“Term Paper on the Role of Social Media Marketing on Overall

Brand Equity in the Telecommunication Sector in Bangladesh”

Submitted to: Prof. Tae Hun Kim (PhD)

AJOU University

Summited by: MD SAKHAWAT HOSSAIN KHAN

MBA in International Business
ID:202375014

1
Table of contents

Page no
ABSTRACT 03
INTRODUCTION 03
3 Literature Review and Hypothesis 05
3.1Social Media Marketing (SMM)
3.2 Social Media Marketing and Value Co-creation
3.3 Social Media Marketing and Overall Brand Equity

4 METHODOLOGY 10

5 DATA ANALYSIS 11

6 DISCUSSION AND MANAGERIAL IMPLICATIONS 18

7 LIMITATIONS AND FUTURE RESEARCH 19

DIRECTIONS

Reference
 The Role of Social Media Marketing on Overall Brand Equity in the
Telecommunication Sector in Bangladesh

ABSTRACT

The objective of this study is to investigate the role of social media marketing
(SMM) on overall brand equity (OBE) via value co-creation (VC) in the
telecommunication sector in Bangladesh. Moreover, brand love is tested as
a moderator of SMM and VC. A structured questionnaire was distributed to
collect survey data from 241 mobile subscribers using a systematic sampling
method from different areas of Dhaka city in Bangladesh. The hypotheses
were examined using structural equation modeling (SEM). The findings have
shown that social media marketing has a substantial direct influence on
value co-creation which has also a significant direct influence on OBE.
Findings have indicated that VC is partially mediated by the relationship
between SMM and OBE. The results have asserted that SMM significantly
influences OBE. Furthermore, the results have affirmed that brand love acts
as a moderator to strengthen the relationship between SMM and VC.

2 INTRODUCTION

Social media marketing (SMM) has changed the marketing landscape that
creates an environment where marketers can capitalize on social media
(SM) to co-create value with customers. Thus, the notion of value co-
creation (VC) has drawn much academic and practitioner attention (Chen et
al., 2019). Social media advertising expenditures worldwide amounted to
378.16 billion U.S. dollars in 2020. In Bangladesh, social media (SM) users
are 45.00 million in January 2021 which is accounted for 27.2% of the total
population. These numbers inspire brand marketers to communicate brand
information over SM platforms such as Facebook, Instagram, Twitter,
LinkedIn, YouTube to maintain mutually satisfying customer-brand
relationships. On SM platforms, brand love (BL) is a sign of the customer’s
brand preference which is shown by pressing the “Like” or “Heart” shape
button on Facebook, Instagram. When customers love a brand on social
media, they want to share its content and recommend others to buy that
brand. Therefore, it is practical to posit brand love to be a critical driver of
(VC) which strengthens the relationship between SMM and VC within the
telecommunication sector.

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The promising telecommunication sector in Bangladesh has been growing
hurriedly over time. This sector is ranked as the fifth position in the Asian
mobile market and the ninth place in the global market It has made a
significant contribution to the economic development and Sustainable
Development Goals (SDGs) attainment (GSMA, 2018). At present, four
mobile operators are conducting business in Bangladesh namely Grameen
Phone Ltd. (GP), Banglalink Digital Communications Limited, Robi Axiata
Limited (Robi), and Teletalk Bangladesh Ltd. (Teletalk). Grameen Phone
Ltd. is ranked as the first position in this sector having 79.037 million
mobile subscribers. The mobile subscriber rate has increased radically. The
total subscribers have 170.137 million at the end of 2020 which was 147.000
million at the beginning of 2018 (BTRC, 2021). There is severe competition
encountered by the telecommunication sector in Bangladesh because of the
homogeneous service features, the convergence of technologies, and the
emergence of new digital services (GSMA, 2018). In these circumstances,
telecommunication marketers can distinguish their offerings through
effective SMM which will expedite the VC process which in turn generate
strong overall brand equity for firms. Therefore, the timely inquiry for the
telecommunication marketers to find how and to what extent social media
marketing can build overall brand equity (OBE) in the telecommunication
sector
.
The majority of the study in Bangladesh focused on the relationship of social
media with consumer behavior, purchase intention, brand awareness. To the
best of the authors’ knowledge, no research was conducted to examine the
role of SMM on OBE in the telecommunication sector in Bangladesh along
with mediated and moderated effects of VC and BL. Therefore, this study
will fill the present research gap in emerging overall brand equity literature
from a social media marketing perspective. This study is organized as
follows: After the introductory section, literature review on social media
marketing, value co-creation, brand love, and overall brand equity. Next, the
methodology is explained followed by data analysis. The last part
encompasses discussions and managerial implications along with research
limitations and suggestions for future research directions.

3 LITERATURE REVIEW AND HYPOTHESES

DEVELOPMENT
3.1 Social Media Marketing (SMM)
SM refers to the web applications, technological systems, and web tools that
assist the partnership and sharing of content with brand communities defined
SMM as “a process by which companies create, communicate, and deliver
online marketing offerings via social media platforms to build and maintain
stakeholder relationships that enhance stakeholders’ value by facilitating
interaction, information sharing, offering personalized purchase
recommendations, and word of mouth creation amongst stakeholders about
existing and trending products and services.”
3.2 Social Media Marketing and Value Co-creation
The notion of value co-creation (VC) refers to is the partnership between a
consumer and a producer in the course of co-DesignCon-ideation, and co-
development of new products and services (Prahalad & Ramaswamy, 2004).
The development of social media has transformed customers from being
passive listeners to active partners working with the producers which
resulted in the emergence of a customer-centric marketing strategy. Cheung
et al. (2021) affirmed that effective SMM influences the customers to
involve with VC. SM is a platform where customers can easily share their
brand experience and social media marketers always encourage customers to
express their opinion about brand values to peers as

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well as suggestions of upgrading the brand value, treating as a critical tool
of VC (Liu et al., 2021; Cheung et al., 2020; Alalwan et al., 2019; Seo and
Park, 2018; Luo et al., 2015). The trendiness of social media content attracts
like-minded consumers to communicate with others which acts as a catalyst
of VC (Ramadan et al., 2018; Dessart et al., 2015). Similarly, customized
and entertaining social media content motivates customers to share their
positive eWOM about a brand which facilitates the value co-creation process
(Yadav & Rahman, 2018; Bianchi & Andrews, 2018; Wu et al., 2017). Thus,
the following hypothesis is suggested:

H1: SMM has a positive effect on VC.

3.4 Value Co-creation and Overall Brand Equity

Brand equity (BE) refers to the set of assets and liabilities of a brand-related
to its brand name and symbol that are used to generate brand value (Aaker,
1991). Customer-based brand equity indicates the added incremental
financial gains for the firm. On the other hand, Keller (1993) defined “brand
equity as the differential impact of brand knowledge on customer response
to the different marketing stimuli”. Single dimensional overall brand equity
(OBE) is considered in this study which refers to customer various
responses with branded and unbranded products while representing similar
marketing stimuli. It is widely used to assess brand equity in the
telecommunication sector. Very few studies have been concentrated on the
robust link between VC and OBE. To the best of my knowledge, no
empirical studies had been conducted on the effect of VC on OBE in the
telecommunication sector in Bangladesh. Kristal et al. (2016) asserted that
VC has a weak correlation with brand equity (BE). Contrary to, Omar et al.
(2020) stated that value co-creation has a weighty role in the creation of BE.
Likewise, González- Mansilla et al. (2019) affirmed that the OBE of a firm
derives from VC behavior. Therefore, the following hypothesis is
anticipated:

H2: VC has a positive effect on OBE.

H3: VC mediates the relationship between SMM and OBE.
3.5 Social Media Marketing and Overall Brand Equity
Brand marketers are continuously using different SM i.e., Facebook,
LinkedIn, Twitter, Instagram, YouTube, WeChat, Blog, and Forums to
communicate with consumers and promote their products. It is considered
as a low-cost media to promote products or services compared to
conventional media and is progressively utilized to form customer–brand
relationships (Yadav & Rahman, 2018). Kim & Ko (2012) stated that SMM
is a multidimensional concept that encompasses five dimensions namely
entertainment, customization, interaction, electronic word-of-mouth
(eWOM), and trendiness. These dimensions are considered to measure
SMM in this research. Social media marketing is crucial in constructing
brand value, relationship value, and BE (Yu & Yuan, 2019; Ismail, 2017;
Kim & Ko, 2012). When customers are enthused to use social networking
platforms, they are more likely to have a positive impact on consumer
involvement and BE (Chae et al.,2015). Godey et al. (2016) affirmed that
SMM has a substantial role in customer-based brand equity. Koay et al.(2020)
asserted that BE is the consequence of the successful SMM activities of a
firm. Seo & Park (2018) acknowledged that SMM activities directly
influence the brand equity of a firm. Likewise, Ra’d Almestarihi et al.
(2021) showed that SMM and brand equity are positively correlated.
Consequently, the following hypothesis is offered:

H4: SMM has a positive effect on OBE.

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Figure 1. Conceptual framework

3.6 Moderating Role of Brand Love

Brand love (BL) can be defined as the customer’s “degree of emotional
attachment for a trade name”. BL will be visible from consumers sharing
their good experiences on SM and recommend to peers to buy a particular
brand Loureiro et al. (2017) mentioned that “the emotional connection and the
feeling of anxiety when not having the brand, make consumers more inclined
to recommend the brand to others via online platforms”. Customers who are
irritated with the brand’s communications on SM may discontinue value co-
creating activities (Dennhardt et al., 2013). Wallace et al. (2021)
acknowledged that BL is a significant predictor of VC. A customer who
loves a brand is more interested to participate value concretion process over
social media (Roy et al., 2013; Junaid et al., 2020). Likewise, Kennedy &
Guzman (2020) showed that customers interact positively with a brand when
they prefer that brand, concerning both VC and brand love. To extend the
idea of BL from the social media perspective, the following hypothesis is
anticipated:

H5: BL moderates the relationship between SMM and VC.

4 METHODOLOGY
4.4 Data Collection and Sample
This research is quantitative and descriptive in nature aiming to examine the
role of SMM on OBE and the mediating influence of VC on SMM and OBE.
Also, a moderating role of BL on SMM and VC. To attain this objective,
Structural Equation Modelling (SEM) is used in this research because it
allows us to concurrently analyze proposed observed and latent constructs in
the measurement model. In this research, the survey method is chosen to
gather data from the respondents during the period of June-July in 2021.
The sample of respondents of this research was people who use a particular
mobile operator’s services for at least 1 (One) year. A total of 5 customers
were chosen from each Flexiload store by a systematic sampling method.
Three hundred mobile phone users in Dhaka city in Bangladesh were
approached but 265 contributed to this survey. After removing incomplete
and invalid responses, 241 responses were analyzed. During this survey, two
screening questions were asked: “Do you have a social media account?” and
“Do you follow any mobile operator’s social media page online?” The
participants who answered “Yes” in two questions were invited to fill up the
questionnaire. Table 1 illustrates the demographic details of the participants.
The majority of the participants were male (60.58%) who were aged
between 15 and 25 (52.28%). Most of the respondents had a Bachelor’s
degree (52.28%) and a Postgraduate degree (34.44%). More than half of the
respondents were Grameen Phone Ltd. users (50.21%) and using a
particular telecom operator’s service for 1 to 2 years (43.98%). Further,
most of the respondents used Facebook (69.71%).

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4.5 Measures
A self-administered questionnaire was used to gather primary data from
smartphone users in Bangladesh. This questionnaire consists of two
sections. The first section contains the respondent’s demographic
information (gender, age, education, name of the mobile operator, year of
usage, and active user of social media). The second section comprises four
(4) constructs namely social media marketing, value co-creation, brand love,
and overall brand equity. Twenty-one (21) measured variables were adopted
under four constructs from the prior research to confirm the reliability and
validity of these constructs (Table 2). The indicator of all the variables in
this research is assessed by a 9-point Likert scale ranging from 1 (Strongly
Disagree) to 9 (Strongly Agree).
4.6 Reliability and Validity
Cronbach’s alpha and composite reliability scores were used to measure the
reliability of all the constructs in the measurement model. The construct is
reliable when the Cronbach’s alpha score and composite reliability (CR)
score are above the suggested threshold criterion of 0.7 (Hair et al., 2010).
Table 3 showed that CR and Cronbach’s alpha values of all the scales were
found to meet the cut-off value which indicates the reliability of all the
scales.

Demographic Variables Frequency (N = Percentage (%)

241)
Gender
Male 146 60.58%
Female 95 39.42%
Age (Years)
15-25 126 52.28%
26-35 49 20.33%
36-45 44 18.26%
Above 45 22 9.13%
Education
High school or below 12 4.98%
qualification
Bachelor’s Degree 126 52.28%
Postgraduate Degree 83 34.44%
Other 20 8.30%
Name of the Mobile Operator
Grameen Phone Ltd. 121 50.21%
Robi Axiata Ltd. 66 27.39%
Banglalink Digital 43 17.84%
Communications Ltd.
Teletalk Bangladesh Ltd. 11 4.56%
Year of Usage
1-2 Year 106 43.98%
3-4 Year 89 36.93%
5-6 31 12.86%
Above 7 Year 15 6.23%
Active User of Social Media
Facebook 168 69.71%
YouTube 34 14.11%
Twitter 23 9.54%
LinkedIn 10 4.15%
Instagram 6 2.49%

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Further, all constructs were also examined for convergent and discriminant
validity. Convergent validity is supported if the average variance extracted
(AVE) estimates for each construct exceed 0.50 (Hair et al., 2010). In this
study, AVE values shown in Table 3 range from 0.501 to 0.609 which
provides evidence for convergent validity among constructs. Finally, the
AVE value of each variable was compared with the correlation square of
other study constructs to examine discriminant validity. The results in Table
4 show that the AVE value of each construct was greater than the
corresponding correlation square coefficients, which confirms the
discriminant validity among constructs
4.7 Structural Model Assessment and Hypotheses Testing
A covariance-based structural equation model (SEM) using AMOS 23 was
performed and the results show all the fit indices in the acceptable range. The
fit indices are GFI =.911, CFI = 0.935, NFI=.900, TLI = .921, RMSEA =
0.066 which represent suitability of structural model.
The results of the direct paths are shown in Table 5. The results of path
analysis show that social media marketing has a significant impact on value
co-creation (β=.323, p =.000 <.001), supporting H1. Similarly, value co-
creation has a substantial impact on overall brand equity (β=.225, p =.003 <
.01), supporting H2. Further, social media marketing has a substantial direct
impact on overall brand equity (β=.479, p =.000 < .001), supporting H4.

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Table 2. Lists of Measurement Items

Constructs Measurement Items Sources

Social Entertainment E1: Social media contents of my Kim & Ko
Media (SMM_1) mobile operator seem interesting. (2012)
Marketing E2: Using my mobile operator’s
(SMM) brand in social media is fun.
Interaction IN1: Conversation or opinion
(SMM_2) exchange with others is possible
through my mobile operator’s social
media. IN2:My mobile operator’s
social media enables information
sharing with others.
IN3: It is easy to give my opinion
through my mobile operator’s social
media.
Trendiness T1: The trendy content of my
(SMM_3) mobile operator is shared via social
media.
T2: The content shared by my
mobile operator’s social media is
the newest information.
Customizati C1: My mobile operator’s social
on media offers customized services.
(SMM_4) C2: My mobile operator’s social
media provides customized
information search.
WOM W1: I wanted to share brand
(SMM_5) information about products, or
services from my mobile operator’s
social media to my friends.
W2: I wanted to post content from
my mobile operator’s social media
to my blog.
4.8 Moderated-Mediation Analysis
The bootstrapping method offered by Preacher & Hayes (2004) and
MacKinnon et al. (2004) was applied to test the mediation effects with 5000
resamples with a 95% confidence interval. Results are shown in Table 6
confirm that value co-creation partially mediates social media marketing
efforts and overall brand equity, supporting H3. Then, moderating effect of
brand love was evaluated using the product indicator approach to create the
interaction term. The resulted interaction term is “social media marketing ×
brand love”.Table 6 illustrates the influence of interaction terms on value
co- creation is statistically significant. Therefore, H5 is supported.

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Figure 2. Measurement model
5 DISCUSSION AND MANAGERIAL IMPLICATIONS
The findings show that SMM significantly influences VC which is
consistent with the prior studies (Cheung et al., 2021; Tajvidi et al., 2020;
Zadeh et al., 2019). Thus, telecom marketers should expedite the value co-
creation activities of customers by posting trendy, entertaining, customized,
and interactive social media content with the latest brand-related offerings.
This will attract customers to interact with social media brand pages which
will be beneficial for marketers to get direct feedback from customers.
Marketers should also encourage co-creation behavior by rewarding active
consumers who provide suggestions regarding new telecom products
designing process, improvement for existing offerings

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 Table 3. Reliability and Validity Estimates of Confirmatory Factor
Analysis Model

Average
Constructs Items Factor Loadings Variance Composit Cronbach α
(Standardized) Extracted e
(AVE) Reliability
(CR)
SMM1 .784
SMM2 .764
Social Media SMM3 .644 .501 .816 .807
Marketing SMM4 .654
(SMM) SMM5 .573
VC1 .744
Value Co- VC2 .806 .609 .824 .820
Creation (VC) VC3 .790
BL1 .704
Brand Love BL2 .713 .526 .769 .768
(BL) BL3 .757
OBE1 .855
Overall Brand OBE2 .775 .537 .821 .818
Equity (OBE) OBE3 .650
OBE4 .629

and service delivery, as well as voting for a new logo or packaging design.
As indicated earlier, very limited studies have been directed to test the
robust link between VC and OBE. Findings indicate that value co-creation
contributes to building strong overall brand equity which is in line with the
earlier studies The findings of the study also confirm that value co-creation
is the valuable bridge between SMM and OBE which is not tested yet, filling
the current research gap. Hence, marketers who want to build brand-
customers relationships should construct effective social media marketing
strategies so that they will inspire customers to co-create value with the brand
which in turn influences the overall brand equity of a firm. Marketers should
provide more weight on the value co-creation behavior of the customers
which is a substantial predictor of overall
 Table 4. Discriminant Validity

Latent Variables Social Media Value Co- Brand Love Overall Brand
Marketing Creation Equity
Social Media 0.708
Marketing
Value Co- .279 0.780
Creation
Brand Love .631 .378 0.725
Overall Brand .478 .339 .599 0.733
Equity

brand equity. The outcomes of the research asserted that SMM has a direct
effect on the OBE of a firm which is corroborated with prior studies (Koay et
al., 2020; Jayasuriya et al., 2017). Hence, brand marketers should share
authentic, accurate, and informative information about telecom brands which
will directly contribute to improving overall brand equity. Interestingly, this
study found that brand love strengthens the relationships between SMM and
VC which is not tested yet, adding value to the social media marketing
literature. The stronger the brand love, the higher will be the co-creation
activities. Therefore, marketers should share emotional content over social
media which will foster strong love for this brand that motivates a high level
of co-creation activities such as posting positive reviews, comments on
social media brand page

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6 LIMITATIONS AND FUTURE RESEARCH DIRECTIONS
This study is not free from weaknesses and calls for further research. These
findings cannot be generalized because this study was based on a specific
sector in a particular geographic area i.e., telecommunication sector in
Bangladesh. So, cross-cultural studies on other sectors need to be conducted
to generalize the outcomes of this research. Future research could investigate
the existing model along with some important constructs namely, brand
experience, brand evangelism etc.
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