponsored Structural Adjustment Programmes 
(SAP) introduced by IMF-World Bank. The authors further argued that from 1988 the Central 
Bank of Ghana started implementing the structural adjustment programmes in order to improve 
the banking sector performance. The study further indicated that the programmes have contributed 
to the strengthening of the sector, improves the sector regulatory systems and injection of financial 
support to distress banks as well as offering management expertise to the banks.  
 
Hinson, Owusu-Frimpong, and Dasah (2009) also confirmed that the banking sector in Ghana has 
a supervisory and regulatory framework that seeks to achieve sound and efficient banking system 
in the sector for all stakeholder groups. Hinson et al (2009) further argued that the supervisory and 
regulatory framework has the mandate to offer permissible activities to all banks, selected banks, 
impose and revoke sanctions within the banking sector. 
 
Apart from the Structural Adjustment Programmes introduced in 1983 to enhance the effectiveness 
of the sector, further reforms were introduced in 2006 as stipulated by (Hinson et al., 2009; Narteh 
& Owusu-Frimpong, 2011). According to the authors, the notable reforms introduced were the 
deregulation of the banking sector and the minimum capital requirement of sixty million dollars 
needed to operate within the industry. The deregulation of the sector ensured the abolishment of 
the three-tiered structure of commercial, merchant, and development banking in favor of universal 
banking. That is to say that banks are given a universal banking license to operate in any sector of 
the economy provided the criteria required is met without any limitation.  
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Hinson, Owusu‐Frimpong, and Dasah (2011) study further indicated that the non-banking financial 
market in Ghana is also increasing significantly. That is to say that the overall financial market in 
Ghana has become competitive and this call for strong brands designed to suit the expectations of 
consumers’ as argued by (Hinson et al., 2011). Another area that has changed the face of the 
banking industry of Ghana is the advent of technology. Idun and Aboagye (2014) found in their 
study that banking institutions in Ghana are embracing technology through computerization and 
networking of bank branches. The authors further opined that computer technology adoption by 
the banking institutions in Ghana has created banking convenience for consumers’ and has 
improved the performance of banks. The implication of computer technology emergence into the 
banking industry is the alteration of the behaviour of consumers’ towards the banks as indicated 
by (Narteh, 2013). This suggests that banks in Ghana are expected to take full advantage of 
technology in order to be competitive.   
 
The outcome of the reforms introduced by the Central Bank as well as the advent of technology 
has changed the competitive landscape of the industry in terms of a number of banking institutions 
and the nature of banking products offered by the banking institution. For example, Narteh (2013) 
study has revealed that the Bank of Ghana reforms strategies has increased competition within the 
industry. The author further indicated that the competitive landscape within the Ghana banking 
sector has escalated due to the entrant of new banks who have adopted aggressive marketing 
strategies to ensure that high value is delivered to customers’.  
 
 
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To ensure value delivery to consumers’, the banking institutions keep on adding new innovative 
product portfolio to existing lines of business.  Idun and Aboagye (2014) indicated in their study 
that an area in the banking sector that has seen fierce competition is the nature of product 
development. The authors made mention of some of the notable innovative products into the 
banking sector to include International Funds Transfer, School fees loan, Car loan and others. 
Narteh and Owusu-Frimpong (2011) also identified in their study that to facilitate ease of 
penetration into the banking sector, some banks have resorted to zero balance account mechanism. 
The authors further indicated that as part of strategies to reward high net-worth consumers’ 
contributions to the banks, some banks have instituted Prestige Banking, Royal Banking, and Excel 
Banking as innovative products to satisfy these high contributing customers’.   
 
Another development that is also shaping the banking industry in Ghana is the yearly survey 
conducted in the sector by the collaboration of Ghana Association of Bankers and 
PricewaterhouseCoopers (PWC) in Accra, Ghana. The findings of the yearly survey provide timely 
and accurate information to all interested parties within the banking sector for effective decision 
making. The title of each year survey is selected based on the peculiarity of the issue to the banking 
industry.  
 
The 2009 edition focused on the impact of the global economic downturn and the outcome of the 
survey revealed that banks in Ghana have been stable despite the global financial crises (Ghana 
Banking Survey, 2009). The stability of the Ghana Banking Industry in the face of global financial 
crises in 2008 is attributed to limited global financial market participation and lack of integration 
with the global financial market by Ghana banks. The results of the 2009 survey are based on 
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twenty-two (22) out of twenty-five (25) participating banking institutions executives who took part 
in the survey.  
 
The 2010 edition of the survey considered risk management in the era where banks are well 
capitalised. The survey which involved twenty-five (25) out of twenty-six (26) executives of 
banking institutions indicated that the reforms introduced by the Central Bank of Ghana together 
with increased competition, high consumer demands and advent of technology are increasing 
capital injection into the industry (Ghana Banking Survey, 2010). The 2010 bank’s survey further 
indicated that changes happening within banking industry are making the banks’ business model 
complex and difficult to manage. The complexity of the business model in the era of capitalised 
banking requires executives of the banking institutions to develop appropriate strategies to 
continue growing the banks and manage the risk that may confront the banks in an effective way. 
 
 Even though the 2010 banking survey report indicated better performance of banks in the midst 
of global financial crises, the 2011 edition looked at sustaining the growth. In sustaining the 
banking growth, the survey highlighted opportunities the banking institutions may tap into to 
ensure growth and challenges that may affect the banking growth (Ghana Banking Survey, 2011). 
The survey considered the oil discovery in Ghana, growing in private sector activities in Ghana 
and increase in foreign direct investment programmes as some of the enormous opportunities 
opened to the banking industry to take advantage of.  
 
 
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Although the survey indicated a lot of prospects within the banking industry, challenges that may 
slow the growth of the industry identified includes the cost of borrowing which is deemed high in 
Ghana and bad loans increment. To harness the opportunities and curtail the challenges within the 
banking industry environment, the survey suggested that banks should focus on developing 
business models that provide revenue from alternative sources. Also, the business models must 
manage the business risk, ensures better customer insight, effective information management and 
human resources planning strategies structured towards performance culture.  
 
Performance culture of banks has been attributed to the role of Small to Medium Enterprises 
(SMEs) according to the survey (Ghana Banking Survey, 2013). The survey indicated that 49% of 
Ghana’s total Gross Domestic Product (GDP) in 2012 came from the SMEs and this is an 
indication of SMEs contributions to economic development of Ghana in terms of employment, 
income and economic growth. Despite the growing significance of SMEs to the banking sector 
and the entire economy of Ghana, accessibility of funds by the SMEs from banks to enhance their 
business activities have fallen short of expectation as identified in the survey.  
 
The 2013 banking survey highlighted that banks are not able to offer enough financial support to 
SMEs due to higher-than-average risk the SMEs carry. To minimise the risk, banks have resorted 
to granting small credits to the SMEs with accompanying high-interest rates which undermines 
the growth of SMEs in Ghana. The banks seem to avoid the SMEs by failing to understand SMEs 
market through capacity building, risk management systems and financial resources invested into 
the sector. Rather the banks are concentrating on organised corporate customers’ and government 
with calculated risk profile as lucrative partners for business as indicated in the survey. The survey 
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then indicated that potentials of SMEs can be harnessed through transformational changes adopted 
by all major stakeholder groups which the banks are involved. 
 
The banking sector was found to be the engine of economic growth in Ghana by the 2014 report 
(Ghana Banking Survey, 2014). The reporter emphasised that banking institutions provide 
financial support to all sectors in the Ghana economy including the government. This suggests that 
non-performing banking sector may have a negative effect on the entire economy of Ghana. 
Against this background, the 2014 survey report looked at the future of banking in Ghana and 
identified four key factors likely to impact on the banking sector in the next five years. The four 
factors are competition, technology, regulations and legislation and the performance of Ghana 
economy.  
 
Among the four variables identified as a key driver for banking sector transformation according to 
the executives who took part in the survey is competition. The report indicated that competition in 
the banking sector may stem from existing banks, entrants of foreign banks and the growth of 
microfinance companies and Rural Banks in Ghana. The growth of microfinance companies and 
Rural Banks in Ghana is attributed to the relaxed nature of the regulatory mechanisms.  
 
The relaxed regulatory environment has offered power to the microfinance companies and Rural 
Banks to compete with banks as indicated in the report. The 2014 report emphasised that the 
executives of the banks who took part in the survey did not envisage telecommunication companies 
to be a threat to the banking sector. Because the bank's executives did not expect Bank of Ghana 
to provide a license to telecommunication companies to engage in the banking business.  
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The 2015 edition of the Ghana Banking Survey took a different turn for the banking institutions 
and the regulatory bodies to understand what customers’ expect from banks by the year 2020 
(Ghana Banking Survey, 2015). The report of the survey indicated that banks’ customers were 
included in the survey and questions were framed around the areas of the bank’s business model 
to ascertain what customers expect by 2020 and customers’ general banking experience currently. 
Products and Services, Channels, Technology, Organisation and Talent (Human Resources) were 
the five areas the survey developed scenario-based questions to solicit for banks customers’ view 
on what is happening in the sector. The assumption of the five areas for the survey was that to be 
a bank of future, banks need to incorporate the five areas into the business model as a major priority 
in meeting customer expectations. 
 
In responding to what customers expect by the year 2020, banks executives who took part in the 
survey were asked to identify key initiatives outlined to build strong competitive banking 
institution around the five areas identified in the survey report. In the area of products and services, 
the report of the survey indicated that competition from non-conventional sources like 
microfinance requires banks to adopt products and services innovation. Notable innovations the 
report indicated banks have adopted recently include Insurance Products, Mobile Money, Deposit-
taking Automatic Teller Machine (ATM) and SMS alert for business transactions. 
 
In terms of Channel initiatives, the executives indicated in the report that electronic channels have 
been enhanced to provide convenient banking services to both corporate and retail consumers. The 
role of the mobile phone has been expanded in the banking sector to move beyond just alerting 
consumers on deposit and withdrawal but to perform other banking services from the phone. Some 
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banking institutions have collaborated with the Mobile Network Operators to offer mobile money 
services to the banks, respective customers.  
 
Intelligent ATMs have been also acquired by some banks to collect and dispense money. The 
ATMs are also further used to perform other functions like paying of utility bills, airtime top up 
and mobile money services. Despite the growing importance of electronic channels, the survey 
report highlighted that offline branches have not been neglected by banks as the branches are seen 
as part of the banks business model. The development of both electronic channels and branches 
are to offer efficient banking as suggested in the 2015 survey report. 
 
Another initiative the report indicated as important for banks to take a critical look at in meeting 
customer expectation in 2020 is technology. The executives of the banks who took part in the 
survey agreed on adopting that is user-friendly, automating some of the banking processes to 
enhance efficiency at bank branches. A robust technology has been implemented by banks to offer 
risk management strategy that seeks to provide comfort to future customers and address the bank's 
customers’ future needs.  
 
In the area of the organisation, the report of the survey revealed, compliant with the industry 
regulations and legislation is required to engage in any initiatives. Even though the development 
of the banking has been slow, the executives who took part in the survey were optimistic that new 
policies would emerge soon that allows collaborations and partnership within the industry. The 
essence of the collaboration and partnership is to offer innovative services to customers in this 
highly competitive environment. The partnership is expected between banks and other industries 
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like telecoms, insurance, and other retail industries.  
 
The final element critical to enhancing value to be delivered to customers in order to ensure that 
bank of future is met in 2020 is human resource development of banks, that is talent. The report 
mentioned that banks are now investing heavily in employees by designing packages to allow them 
to acquire new knowledge, skills, and qualification. The rationale behind the talent development 
of bank workers in the industry is to improve work attitude that reinforces the bank values. 
 
Performance appraisal systems have also been introduced to serve as a motivational package to 
reward deserving employees who contribute significantly to the output of the bank. The executives 
further disclosed in the report that there is a little collaboration between the banking institutions, 
education industry and other industries to produce talents required for the growth of the industry.  
 
The 2016 survey highlighted the era of mobile money; opportunities and challenges to the banking 
institutions (Ghana Banking Survey, 2016). The report indicated that publication by Bank of 
Ghana estimated that total value of mobile money transaction in 2015 stood at GH35.4 billion and 
that of 2014 stood at GH11.2 billion. The vast difference in a transaction in the span of just one 
year is attributed to the trust and the level of awareness shown by the participant mostly from the 
informal sector. The informal sector constitutes the larger part of Ghanaian population who do not 
have any transaction with banks but rather resort mobile money as indicated in the survey.  
 
 
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The report further indicated that to harness the potential of mobile money services, banks are now 
collaborating with telecommunications and other mobile money service providers to enhance their 
product portfolio. This has become necessary due to the threat of competition from institutions 
who are undertaken banking services which hitherto were not part of their core business.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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CHAPTER FOUR 
RESEARCH METHODOLOGY 
 
4.0 Introduction  
This section of the study examines the methodological approaches which would be used in the 
conduct of the study on “Corporate Branding on Consumer Attitude”. The research paradigm, 
research design, research population, sample size and sampling technique. Data collection and 
analysis methods, as well as ethical consideration that would also be used, is discussed under this 
section.  
 
4.1 Research Paradigm  
Research Paradigm has been defined variously in academic literature. Taylor, Kermode, and 
Roberts (2007) define research paradigm as a broad view or perspective of something. Weaver and 
Olson’s (2006) also define research paradigm as patterns of beliefs and practices that seek to 
regulate inquiry within a specified academic discipline by providing the lens through which 
investigation is accomplished. These definitions reveal the effect of individual differences and how 
researchers are affected and guided by the choice of a specific paradigm. Guba and Lincoln (1994) 
identified and discussed four main research paradigms namely positivism, realism, critical theory, 
and constructivism. 
 
Realism is born out of the limitations of both positivist and interpretivist. However, realism takes 
some aspects of the two paradigms (Healy & Perry, 2000). It holds that knowledge is an outcome 
of social conditioning and it is socially created (Blaikie, 2009; Saunders et al. 2009). Significant 
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differences exist between realism and the other research paradigms in terms of philosophical 
assumptions (ontology, epistemology, and methodology). 
Realism is an epistemological stance which holds the view that what the senses show us as reality 
is the truth (Saunders et al., 2009). The realist believes that our knowledge of reality is the outcome 
of social conditioning and cannot be understood independently of the social actors involved in the 
generation of knowledge (Dobson, 2002). Realists believe that sampling different perspectives and 
at multiple levels will enhance knowledge building since reality can exist on multiple levels 
(Fairclough, 2005). Realist researchers have subjective epistemology and would interpret scientific 
data based on their perception.    
 
Realists use a mixture of theoretical reasoning and experimentation in their methodology to 
discover the knowledge of the real world. Realists adopt qualitative research methodology. The 
most appropriate and acceptable research methods used by Realists include case studies, focus 
group discussions, unstructured (semi-structured) or in-depth interviews (Bryman, 2006; Myers, 
1997). A critical theory which belongs to the Frankfurt (Germany) School of Thought was 
developed from the works of Marx, Kant, Hegel, and Weber. Critical researchers inherit quite a 
lot from critical theory. They are committed to doing research designed to contribute to 
understanding the world (Myers, 2013). The purpose is to critique the status quo and to bring about 
cultural, political and social change in a way that would eliminate alienation and domination and 
seek the “truth” and “understanding within a social context” (Dobson, 2002). Critical researchers 
usually adopt long-term ethnographic and historical approach to investigate organisational 
processes and structures (Guba and Lincoln, 1994; Healy and Perry, 2000). The defining 
epistemological assumption in this paradigm is subjectivism (Healy and Perry, 2000). 
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Constructivism is also described as interpretivism has been given different interpretations in 
literature. Hatch and Cunliffe (2006) have described this paradigm as ‘anti-positivist’ while other 
views have projected it as ‘post-positivism’ (Phillips and Burbules, 2000; Blaikie, 2009). 
Researchers who assume this position believe that social reality is based on one’s subjective 
experience of the external world and not objective knowledge (Gephart, 1999). Interpretivists try 
to understand the world through meaning that people assign to them (Deetz, 1996). This paradigm 
uses observation and interpretation to collect data and to make meaning by drawing inferences 
(Denzin & Lincoln, 2003). Meaning is therefore constructed and re-constructed over time through 
experience resulting in different interpretations by different individuals. Thus, constructivists have 
subjective research orientations and would interact and interfere with the phenomenon under study 
(Arbnor & Bjerke, 2008).  
 
In line with its subjective nature and the strong emphasis on language, constructivism is mostly 
associated with qualitative research method (Eriksson and Kovalainen, 2008) and hence rely on 
meaning and measurement related to methodologies such as interviewing and observation as the 
main data collection approaches. This position may be related to inductive or theory building 
approach.  
 
The current study seeks to adopt the positivist approach. Positivism as a research paradigm has its 
source from the natural science and assumes that science is the only means to know the truth and 
understand the world so as to be able to predict and control it (Guba & Lincoln, 1994). A Positivist 
Researcher is an objectivist who seek to inquire about a phenomenon without interfering in the 
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process. A positivist holds the belief that the world exists objectively and externally and that we 
can only know what we need to know through objective observation (Guba and Lincoln, 1994).  
                              
4.2 Research Design 
Research Design involves the strategy, action plan, and the various processes designed to inform 
the choice and use of methods to attain the desired outcome (Creswell, 2003). It is the theoretical 
lens that guides the researcher to decide on the research methods to study the reality (Dobson, 
2002). The research design of this study followed the survey method. A survey is defined by 
(Pinsonneault & Kraemer, 1993) as a “means for gathering information about the characteristics, 
actions, or opinions of a group of people. One of the main features of the method involves 
designing and administering a questionnaire to the subjects of interest in the research. This would 
help gather information concerning the present status of a phenomenon that illustrates what exists.     
 
4.3 Research Approach 
Two research approaches have been identified by researchers that aid in collecting, analyzing and 
interpreting data to solve the research problem. These are qualitative and quantitative research 
approach (Engstrom & Salehi-Sangari, 2007). Bryman (2006) defined qualitative research as “an 
approach to study the social world with the aim of describing and analysing the culture and 
behaviour of humans and their groups from the point of view from those being studied”. Myers 
(1997) and Bryman (2006) have grouped the sources of qualitative data in two; participant 
observation and unstructured interviews. Qualitative researchers make use of different tools to 
gather data from different sources. Case studies focus group discussions, unstructured or semi-
structured interviews, and observation are some of the techniques linked to qualitative studies 
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(Bryman, 2006; Kraus, 2005; Myers, 1997). Qualitative researchers make use of inductive 
reasoning to generate theories from data. Thus, qualitative research is inductive (focuses on theory 
building). 
 
Quantitative research methods were designed in the natural sciences to investigate natural 
phenomena. Also known as “reconstructed logic” (Neumann & Wiegand 2000), quantitative 
research method is a highly structured, organised and systematic means of investigating a social 
reality. Quantitative researchers employ research techniques such as experiments, surveys, and 
structured interviews, and questionnaires to gather data presented in numbers and analysed using 
statistical tools (Myers, 2013). Positivist researcher, therefore, adopts a quantitative methodology 
and tend to use quantitative research techniques and tools that are useful for verifying set 
hypotheses. Hence, Positivists employ deductive reasoning to advance theories that can be tested 
through observable social realities (Kraus, 2005).  
 
Quantitative approaches can be used to test for hypotheses and establish relationships between 
variables. In view of its characteristics, quantitative research uses deductive reasoning to test 
theories or hypotheses against data. The study intends to use quantitative research approach due to 
the research questions posed and the relationship that needs to be established between the two 
variables. It is a preferred method for studies involving figures and structured data collection 
method (Hair, Wolfinbarger, Ortinau & Bush, 2008). 
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4.4 Population for the Study 
Burns & Bush (2000) define population as the entire group under study as specified by the 
objectives of the research project. Research population also consist of all the elements that share 
common characteristics that comprise the universe for the purpose of the understanding the 
research problem (Malhotra and Birks, 2007). The population of this study would be customers of 
banks in the Accra Metropolis. Accra was chosen as most of the banks in Ghana have their head 
offices located in the capital of the country and the researcher is of the opinion that the sample 
selected from Accra may give a true reflection of responses from bank customers’ across the 
country.  
 
4.5 Sampling Techniques and Sample Size 
Cavana, Delahaye & Sekaran (2001) explains sampling as the process of selecting a sample from 
a given population in a way that it would be possible to generalise the properties or characteristics 
of the population. According to Saunders (2011) sampling is important in every academic research 
because it “provides a range of methods that enable a researcher to reduce the amount of data to 
be collected by considering only data from subgroups rather than all possible cases or elements”. 
Researchers have discussed two main sampling techniques; probability and non-probability 
sampling techniques (Saunders, 2011). 
 
Probability sampling techniques include simple random, stratified, cluster and systematic 
sampling. Non-probability sampling methods include quota, purposive, snowball, and 
convenience. Convenience sampling technique was used to select the sample from the bank's 
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customers identified in Accra. The researcher chose convenience sampling approach because 
access to customer data is limited to the banking sector due to security reasons. The researcher 
focused on any bank customer who happens to be available and is willing to be part of the survey. 
The total sample for the study was three hundred and ten (310) respondents. The choice of the 
sample size is based on the assertion that for quantitative studies sample size of three hundred or 
more is enough (Hair et al., 2008; Creswell, 2009).  
 
4.6 Data Collection Instrument 
Research instruments in academic research constitute all the tools which a researcher would use 
to gather relevant data from targeted respondents (Saunders, 2011). Social science scholars and 
researchers generally employ specific research methods to conduct qualitative, quantitative and 
mixed methods research. Qualitative researchers focus on the collection of qualitative or 
descriptive data (non-numerical data) such as words and pictures. Data collection instruments 
include unstructured or semi-structured interviews, open-ended questions, and observation. On the 
other hand, quantitative researchers rely on the collection of quantitative data (numeric data). The 
primary data collection instruments used in quantitative research is standardised questionnaires 
(closed-ended questions). For the purpose of this study, questionnaires will be employed to gather 
relevant data from respondents. 
 
Questionnaire is essentially the most widely used data collection instrument in quantitative 
research. Payne and Payne (2004) define it as a list of topics converted into easily comprehensive 
and answerable questions, written down in a standardised form. The reason for the wide-spread 
usage of the questionnaire in quantitative studies is the fact that it is efficient (economical) and can 
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be used to reach many respondents in a relatively short period. These reasons inform the decision 
to use questionnaires (closed-ended) in the form of five-point Likert scale to gather data for 
analysis. 
The questionnaire was designed into constitute four (4) main parts. The first section focused on 
demographic information of respondents such as age, gender, and occupation of the respondents. 
The second section focused on Corporate Branding dimensions and the measurement scales were 
adapted from these scholars (Bravo et al, 2012; Hatch & Shultz, 2003; Kaynak & Harcar, 2005; 
Marinkovic & Obradovic, 2015; Narteh, 2013; Souiden et al, 2006). The third section focused on 
Consumer Attitude and the measurement scales were adapted from these scholars (Kaynak & 
Harcar, 2005; Liu et al, 2012; Marinkovic & Obradovic, 2015). The fourth section discussed Brand 
Positioning and the measurement scales were adapted from these scholars (Fuchs & 
Diamantopoulos, 2010; Keller, 2012; Knox, 2004). These constructs were scored on a five (5) 
point Likert scale (ranging from 1 = totally disagree to 5 = totally agree). The designed 
questionnaires were validated using expert opinion and pilot test. 
 
Validation is operationalised as the mechanisms adopted to establish the authenticity of the data 
gathering instrument before it is administered to target respondents. In the first stage in the process, 
a sample of the questionnaire was given to the supervisors of the study for corrections and 
recommendations. The second stage of the exercise engaged graduate students in University of 
Ghana Business School who were part of the population for this study in a pilot study. The pilot 
study is to ensure that the validity of the questionnaire is improved and also provide an opportunity 
to try the item scales to be sure they are meaningful and well understood by respondents.  
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4.7  Data Analysis Method 
Descriptive statistics were used to report on the findings of the study. Descriptive statistics were 
used to show the mean and standard deviations of the variables. The descriptive statistics (means 
and standard deviation) showed the differences in the predictability of the independent variables 
on the dependent variable following which the multiple regression was used to test for significance 
among the variables (Tabachnick and Fidell, 1996). 
 
Multiple regression measured the relationship between the independent variables (Corporate 
Branding) and dependent variables (Customer Attitude). The choice for multiple regression is 
based on the view that it is used to explore the relationship between one continuous variable and a 
number of independent variables (Pallant, 2011). Structural Equation Modelling (SEM) was used 
to analyse data collected from the field survey. The researcher used SEM as the method is regarded 
as the preferred method for a causal research study and useful framework for testing mediation 
(Bowen & Guo, 2011). 
 
4.8 Ethical Consideration 
To enhance the ethical standard of the study, the researcher provided assurance of confidentiality 
to all respondents that information provided for the study will be used solely for academic 
purposes. This exercise will ensure that respondents’ feel at ease in providing relevant information 
required for the study. 
 
 
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4.9 Limitations of the study 
Like any other study, the current study was conducted under certain limitations. Firstly, the study 
was conducted in one geographical area, that is, Accra metropolis which may not give a true 
reflection on the outcome of the study. The study also used Convenience sampling technique to 
sample the respondents for the study and this approach may not offer a true representation of the 
population under investigation.     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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CHAPTER FIVE 
DATA ANALYSIS AND DISCUSSIONS OF FINDINGS 
 
5.0 Introduction 
This chapter seeks to present an analysis of the data collected and discussions of the findings on 
Corporate Branding and Consumer Attitude, the mediating role of Brand Positioning in the 
Ghanaian banking sector. Therefore, responses from the respondents are presented in this chapter. 
The descriptive statistics of the data were analysed using Statistical Package for the Social 
Sciences 20 (SPSS20). Also, structural equation modeling was used for the structural analysis 
through AMOS 20. 
 
5.1 Data Editing 
Saunders et al. (2009) argued that a host of activities are required to prepare data for analysis. The 
authors suggested data cleaning, coding, and entry before actual analysis begins. This suggests that 
proper data editing is required to ensure error-free data in order to enhance data analysis process. 
Baumgartner and Homburg (1996) also confirmed the assertion that data editing ensures that 
correct data are entered, there is no coding errors and missing values are handled correctly to 
ensure the smooth running of the analysis. 
 
 
 
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5.1.1 Data Entry and Analysis 
Data entry is a critical step in data analysis. Prior to the entry of the data for the study, 
questionnaires gathered were carefully studied to ensure that the final questionnaires obtained for 
the study falls within the guidelines suggested by Sekaran (2000). The author stipulated that 
questionnaires with at least seventy-five percent (75%) completion rate by the respondents should 
be considered for analysis. Against this background, a total of three hundred and seventy (370) 
questionnaires were distributed to customers of banks within the Accra metropolis. A total of three 
hundred and fifty-two (352) questionnaires were returned representing about ninety-five percent 
(95%) response rate. Further scrutiny of the questionnaires returned indicated that three hundred 
and ten (310) of the questionnaires representing about eighty-eight percent (88%) met all the 
thresholds required for analysis. Therefore, the working data for this study is obtained from a 
sample of three hundred and ten (310) respondents. 
 
5.1.2 Item Scales and Variable Codes 
The table below presents the various item scales and their respective codes used for the current 
study on Corporate Branding and Consumer Attitude; the mediating role of Brand Positioning. 
Table 5.1 Scales and Codes 
                             Item-scale Variable 
code 
I consider banks with wide network of branches BA4 
I consider banks with innovative products/services BA5 
I would like my bank employees to provide me with accurate at all EA9 
times 
I would like my bank employees to solve my complaints satisfactorily EA10 
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I would like my bank employees to show sense of willingness to serve EA11 
me 
I select banks that have good image CI1 
I select banks that offer reliable services CI2 
I may consider my current bank as my first choice in the future CON1 
I may continue using my bank service in the future CON2 
I may recommend my current bank to friends and relatives CON3 
I may increase transaction with my current bank CON4 
I consider banks I perceived to be credible BP3 
I consider the benefits of bank offerings in my selection BP4 
I consider the reputation of the bank in my selection BP5 
I consider banks with credible partners BP6 
I consider banks that provide support to the society BP7 
Source: Field survey (June 2017) 
 
5.2 Normality Test 
Prior to the use of Structural Equation Modelling (SEM), scholars have advocated for the testing 
of normality of the dataset (Hair et al., 2010; Kline, 2005). The test would determine the 
distribution of the dataset. Table1 present the descriptive statistics through SPSS 20 and the 
outcome indicated that the dataset is normally distributed. The outcome of the descriptive statistics 
indicates that the scale item with the highest mean was 4.33 (I would like my bank’s employees to 
provide me with accurate information at all times). The lowest mean on the table was 3.57 (I may 
consider the current bank as my first choice in the future). This suggest that within the banking 
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sector accurate information is critical to customers with regards to all transactions performed; 
however, with regards to consumers considering the current bank as the first choice in the future 
has the lowest mean. Table3 presents 18 variables for all the constructs in the conceptual 
framework of the current study.  
 
Table 1 Descriptive Statistics 
   
                  Std.           
 Code Mean Deviation 
Consider network of branches BA4 4.05 1.224 
Consider innovative products/services BA5 3.95 1.126 
Employees provides accurate information EA9 4.33 1.127 
Employees solve complains satisfactory EA10 4.29 1.109 
Employees willingness to serve me EA11 4.32 1.09 
Banks with good image CI1 4.14 1.18 
Banks with reliable services CI2 4.27 1.095 
I may consider current bank as my first choice in future CON1 3.57 1.22 
I may continue using my bank service in the future CON2 3.75 1.135 
I may recommend my banks to friends and relatives CON3 3.77 1.099 
I may increase transaction with my current bank CON4 3.75 1.093 
I consider banks I perceive to be credible BP3 4.04 0.963 
I consider the benefits of banks offering in my selection BP4 3.97 1.019 
I consider the reputation of the banks in my selection BP5 4.03 1.028 
I consider banks with credible partners BP6 4.03 1.014 
I consider banks that provide support to the society BP7 4.24 0.974 
 
Source: Field survey (June 2017)    
 
5.3 Exploratory Factor Analysis (EFA) 
The initial fifty-two (52) items designed within the constructs of the framework were factor 
analysed and were subjected to principal component analysis through SPSS version 20. The 
suitability of data is required prior to the conduct of principal component analysis. A critical review 
of the data revealed that the correlation matrix indicates values of 0.3 and above which are 
acceptable coefficients for running principal component analysis. 
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Both Kaiser-Meyer-Olkin (KMO) and Bartlett Test of Sphericity values exceeded the 
recommended threshold as postulated by Kaiser (1970) and Bartlett (1954) respectively as 
indicated in the table below. The KMO value was .965 and exceeded the recommended value of 
.60 as postulated by Kaiser (1970). The Bartlett test also reached statistical significance as revealed 
in the table below suggesting factorability of the correlation matrix. The results of the principal 
component analysis further revealed six components with eigenvalues exceeding one (1) and these 
six components explained 67.2% of the total variance. The first component accounted for 49.69% 
while the last component contributed only 2.15%.   
 
 
 
Table 5.3 KMO and Bartlett's Test 
 
Kaiser-Meyer-Olkin Measure of Sampling 
.965 
Adequacy. 
Approx. Chi-Square 14386.009 
Bartlett's Test of 
df 1326 
Sphericity 
Sig. .000 
Source: Field survey (2017) 
 
The fifty-two (52) items were subjected to rotations to further interpret the six (6) components. 
The assumption behind this exercise is to assess variables with strong loadings on a specific 
component. Hair et al (2014) suggested a loading of .5 as adequately strong, however, the current 
study considered .6 and above item loadings for further analysis of the remaining items. The 
remaining items were further assessed to measure their level of reliability. The assumption of 
reliability testing is to determine whether the constructs could be replicated and achieve a similar 
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result in another context (Malhotra & Birks, 2007). The most widely used indicator to assess the 
reliability of the measurement scales for surveys is Cronbach’s alpha coefficients. The reliability 
assessment is undertaken to ensure that items making up the scales are internally consistent 
(Pallant, 2011). Pallant (2011) and Hair et al (2014) suggested .7 and greater as an ideal value for 
the reliability of the scales for surveys to aid managerial decisions, although a threshold of .6 is 
acceptable in an exploratory study. The table below, therefore, presents the principal component 
extraction of the various methods of rotation as well the internal consistency of the remained 
constructs for the study. 
 
Table 5.4 Rotated Component Matrix and Internal Consistencies 
                               Principal Component Loadings 
Varimax Direct ObliminCronbach alpha Item-total correlation Alpha if item is deleted
Items Variables
factor 1 EA9 0.824 0.919 0.937 0.881 0.9
EA10 0.818 0.903 0.885 0.897
EA11 0.769 0.842 0.845 0.928
Factor 2 CON1 0.842 0.921 909 0.776 0.891
CON2 0.86 0.927 0.834 0.869
CON3 0.801 0.834 0.81 0.878
CON4 0.769 0.786 0.765 0.893
Factor 3 BP3 0.769 0.822 0.907 0.793 0.881
BP4 0.745 0.783 0.777 0.884
BP5 0.805 0.885 0.807 0.877
BP6 0.642 0.634 0.759 0.888
BP7 0.609 0.607 0.695 0.901
Factor 4 BA4 0.824 0.905 0.805 0.676
BA5 0.823 0.894 0.676
Factor 5 CI1 0.735 0.688 0.856 0.75
CI2 0.622 0.536 0.75  
Source: Field survey (June 2017) 
 
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The above table results indicate the final sixteen (16) items which remained out of the preliminary 
measure of the constructs in the conceptual framework. The assumptions behind the reduction of 
the initial constructs have been explained above through EFA. Therefore, internal consistencies 
and rigorous validity assessment of the measurement scales has revealed that the constructs for 
employees’ actions have reduced from eleven (11) to three (3), Consumer Attitude has reduced 
from fifteen (15) to four (4), Brand Positioning has reduced from seven (7) to five (5). Also, 
business activities measurement scales have been reduced from ten (10) to two (2) and Corporate 
Image constructs reduced from nine (9) to two (2). Reductions of the measurement scales followed 
the required theoretical framework for further analysis. 
 
5.3.1 Final Data Purification 
The Exploratory Factor Analysis (EFA) helped in determining the internal consistencies of all 
measurement scales and items that fell below the threshold were excluded from the study. The 
eventual sixteen (16) items that remained were reworded into the new questionnaire to test the 
relationships among the constructs. This is in accordance with recommendations suggested by 
scholars (Blunch, 2008; Byrne, 2013). The sixteen (16) item questionnaire was redesigned to 
collect data from three hundred and ten (310) bank customers on Corporate Branding and 
Consumer Attitude in the Ghanaian banking sector. The variable codes used in the exploratory 
study is maintained in the Confirmatory Factor Analysis (CFA).   
 
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5.4 Demographic Profile of Respondents 
This section of the chapter present demographic profile of respondents who took part in the survey. 
Descriptive statistics through SPSS was used to provide frequencies on respondents’ age, gender, 
education, marital status, employment level, and nationality. Name of the main bank, number of 
years with the main bank and number of banks respondent bank with were also assessed. The 
results of respondents demographic information is presented in the table below. 
 
Table 5.5 Demographic Variables 
Profile of respondents Description Frequency Percentage 
    
Age Under 20years 4 1.3 
 21-30years 158 51 
 31-40 125 40.3 
 41-50 20 6.5 
 Above 50years 3 1 
    
Gender Male 128 41.3 
 Female 182 58.7 
    
No formal 
Educational Status education 2 0.6 
 SHS 11 3.5 
 Diploma 51 16.5 
 Degree 206 66.5 
 Post-Graduate 35 11.3 
 Others 5 1.6 
    
    
Marital Status Single 191 61.6 
 Married 116 37.4 
 Separated 1 0.3 
 divorced 2 0.6 
    
Nationality Ghanaian 292 94.2 
 Non-Ghanaian 18 5.8 
 
   
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Employment Status Unemployed 77 24.8 
 Salaried Worker 155 50 
 Self-employed 64 20.6 
 Retired 1 0.3 
 Others 13 4.3 
    
Number of banks One bank 72 23.2 
 Two banks 133 42.9 
 Three banks 74 23.9 
 Four banks 15 4.8 
Five and above 
 banks 16 5.2 
    
    
    
Years with the main Description  frequency percentage 
bank 5years or less 155 50 
 6-10years 110 35.5 
 11-15years 28 9 
 16-20years 10 3.2 
21years and 
 above 7 2.3 
 
Source: Field survey (June 2017) 
 
The first item on the demographic information of the respondents captured was age. The results 
from the study indicated that majority of the respondents who took part in the survey have their 
age bracket fallen between the ages of 21-30years representing fifty-one percent (51%). The 
second item on the demographic variable was gender. The outcome of the survey revealed that 
majority of the respondents were female representing fifty-eight-point seven percent (58.7%).  
 
 
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The researcher intended to identify respondents’ educational status. The outcome of the study 
indicated that only two respondents have no formal education and this represents less than one 
percent (<1%) of the total sample interviewed. The rest have had a formal education with majority 
fallen within “degree” category representing sixty-six-point five percent (66.5%). The next item 
on the demographic variable list was the marital status of the respondents. The results indicate that 
majority of the respondents who took part in the survey are not married and they represent sixty-
one-point six percent (66.6%).  
 
Also, the researcher intended to find the nationality of the respondents who took part in the survey. 
The survey indicated that majority of the respondents were Ghanaians representing ninety-four-
point two percent (94.2%). The researcher also intended to determine the source of income of 
respondents through their employment status. The outcome of the study has revealed that majority 
of the respondents are earning income from one source or the other, even though the majority of 
them are salaried workers representing fifty percent (50%) of the total respondents.  
 
The next item on the demographic elements of the respondents was the number of banks 
respondents have banking transaction with. The result of the survey has revealed that majority of 
the respondents who took part in the survey have more than one bank for their banking services 
representing seventy-six-point eight percent (76.8%). Respondents were asked how long they have 
been with their main bank and the result of the survey indicated that fifty percent (50%) of the 
respondents’ answered that they have been with their main bank from five years or less.  
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5.3.1 Name of Main Bank 
Respondents were asked to name their main bank as part of the survey as most of the respondents 
were believed to be having more than one bank as their banking service provider. The table below 
the present total number of banks selected by the respondents as their main bank. 
 
Table 5.6 Name of the main bank 
No  Name of Main Bank Frequency percentage 
1 GCB Bank 40 12.9 
2 Ecobank 49 15.8 
3 Barclays Bank 19 6.1 
4 Stanbic Bank 22 7.1 
5 Standchart Bank 15 4.8 
6 SG Bank 11 3.5 
7 Unibank  10 3.2 
8 Prudential Bank 28 9.0 
9 Access Bank 11 3.5 
10 UT Bank 3 1.0 
11 Zenith Bank 8 2.6 
12 Cal Bank 7 2.3 
13 Capital Bank 9 2.9 
14 Royal Bank 2 .6 
15 GT Bank 12 3.9 
16 ADB Bank 9 2.9 
17 Fidelity Bank 20 6.5 
18 Bank of Africa 7 2.3 
19 HFC Bank 8 2.6 
20 FBN Bank 2 .6 
21 GN Bank 2 .6 
22 UBA Bank 3 1.0 
23 UMB Bank 6 1.9 
24 NIB Bank 5 1.6 
25 Sahel Sahara Bank 1 .3 
26 FN Bank 1 .3 
26 Total 310 100.0 
Source: Field survey (June 2017) 
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The result according to the table above has revealed that a total of twenty-six (26) banks out of 
thirty-four (34) registered bank as reported by Bank of Ghana in December 2016 representing 
seventy-nine-point four percent (79.4%) were captured in the survey. The survey report revealed 
that Ecobank Ghana has the highest frequency of forty-nine (49) representing fifteen-point eight 
percent (15.8%) as the main bank for respondents who took part in the survey. The bank with 
second largest frequency according to the report is GCB bank with forty (40) respondents 
indicating the bank as their first-choice bank and represent twelve-point nine percent (12.9%) of 
the total respondents of the study. Prudential Bank was the third largest with twenty-eight (28) 
representation representing nine percent (9%). The rest of the banks with their representation and 
percentage level are indicated in the table above. 
 
5.4 Confirmatory Factor Analysis (CFA) 
Structural Equation Modelling (SEM) was used in testing the hypothesis arising from the 
theoretical model. The two-stage approach endorsed by Anderson & Gerbing (1988) was adopted 
in this study, given that the accurate representation of the reliability of each construct is best 
conducted in two stages to avoid any interaction between the measurement and structural models 
(Hair et al., 2010). The factor loadings table represents an indicator of how well a given set of 
indicants measure an assigned construct. Loadings with readings of 0.50 and above are deemed to 
adequately measure the constructs they have been assigned. Loadings are used in the assessment 
of convergent and discriminant validity (Sekaran, 2000), and the factor loadings table indicates 
that there were no issues as far as these two issues were concerned. The factor loadings table is 
presented below: 
 
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Table 5.7 Factor Loadings 
Item description Factor t-value R² Mean Cronbach’s    (  C  R ) (AVE) 
L oading    Alpha   
Corporate 0.94 
Branding  
BA4 0.82*** fixed 0.577 3 .99  0 .806  0.676 
BA5 0.82*** 12.95 0.540  
EA9 0.92*** fixed 0.805  4.31   0.938  0.834 
EA10 0.93*** 28.47 0.806     
EA11 0.88*** 24.87 0.751  
CI1 0.83*** fixed 0.633  4.20   0.859 0 .753 
C I2  0.90***  18.34 0.691     
   
Consumer  3.71 0.91 0.911 0.719 
Attitude     
CON1 0.82*** fixed 0.662     
CON2 0.88*** 18.45 0.731     
CON3 0.87*** 18.18 0.712     
 CON4 0 .83***  16.94 0.661     
   
Brand Positioning   4.06 0 .89   0.908 0 .665 
BP3 0.84*** fixed 0.664     
BP4 0.83*** 17.99 0.660     
BP5 0.86*** 18.77 0.704     
BP6 0.80*** 16.97 0.642     
BP7 0.74*** 14.94 0.545 
Source: Field survey (2017) 
 
Table8 above presents summaries of the results of the CFA conducted to test the 
multidimensionality of the constructs. The loadings for the factors fell within range and satisfied 
the threshold of 0.50 as posited by Hair et al. (2010). The t-values all yielded satisfactory results 
whilst the results for the R2 also fell within acceptable range. CR in the table refers to construct 
reliability, which is also referred to in some quarters as internal consistency (IC) or composite 
reliability (Werts et al., 1974). The CR gives an indication of the measurement of 
unidimensionality and is considered to be a better indicator than Cronbach’s Alpha (Chin, 1998). 
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The CR values obtained after the CFA was conducted were 0.94 for employees’ actions, 0.86 for 
Corporate Image, 0.81 for business activities, 0.91 for Consumer Attitude and 0.91for Brand 
Positioning. These values were high, ranging between .70 and .95 confirming the reliability of 
each construct. These results provide evidence of unidimensionality and indicated that the 
constructs were suitable.  
 
The table also reported the Cronbach alpha and the values obtained were 0.94 for Corporate 
Branding, 0.91 Consumer Attitude and 0.89 for Brand Positioning. These values fell within an 
acceptable range and indicated a strong internal consistency. According to Gliem & Gliem (2003), 
Cronbach’s alpha reliability coefficient normally ranges between 0 and 1, and the closer the 
coefficient is to 1.0, the greater the internal consistency of the items in the scale”. Thus, the results 
from the factor loadings table confirm that convergent and discriminant validity has been obtained. 
  
5.4.1 Measurement Model 
The measurement model enables one to analyse the causal relationships in the structural model 
(Bagozzi, 1981). The first stage of the analysis in this work was executed through the specification 
of the causal relationships between the observed variables and the underlying theoretical 
constructs. The essence of this stage was to ascertain the veracity of the unidimensionality of the 
composite and latent constructs. This stage was used to ensure that a set of items achieved their 
objective of empirically measuring a single dimension. The measurement model is presented in 
the figure below; 
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Figure 5.1 Measurement Model 
 
Table 5.8 Measurement model fit indices 
 
     
   Threshold                   Value 
Chi square (CMIN)    211.506 
DF    94 
CMIN/DF   ≤3 2.25 
Goodness-of-Fit Indices (GFI)   ≥.90 0.92 
RMSEA   ≤.08 0.064 
Normed Fit Index (NFI)   ≥.90 0.95 
Comparative Fit Index (CFI)   ≥.90 0.97 
Tucker Lewis Index (TLI)   ≥.90 0.96 
Relative Fit Index (RFI)   ≥.90 0.93 
Incremental Fit Index (IFI)   ≥.90 0.97 
SRMR 
   0.0329 
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Table5.8 reports the measures used to test the fitness of the model. The use of at least three fit 
indices has been recommended as essential in verifying the fitness of the model. Popular indices 
used in structural equation modeling recommended by scholars are considered in the table above 
(Hair et al., 2010; Holmes-Smith et al., 2006). From table6, it can be deduced that the various 
measures indicate that the fitness of the model is beyond reproach. The Chi-square value was 
211.506 and Degree of Freedom (DF) was 94 which indicates a statistical value of 2.25 
representing CMIN/DF which is within the threshold of less than three (<3). The Root Mean 
Square Error of Approximation (RMSEA) was the second measure that was deployed to test for 
the fitness of the model. The RMSEA value obtained (0.064) was within the acceptable range of 
0.80 or less, further corroborating the fitness of the model (Diamantopoulos & Siguaw, 2000). 
 
The incremental fit measures were used because they provide a comparison between the proposed 
model and the null model (Hair et al., 2010). The Normed Fit Index (NFI) was the first incremental 
measure reported, and the value obtained was 0.95, which indicated a near perfect fit (Hair et al., 
2010). The Comparative Fit Indices (CFI) was also used as a measure to support the NFI given 
that the NFI does not control for degrees of freedom. CFI values are said to be acceptable when 
they fall within the range of 0.90 or greater. The CFI value obtained for this study was 0.97, further 
certifying the fitness of the model. The Tucker-Lewis Index (TLI) had a good value which fell 
within the accepted range of 0.90 or greater (Hair et al., 2010) and the value was .96. All the 
incremental fit measures indicated that the model was fit as indicated in the table above. 
 
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Table 5.9 Correlation Table 
      
Correlation table 
Construct Mean SD 1 2 3 4 5 
    
Brand Positioning 4.06 0.854 0.813 
   
Consumer Attitude 3.71 1.01 0.623 0.614 
  
Employees Actions 4.31 1.04 0.864 0.702 0.539 
 
Corporate Image 4.2 1.06 0.858 0.697 0.535 0.741 
Business Activities 3.99 1.08 0.671 0.545 0.418 0.579 0.575 
Note: Variances extracted (VE) are on the diagonal; squared correlations are off-diagonal. 
The VEs for each construct is far greater than the corresponding inter-construct square 
correlations, thereby supporting discriminant validity. 
 
The correlation table above indicates that the squared correlations of the individual constructs are 
lesser than the AVEs, thus supporting discriminant validity. A number of researchers have 
validated such an approach and certified that in the assessment of discriminant validity, the AVE 
of each construct needs to be compared to the squared correlation between each pair of constructs. 
If the AVE’s are larger than any squared correlation, then discriminant validity has been achieved 
(Anderson & Gerbing 1988; Segars 1997). 
 
5.5 Structural Equation Modelling 
The second phase of the SEM analysis was based on the structural test. A structural model refers 
to the aspect of a model that specifies how latent variables interact and are related to each other 
(Byrne, 2016). Byrne (2010) also enthuses that structural equations drive the assessment of the 
hypothesised relationships between the latent variables which enable the hypothesis of the study 
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to be tested statistically. Figure2 below present proposed model for the study and Table 8 presents 
its corresponding indices indicating the fitness level of the proposed model. 
 
Figure 5.2 Proposed Model 
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The above model postulate that Corporate Branding (CB) is conceptualised in this study as 
representing three dimensions. These are the business activities, Corporate Image and employees’ 
actions. These three dimensions have been hypothesised as having a direct effect on Consumer 
Attitude. Brand Positioning is introduced to assess the level of its impact when mediating between 
Corporate Branding and Consumer Attitude.  
 
 
Table 5.10 Measurement model fit indices for proposed model 
 
     
   Threshold                   Value 
Chi square (CMIN)    6.316 
DF    4 
CMIN/DF   ≤3 1.58 
Goodness-of-Fit Indices (GFI)   ≥.90 0.997 
RMSEA   ≤.08 0.043 
Normed Fit Index (NFI)   ≥.90 0.992 
Comparative Fit Index (CFI)   ≥.90 0.997 
Tucker Lewis Index (TLI)   ≥.90 0.993 
Relative Fit Index (RFI)   ≥.90 0.981 
Incremental Fit Index (IFI)   ≥.90 0.997 
SRMR    0.0139 
Source: Field survey (June 2017) 
 
5.5.1 Analysis of Hypothesised Relationship 
This section presents the results of the hypothesised relationship between Corporate Branding 
dimensions and Consumer Attitude. Six hypothesis was set and all of them were analysed. The 
first analysis looked at all the direct relationship between and Consumer Attitude followed by the 
individual dimension of Corporate Branding on Consumer Attitude.  
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Table 5.11 Hypothesised Relationship 
 
Analysis of Hypothesised Relationships 
Path Hypothesis Std. β S.E. t-value p-value Outcome 
Business Activities—› Consumer 3 0.433 0.048 8.434 *** Supported 
Attitude 
Corporate Image—› Consumer 4 0.559 0.045 11.841 *** Supported 
Attitude 
Employees’ Action —› Consumer 5 0.51 0.047 10.438 ***  
Attitude Supported 
Source: Field survey (June 2017) 
The above table highlight the direct relationship between the conceptualised Corporate Branding 
dimensions and Consumer Attitude. Business activities and Consumer Attitude, Corporate Image 
and Consumer Attitude, and employees’ action and Consumer Attitude were all analysed. The 
outcome of the results suggests that the direct relationship between Corporate Branding and 
Consumer Attitude in the banking sector in Ghana is very strong as indicated in the table above. 
 
H3, H4, and H5 were all statistically significant in predicting Consumer Attitude in the Ghanaian 
banking sector. This suggests that each of the conceptualised dimension of Corporate Branding 
can influence Consumer Attitude significantly. The beta estimates of three constructs of Corporate 
Branding indicates Corporate Image (β=0.559) as the most influential in predicting Consumer 
Attitude in the Ghanaian banking sector. The path diagram of the direct relationship between 
Corporate Branding and Consumer Attitude is represented in the figure below:  
 
 
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          B  u  s  i n e  s  s                     0.433(***) 
Activities Consumer 
Attitude 
 
                                        0.559(***) 
 
Corporate 
 Image 
                                  0.51(***) 
 
Employees’ 
Action 
 
  
Figure 5.3 Hypotheses Testing 
  
5.5.2 Testing for Mediation effect 
This section of the analysis seeks to assess the mediating effect of Brand Positioning between 
Corporate Branding and Consumer Attitude. The table below presents full details of the mediation 
effect of the proposed framework: 
 
 
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Table 5.12 Mediation effect 
Relationships Direct Direct with Indirect Effects Mediation 
without   mediator effect 
mediator 
Corporate Branding→ Brand 0.63(***) 0.37(0.006) 0.258(0.005) Partial 
Positioning→ Consumer Attitude mediation 
Business activities→ Brand 0.433(***) 0.158(0.009) 0.275(0.001) Partial 
Positioning→ Consumer Attitude  mediation 
Corporate Image→ Brand 0.559(***) 0.252(0.03) 0.307(0.001) Partial 
Positioning→ Consumer Attitude mediation 
Employees’ actions→ Brand 0.51(***) 0.151(0.57) 0.360(.000) Full 
Positioning→ Consumer Attitude mediation 
 
As indicated in the table above, using bootstrapping, Corporate Branding achieved partial 
mediation with Brand Positioning to influence Consumer Attitude. The disintegration of Corporate 
Branding into three dimensions also produced different mediation effect with Brand Positioning 
to influence Consumer Attitude. Both business activities and Corporate Image dimensions of the 
conceptualised Corporate Branding model for this study achieved partial mediation effect with 
Brand Positioning to influence Consumer Attitude in the Ghanaian banking sector. On the other 
hand, employees’ action achieved full mediation in influence Consumer Attitude through Brand 
Positioning. This is highlighted in the figure below: 
 
 
 
 
 
 
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Business 
Activities 
                                                                                                                                                                                                                                   
 
 Employees 
Actions Brand Consumer 
 Positioning Attitude 
 
 Corporate 
Image 
                                                    
 
Figure 5.4 Post-Study Conceptual framework 
 
5.6 Discussion of Results 
Anisimova (2016) postulated in her study in Australia that marketing emphasis is shifting from 
Product Branding to Corporate Branding and the paradigm shift is attributed to globalization. The 
author further argued that brand imitations and product homogenization make it difficult for 
companies to differentiate their products from competing brands. Hence, adoption of a Corporate 
Branding strategy that seeks to project favorable public perception about the organisation is 
eminent (Anisimova, 2016). The findings of the current study confirm the empirical research 
works on Corporate Branding and Consumer Attitude. Therefore, there is a significant relationship 
between Corporate Branding and Consumer Attitude in the Ghana banking sector as the objective 
one of this study seeks to establish. 
 
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The second objective of this study seeks to assess the mediating role of Brand Positioning between 
Corporate Branding and Consumer Attitude. Empirical study suggests that the belief consumers 
have about financial institution influence their level of trust about such an institution (Marinkovic 
& Obradovic, 2015). Bashir and Madhavaiah (2015) study in India also suggested that consumers’ 
in India select bank services based on perception and the nature of the perception (either positive 
or negative) influence the attitude and purchase intention towards such bank. Blankson and 
Kalafatis (2007) therefore indicated that positioning the brand represents the values possessed by 
the brand is projected effectively in the minds of consumers in order to elicit a positive response.  
 
Evidence from the current study has revealed, most of the respondents who took part in the survey 
believe that Brand Positioning partially influences their attitude with respect to Corporate 
Branding. The partial nature of Brand Positioning mediating between Corporate Branding and 
Consumer Attitude in the Ghanaian banking sector according to the results of the current study 
may be attributed to the concept of Corporate Branding that in itself is a brand positional strategy. 
 
To further assess the significance of Brand Positioning mediating between Corporate Branding 
and Consumer Attitude, the three dimensions representing Corporate Branding used in the 
Ghanaian context were disintegrated and assessed each dimension individually. Both business 
activities and Corporate Image dimensions of Corporate Branding in the Ghanaian context 
influence consumers’ attitude directly and indirectly via Brand Positioning as suggested by the 
empirical data. Employees’ actions on other hand require full mediation through Brand Positioning 
in order to influence Consumer Attitude as the findings of the study indicate. 
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The third objective of the current study seeks to assess which conceptualised Corporate Branding 
dimensions used in this study influence consumers’ attitude significantly in the Ghana banking 
industry. The outcome of the study suggests that all the three dimensions used in the study 
influence Consumer Attitude in Ghanaian context. The results of the current study have revealed, 
in the Ghanaian context, consumers consider Corporate Image of the banking institution in forming 
their attitude. This confirms the study by  Richard and Zhang (2012)  in New Sealand in the tourism 
and travel industry that consumers consider the image of the institutions in order to drive their 
level of commitment and further enhances their loyalty. 
 
The Second most significant dimension of conceptualised Corporate Branding dimension 
influencing Consumer Attitude in the Ghanaian banking sector according to the current study is 
employees’ actions. This is confirmed by Papasolomou and Vrontis (2006) in their study that 
banking institutions in the United Kingdom strive to build their corporate brand through their 
employees. Punjaisri et al (2009) also argued that companies depend on employees to deliver brand 
promise to the target audience. Therefore, the current study confirms the role of employees’ actions 
in influencing consumers’ attitude in the Ghanaian banking sector. 
 
Business activities were the third most significant conceptualised Corporate Branding element that 
significantly influences Ghanaian Consumer Attitude in this current study. Contrary to the study 
by Anisimova (2007) in Australia that the link between corporate activities and consumer 
attitudinal loyalty is not straightforward, the current study has found that business activities matter 
in the Ghanaian banking sector in influencing Consumer Attitude. Idun and Aboagye (2014) 
confirmed in their study that the competitive nature of Ghanaian banking sector is pushing the 
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industry players to enhance their brand portfolios through the adoption of innovative business 
activities. For example, Narteh and Owusu-Frimpong (2011) identified prestige banking, royal 
banking, and excel banking as innovative product packages to reward high net-worth customers.     
             
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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CHAPTER SIX 
SUMMARY, CONCLUSIONS AND RECOMMENDATIONS 
 
6.0 Introduction 
The preceding chapter considered the analysis and discussions of the research findings of the study 
on Corporate Branding and Consumer Attitude: the mediating role of branding positioning. The 
chapter, therefore, seeks to present the summary of the findings, conclusions, and 
recommendations. The section would also consider the limitation of the study, future research 
directions and implications of the current study to management. 
 
6.1 Summary of the study. 
The study looked at Corporate Branding and Consumer Attitude and the mediating role of Brand 
Positioning in the Ghanaian banking sector. The rationale behind this study is attributed to the 
competitive nature of the banking sector in Ghana as a result of a major transformation taking 
place within the sector recently. Therefore, the researcher intends to ascertain the impact of 
Corporate Branding which has received much attention in literature over the years on Ghanaian 
bank customers’ attitude. The researcher further sought to assess the role of Brand Positioning 
mediating between Corporate Branding and Consumer Attitude in the Ghanaian context. 
 
Extant literature was reviewed in the following thematic areas; Corporate Branding, Consumer 
Attitude, and Brand Positioning. Review of literature on Corporate Branding revealed that 
literature has not agreed on the dimensions constituting Corporate Branding (So Theng et al., 
2013). As a result, different dimensions have been used to discuss the concept of Corporate 
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Branding by different scholars (Hatch & Shultz, 2003; Knox & Bickerton, 2003; Halliburton & 
Bach, 2012; Fetscherin & Usunier, 2012). 
 
The current study adapted Hatch and Shultz (2003) three dimensions of Corporate Branding model 
used in assessing brand management approach of British Airways. The study adopted survey 
approach. Questionnaires were developed to collect data from three hundred and ten (310) bank 
customers in the Accra metropolis. Respondents were selected using convenience sampling 
techniques. Furthermore, the gathered data were analysed using SPSS 20 for descriptive statistics 
and Structural Equation Modelling through AMOS 20 for the path analysis.  
 
6.2 Summary of major findings 
This aspect of the study presents major findings in relations to the objectives stated in chapter one. 
Assessing relationship between Corporate Branding and Consumer Attitude 
This was the first major objective of the study. The study revealed that in the Ghanaian context; 
Corporate Image, business activities and employees’ actions all influence Consumer Attitude in 
the banking sector. The implication of this finding is that issues relating to bank’s innovative 
products, a network of branches, brand image, reliable services, accurate information, complaints 
handling and willingness to serve customers are critical Corporate Branding constructs that 
influence Consumer Attitude in the Ghanaian banking sector significantly. 
 
 
 
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The mediating role of Brand Positioning on Corporate Branding and customer attitude. 
The second objective of the study sought to assess the role of Brand Positioning between Corporate 
Branding and Consumer Attitude in the Ghanaian banking sector. The study revealed that Brand 
Positioning mediates partially between Corporate Branding and Consumer Attitude. However, the 
disintegration of the dimensions of the Corporate Branding into three components also revealed 
that both business activities and Corporate Image can influence Consumer Attitude directly and 
indirectly through Brand Positioning. Employees’ Action dimension of the Corporate Branding, 
on the other hand, requires full meditation with Brand Positioning before Consumer Attitude can 
be influenced in the Ghanaian banking sector. This implies that the importance of Employees 
Actions needs to be well established in the minds of consumers in order to influence Consumer 
Attitude as the study has revealed. 
  
Corporate Branding element that most significantly influence consumers’ attitude 
The third objective intended to establish which proposed Corporate Branding dimension influence 
Consumer Attitude significantly. The outcome of the analysis indicated that even though all the 
dimensions used for Corporate Branding were significant in influencing Consumer Attitude, 
Corporate Image influence Consumer Attitude the most in the Ghanaian banking sector. This 
suggests that consumers in Ghana who took part in the survey consider the Corporate Image of the 
bank in terms of the bank’s image in the market as well as the reliable services offered by the bank 
in forming an attitude towards that bank in the Ghanaian context. 
 
 
 
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6.3 Conclusion 
The focus of this study is to assess the mediating role of Brand Positioning mediating between 
Corporate Branding and Consumer Attitude in the Ghanaian banking sector. The current study has 
established that there is a positive and significant relationship between Corporate Branding and 
Consumer Attitude. Branding Positioning partially mediate the relationship between Corporate 
Branding and Consumer Attitude in the Ghanaian banking sector. The study also concludes that 
Business Activities and Corporate Image conceptualised as Corporate Branding influence 
Consumer Attitude partially through Brand Positioning. 
 
 However, Employees’ Actions as the last element of the conceptualised Corporate Branding 
requires full mediation of Brand Positioning in order to influence Consumer Attitude significantly. 
Based on forgoing discussions and analysis, it is prudent to conclude that banking institutions in 
Ghana need to focus on building strong Corporate Brands that seek to engender trust in order to 
influence Consumer Attitude. The argument for adoption of Corporate Branding has become 
relevant as a result of major transformation happening in the banking sector. Notable changes 
confronting the banking sector in Ghana includes high competitive landscape, high consumer 
switching behaviour, regulations and advancement in technology.  
 
6.4 Recommendations 
The following recommendations are suggested to management of banking institutions in Ghana; 
The outcome of the current study has established that three dimensions conceptualised as 
Corporate Branding influence Consumer Attitude within the banking sector. The implication of 
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this to management and practice is to focus on building a strong corporate brand that seeks to bring 
the whole entity under one umbrella in order to project consistent and credible positive image in 
the minds of consumers. 
 
Also, the study recommends to management and practice to also consider ways of enhancing 
employees’ performance. The outcome of the current study has revealed that consumers require a 
lot of assurance about employees’ actions in order to influence their attitude. It is therefore 
recommended that management should consider effective training for employees in order to build 
their capacity to serve consumers effectively and efficiently in order to influence consumers’ 
attitude in the banking sector. 
 
Banking institutions are expected to be credible in delivering their brand promise. This is evident 
in the current study as the outcome has revealed that consumers select brands with good reputations 
and that fulfill their promises. This suggests that in order to influence Consumer Attitude 
significantly in the banking sector, it is important that banking institution project favorable image 
in the minds of consumers at all times through delivery of quality services and delivering promised 
services. 
 
The study also recommends full integration of technology into the bank business practices. This 
has become relevant because the outcome of the study has revealed that consumers consider a 
network of the bank branches and how the bank delivers innovative services to consumers. 
Incorporating technology into the business practices would ensure easy accessibility of bank 
services to consumers at all times. 
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6.5 Implication for theory 
The primary focus of this study was to establish the relationship between Corporate Branding and 
Consumer Attitude:  and the mediating role of branding positioning in that relationship. The 
empirical findings of this study contribute significantly to previous Corporate Branding and 
Consumer Attitude literature. In the Ghanaian context, the results of the study have revealed that 
the conceptualised Corporate Branding model for this study influence Consumer Attitude both 
directly and indirectly through Brand Positioning in the Ghanaian banking sector.   
 
The results of the current study lend empirical assertion that Corporate Branding in the banking 
sector in Ghana is an essential prerequisite to survive and influence Consumer Attitude 
significantly as the banking environment has become highly competitive. Similarly, the study also 
contributes to branding literature by highlighting that in the banking sector; Corporate Image, 
business activities and Employees Actions are dimensions of Corporate Branding strategies that 
are able to create a favorable impact on consumers in order to influence their attitude in the banking 
sector. 
 
6.6 Future research direction 
Like any other study, the current study was conducted under certain limitations. Firstly, the study 
was conducted in one geographical area, that is, Accra metropolis which may not give a true 
reflection on the outcome of the study. Therefore, future research could expand the scope of the 
study by conducting the study in another geographical environment. The study also used 
Convenience sampling technique to sample the respondents for the study. Future researchers could 
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use probability sampling technique to select respondents that will provide a true representative of 
the population under consideration.  
  
The Corporate Branding model adopted for the current study could be replicated in other sectors 
like manufacturing or other services sector in order to establish its applicability across industries. 
Brand trust and brand engagement could be adopted as mediating variables to serve as extra 
constructs to determine the relationship between Corporate Branding and Consumer Attitude. In 
spite of all this, the results of the study are deemed reliable and reflective of bank customers in 
Ghana. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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APPENDIX 
 
UNIVERSITY OF GHANA BUSINESS SCHOOL 
DEPARTMENT OF MARKETING AND ENTREPRENEURSHIP  
 
Corporate Branding and Consumer Attitude in the Ghanaian Banking Industry: The 
mediating role of Brand Positioning 
 
 
The researcher is a final year MPhil Marketing student of University of Ghana Business School 
(UGBS). The researcher seeks to assess Corporate Branding and its impact on Consumer Attitude 
in the Ghanaian banking industry. The mediating role of Brand Positioning between Corporate 
Branding and Consumer Attitude would also be assessed. The research is in partial fulfillment of 
the requirement for the award of Master of Philosophy degree in Marketing. The information 
provided will be solely used for the purpose of research and confidentiality is assured. In this 
regard, kindly take a few minutes to complete this questionnaire. 
 
Section A: Demographic Information of Respondents 
1. Age: Under 20 [ ] 21-30 [ ] 31-40 [ ] 41-50 [ ] 
Above 50 [ ] 
2. Gender: Male [ ] Female [ ] 
3. Educational Status: No formal education [    ] SHS [    ] Diploma [ ] Degree [ ] Post-
Graduate [     ] Others ………………………. 
4 Marital Status: Single [    ]    Married [     ]      Separated [       ]     Divorce [       ]      
Widowed [     ] 
5. Nationality: ……………………………………………..  
6. Employment status: Unemployed [   ]      Salaried Worker [      ]       Self-employed [     ] 
Retirement [       ]    Others [    ]  
7. Number of banks you bank with? ……………………………………. 
8. Name of the main bank? ……………………………………………… 
9. Number of years with the main bank? 5years or less [       ]   6-10years [       ]   11-15years [        
] 
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16-20years [     ]   21years and above [       ] 
Please indicate the extent to which you agree or disagree with the following statements. Tick 
or circle the appropriate number on the Scale, with 1=, Strongly Disagree, 2= Disagree, 3= 
Neutral, 4= Agree, 5= Strongly Agree. 
Section B:  Corporate Branding 
No.                       Business Activities 1 2 3 4 5 
1 I consider banks based on the type of products/services offered      
2 I consider the quality of product/service the banks provide      
3 I consider banks with good location      
4 I consider banks with a wide network of branches      
5 I consider banks with innovative products/services      
6 I consider banks with reliable technology services       
7 I consider banks with good synergies with other companies to      
provide extensive services to customers 
8 I consider banks with modern facilities      
9 I consider banks I can easily identify      
10 I choose banks based on their service charges      
       
                     Employees Actions      
11 I would like my bank’s employees’ to offer timely services to      
me 
12 I would like my bank’s employees’ to offer me good reception      
13 I would like my bank’s employees’ to be polite and courteous at      
all times 
14 I would like my bank’s employees’ to offer quick response to my      
complaints  
15 I would like my bank’s employees’ to resist influence during      
busy times 
16 I would like my bank’s employees’ to appear decent at all times      
17 I would like my bank’s employees’ to work hard in meeting my      
banking needs 
18 I would like my bank’s employees’ to be knowledgeable about      
the bank’s product and services 
19 I would like my bank’s employees’ to provide me with accurate      
information at all times  
20 I would like my bank’s employees’ to solve my complaints      
satisfactorily   
21 I would like my bank’s employees’ to show sense of willingness      
to serve me 
       
                     Corporate Image      
22 I select banks that have good image      
23 I select banks that offer reliable services      
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24 I select banks that have low service charges       
25 I select banks with low interest on loans      
26 I select banks that offer high interest on savings      
27 I select banks that offer easy access to loans and overdraft      
28 I select banks with good appearing branches      
29 I select banks that do business in an ethical way      
30 I select banks that fulfill its promise to customers       
 
Section C:  Customer Attitude 
31 I consider banks based on my banking needs      
32 I consider banks using my overall experience      
33 I consider banks based on financial counseling and advisory      
services offered to me 
34 I consider the safety of bank transaction in forming attitude      
towards the bank  
35 I consider overall services offered by the bank in my bank      
selection  
36  I am more enthusiastic about using my current bank services      
37 I like banks with empathy and caring employees      
38 I like banks with decent appearing employees      
39 I like banks with friendly frontline attitude      
40 I like to consider myself as loyal to my bank      
41 I may consider my current bank as my first choice in the future       
42 I may continue using my bank service in the future      
43 I may recommend my current  bank to friends and relatives       
44 I may increase transaction with my current bank      
45 I may not change my current bank to competing banks      
 
Section D: Brand Positioning  
         Brand Positioning      
46 I consider banks I am aware of      
47 I consider banks I perceive to be different       
48 I consider banks I perceive to be credible      
49 I consider the benefits of banks offering in my selection      
50 I consider the reputation of the banks in my selection      
51 I consider banks with credible partners      
52 I consider banks that provide support to the society      
 
 
 
 
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