Relevance of brand awareness, brand trust, perceived risk, and perceived quality in developing branding strategies in the pharmaceutical market

Abstract

Increasingly these years, the pharmaceutical industry – one of the world’s major consumer goods markets – has utilized branding tactics to differentiate and help achieve competitive advantage.Due to the introduction of the Covid-19 pandemic and the invention of a vaccine against it, the significance of this phenomenon has been growing. Since then, people’s familiarity with medical terms has increased, as has their interest in the medications they take. This study aims to examine the relationship between the brand awareness of four selected pharmaceutical brands and brand trust, as well as the perceived financial and performance risk and the perceived quality of a potential new product from these companies. In addition, the study attempts to evaluate if personal experience with the Covid-19 vaccination affects people's responses and to uncover potential discrepancies in results across different pharmaceutical brands. An online survey was performed online. The primary finding of the study is that all the factors evaluated have a significant relationship – some strong, others weak – with one another and that they all influence the perceived quality of a new product – some favorably, some adversely.In order to remain competitive in a changing industry, pharma businesses will be able to apply successful and effective branding strategies with the aid of this study.

Date of Award	20 Oct 2022
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Paulo Romeiro (Supervisor)