Brands & Branding - FDA Business Management

Student ID Number: 878804

Business Report

Hiba Okba

“A product is something that is made in a factory; a brand is something that is bought by a customer.

A product can be copied by a competitor; a brand is unique. A product can quickly be outdated; a

successful brand is timeless.”

(Stephen King, WPP Group)

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Table of Contents

Executive Summary ................................................................................................................. 3

Aaker vs. Keller ........................................................................................................................ 4

Holland & Barrett’s Brand Equity ........................................................................................ 4

Brand Loyalty ...................................................................................................................... 4-5

Perceived Quality ............................................................................................................ 6-7

Brand Awareness ........................................................................................................... 8

Brand Associations ............................................................................................ 9-12

Market Measures .............................................................................................. 12

Evaluating Holland & Barrett’s Performance .................................................................... 13

The Importance of Brand Equity .......................................................................................... 14

Brand Strategies ..................................................................................................................... 15

Celebrity Endorsement ......................................................................................................... 15

Selection Process .............................................................................................................. 16

Chosen Celebrity .......................................................................................................... 16

Bibliography ...................................................................................................................... 17-18

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Executive Summary

This report provides an in-depth analysis of Holland and Barrett’s brand equity using Aaker’s

brand equity model. Each of the five components of the model will be separately applied to

the H&B brand in order to form a complete and overall evaluation of the brands performance.

Additionally, this report seeks to identify the importance of measuring the brands equity and

considers whether Aaker’s model is a useful tool in helping the brand to progress from its

current position.

Lastly, reviewing the brand strategies available to grow the brand will assist in making a final

recommendation in which strategy is most viable for Holland and Barrett brand progression.

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Holland & Barrett’s Brand Equity

“The set of brand assets and liabilities linked to the brand – its name and

symbols – that add value to, or subtract value from, a product or service.”

(Aaker, 1991, Page 20)

Aaker Brand Equity Model vs. Keller’s CBBE Model

Aaker’s brand equity model compared to Keller's, identifies both the customer and the

company’s benefits of brand equity whereas Keller’s CBBE model is strictly concerned with

the consumer psychology perspective. Keller defines it as “the differential effect that brand

knowledge has on consumer response to the marketing of that brand.” (2003, Page 60).

Aaker focuses on brand loyalty as one of the main five drivers of brand equity whereas Keller

places it as a subset of ‘resonance’. Brand loyalty is a major concentration point when

analysing Holland and Barrett’s brand equity and therefore it is important that it is looked at

as a main driver of building their brand equity rather than as an outcome.

Keller expands the role of brand image to become a major driver of brand equity, however

Aaker focuses more on brand identity as it serves to offer the brand direction, purpose and

meaning. According to Aaker (1996) the brand identity is active and looks to the future

whereas the brand image is passive and looks to the past.

Furthermore, Aaker includes market share as another main driver of brand equity. Although it

is not relevant to the CBBE model, it is essential to recognise how much equity Holland and

Barrett possess in the market as it will enable them to establish their competitive edge over

their competitors and assist them in continuing to strengthen their brand. (Aaker 1991)

Brand Loyalty

“A brands value to a firm is largely created by the customer loyalty it

commands”

(Aaker, 1996)

Holland and Barrett’s customer loyalty is evident through its continued success since the

company was first established in 1920. Besides being Europe’s prominent retailer of

vitamins, minerals and health supplements, H&B have monopolised the UK healthy food

industry by mainstreaming themselves across all major cities and towns within the country

(Holland & Barrett Franchising, 2013). It goes without saying that the company’s prevailing

presence has undoubtedly led to a huge customer base.

Rewards for Life

“Holland & Barrett has very loyal customers and we believe

the scheme is rewarding those customers, as well as

hopefully attracting new ones.”

(Phil Geary, Group Director of Marketing)

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According to Aaker, customer loyalty can be improved and strengthened by creating loyalty

programmes such as a ‘frequent buyer programme’ or a ‘customer club’. These types of

programmes have beneficial outcomes for both brand users and the brand itself.

Loyalty schemes are growing in popularity and H&B adopted this technique, not only as a

means to increase profits and retain existing customers, but additionally to develop a

customer relationship with the brand. (Levine, 2013)

“It’s also about getting a better understanding of our customers. The first

year will be all about getting customers signed up, but the second year will

be about working that database and finding out exactly what they want”

(Phil Geary, Group Director of Marketing)

H&B benefit directly from the by-product of their loyalty scheme which not only provides

them with the relevant data needed to help them make informed marketing decisions but is

beneficial means of reducing marketing costs. Data gathered can be used to target specific

segments who they can aim tailored information and promotions at.

Subsequently, a stronger bond towards the brand is developed as interaction between the

customers and H&B is kept consistent and a more personalised shopping experience is

created for individual shoppers.

Having created a loyalty programme such as this, Holland and Barrett has intensified the

level of brand loyalty, not only from a customer-to-brand standpoint but also from a brand-to-

customer perspective. According to Aaker (1996), “a loyal customer base represents a

barrier to entry, a possible price premium, time to respond to competitor innovations, and a

bulwark against deleterious price competition”. (Page 264)

Measuring Brand Loyalty

“Satisfaction is an especially powerful measure in service businesses,

where loyalty is often the cumulative result.”

(Aaker, California Management Review, 1996, P. 108)

Holland and Barrett’s brand loyalty can be measured by the satisfaction rate of their

customers’ experience after using their products or service. This can be done by ‘asking

intend-to-buy questions or by asking respondents to identify those brands that are

acceptable’.

Would you buy the brand on the next opportunity?

Is the brand the – only vs. one of two, vs. one of three, vs. one of more than three

brands – that you buy and use?

In order to measure the intensity of the loyalty, asking a question such as ‘Would you

recommend the product or service to others?’ would determine what stage that customer is at

in the ‘loyalty segmentation pyramid’.

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However, measurements surrounding brand loyalty are restricted as far as who can be asked

those questions. They cannot apply to non-customers, therefore confining the brand equity

measures to the customer base alone.

Perceived Quality

“Good value can't be measured by cost alone; Holland & Barrett have an

intense commitment to quality. We believe in using only the finest

ingredients to create high quality products, which are religiously tested for

potency and purity, ensuring they match up to the high standards we expect

from them.”

(Holland & Barrett, 2013)

It is apparent that Holland and Barrett overtly consider the quality of their products to be one

of their primary values and therefore consistently reinforce that perception into their

customers’ minds.

“Generating high quality requires an understanding of what quality means to customer

segments, as well as a supportive culture”

(Aaker, 1996, Page 28)

In order for the perceived quality of the H&B brand to hold any value, their quality claim

must have substance. H&B state that the scientists who create and develop their brand

products only work with the ‘finest ingredients sourced from around the world’ and

incessantly aim to develop the latest advancements in the health supplement industry.

In addition to product quality, H&B place great importance on their staff being able to deliver

an educational and effective advice service towards their customers which will enable their

customers to make the best choices when considering which products best suit their health

needs. Supporting their position of having the most extensive staff-training programme in the

retail-industry, H&B aimed to promote their staffs specialist knowledge by creating a

campaign called ‘Ask-Us-Anything’ whereby their customers would be offered a 20%

discount if their staff members were unable to answer questions on their products. This

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reiterates H&B’s persistency in maintaining a positive perception on the quality of their

brand from their customers.

“Intense commitment to quality goods at exceptional values”

(Holland & Barrett, 2013)

It is important to consider the effect price positioning has on the perceived quality of the

brands products. A study conducted by Dr Antonio Rangel (California Institute of

Technology) suggests that consumers will experience more satisfaction on a higher priced

product than on a lower priced one (taking into consideration that they are unaware both

products are identical). The examination indicated that the areas of the brain linked with

satisfaction were stimulated more by the higher priced products. This study proposes that

higher prices increases the satisfaction experienced hence influencing the perceived quality of

that product.

Although H&B hasn’t established price premiums on own-label products, they are able to

maintain low-priced/high-quality products by cutting out the middle-man and charging

manufacturing prices. (H&B, 2013)

Measuring Perceived Quality

“Perceived quality is usually at the heart of what customers are buying, and in that sense, it

is a bottom-line measure of the impact of a brand identity”

Perceived quality be measured by asking consumers to choose whether the brand:

Has: High quality vs. Average quality vs. Inferior quality

Is: The best vs. One of the best vs. One of the worst vs. Worst

Has: Consistent quality vs. Inconsistent quality

However, this measurement tool involves impediments as it involves using a ‘competitor

frame of reference’. This creates complexity because an appropriate frame of reference needs

to be provided to the respondents and considering that H&B operate in various sectors, and

each of these contain numerous competitors, the results would be complicated to interpret.

Furthermore, this method needs to be narrowed-down by segmenting each of the respondents

into the various loyalty segments e.g. loyal customers vs. switchers vs. those loyal to another

brand.

Another way to measure the perceived quality is to look at the brands popularity amongst

their competitors. Based on a leadership scale, respondents would select one of the following:

Leading brand vs. One of the leading brands vs. Not one of the leading brands

Respondents could also be asked whether they feel the brand is innovative enough within

their field and is the brand growing in popularity.

Measuring perceived quality on the basis that enough customers are buying into the H&B

brand concept would suggest that they are a sales leader and therefore value would be

attached to their brand equity. (Aaker, California Management Review, 1996)

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Brand Awareness

“Awareness refers to the strength of a brands presence in the consumers

mind. If consumers’ minds were full of mental billboards – each one

depicting a single brand – then a brand’s awareness would be reflected in

the size of its billboard.”

(Aaker, 1996, Page 21)

Brand Recognition

“Recognition reflects familiarity gained from past exposure”

(Aaker, 1996, Page 21)

H&B stores have manifested into a familiar sight across the majority of high-streets in the

UK. The familiarity of the brand in consumers’ minds breeds a sense of trust and security

which subsequently leads to the decision of purchasing a H&B branded product over their

competitors’. Despite competition being able to challenge them on price, H&B have a

dominant presence over an 80 year period in their field. This gives their brand an edge over

their competition because “consumers will instinctively prefer an item they have previously

seen to one that is new to them.” (Aaker, 1996, Page 21)

Nevertheless, it stems beyond an instinctive response. The fact H&B have heavily invested

their time, efforts and money to create and promote a strong brand image as well as a

dominant presence would undoubtedly trigger a positive ‘signal’ in consumers’ minds about

their brand.

However “high recognition is not necessarily the mark of a strong brand – it is associated

with weak ones as well” (Aaker, 1996, Page 23) and therefore it is important that the recall of

H&B’s brand is taken into consideration when measuring its complete brand awareness.

Brand Recall

If consumers were asked to name healthy food companies and H&B came to their minds,

then it would be considered to have recall. Recall is the difference between consumers’

shopping with H&B or not and therefore is a crucial consideration when evaluating their

brand awareness.

As H&B are a well-known brand in the UK, it would be more meaningful if the brand came

to the top of consumers’ minds out of a list of other brands in the same field and even more

so if H&B were the only brand consumers were able to recall.

If consumers were able to demonstrate knowledge on what H&B’s brand stands for (“The

Good Life”) and provide an opinion on the H&B brand then a more accurate extent of their

brand awareness can be measured.

“It is one thing to be remembered; it is quite another to be remembered for the right reasons”

(Aaker, 1996, Page 26)

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Brand Associations

Holland & Barrett as a Product

H&B’s value proposition focuses on three main points:

Who they aim their brand at? – Health conscious consumers, some which may

have specific dietary needs such as vegans, vegetarians, or those who are lactose

intolerant.

What problem do they solve? – “High quality products at everyday low prices”

(Holland & Barrett, 2013). Additionally all their products are chemical free.

Why would they be a better option to buy from then there competitors? – H&B

staff undergo an extensive training programme which gives them an equivalent to an

A-level in health and nutrition (The Grocer, 2013). This would give potential

consumers a reason to shop with H&B over their rivals (who may offer more

appealing prices in a similar product range) as they are the only retailers of their kind

to offer specialised advice to this degree.

Although H&B maintain their high quality products come at a low cost, the prices they set

individual products at when compared to major competitors’ products (e.g. boots) do not

significantly differ and therefore would not be considered a distinctive functional benefit for

the consumers. However, H&B offer various promotions on their products such as ‘Buy one,

get one for a penny’ which would convince potential consumers that they offer more value

for money, hence give consumers more reason to buy from them rather than places such as

boots or online rivals.

Furthermore, it should be noted that although H&B are noticeably the only major retailers to

offer such a specialised service for their store, functional benefits such as this can easily be

replicated and therefore pose a threat to the differentiation strategy used.

Brand Personality

“The set of human characteristics associated with a given brand”

(Aaker, 1996, Page 129)

Previously, H&B’s marketing techniques had been steered towards product promotions.

However, the company launched a £9 million TV advertising campaign in February 2013

with the effort to create a stronger brand personality.

‘In pursuit of health and happiness’

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In the healthy food industry where competitors are increasing in numbers, the importance of

strengthening the brands personality becomes a method to differentiate themselves from the

rest as well as a basis to build on customer-to-brand relationships. By H&B providing

emotional and self-expressive benefits in which their customers can directly relate to, they are

creating a richer experience for their customers which can lead to the brand becoming a

symbol of a user’s self-image.

Developing a strong brand personality that instils itself into consumers’ lives must remain a

consistent effort throughout the brands history. Therefore H&B must continue to create and

develop the emotional and self-expressive benefits that come with buying a H&B branded

product which will broaden its user imagery whether it be their attitude, lifestyle or the

vehicle in which they wish to express themselves.

Organisational Associations

“It takes an organisation with a particular set of values, culture, people,

programs, and assets/skills to deliver a product/service.”

(Aaker, 1996, Page 104)

H&B’s organisational associations are what distinguish them from brands with similar

attributes. It is necessary that the efforts the company place on their goals and values are

equivalent to the efforts they place on promoting their products and increasing their profits as

this could be a major factor in the consumers purchasing decision.

The importance placed on H&B’s organisational associations becomes even more crucial for

the company as the competitiveness within the healthy food market increases from all angles

whether it being specialist or non-specialist retailers. Therefore differentiating themselves by

means of innovativeness, having visibility, having a concern for their customers, striving for

high quality and possibly becoming a global player can reflect in their success.

Innovativeness

“We continue to respond to the challenge of creating new and innovative

products by constantly expanding our extensive range of natural food

products”

(Holland & Barrett, 2013)

H&B are able to enhance the brand’s prestige by working on the innovativeness of the firm.

It’s not only the products that H&B supply that will determine their innovativeness but also

their entrepreneurship, creativity and their ability to reinvent themselves.

H&B can potentially increase the admiration consumers have for the firm by demonstrating

their capabilities within their field, being more imaginative and continuing to take the

initiative to advance themselves in the healthy foods industry.

Having Concern for Customer

This could possibly be one of the major advantageous organisational associations H&B can

use. Although similar products can be purchased from major competitors such as

supermarkets, H&B’s nurturing and philosophical approach is an association customers could

relate back to the organisational values.

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For example, H&B’s concern with what products their customers use can be seen by their Dr

Organic range of toiletry products (100% chemical free) where they advise “Make sure what

you put on your body is as good as what you put in it”. (Holland & Barrett, 2013)

This demonstrates that H&B concerns stem beyond selling their products alone and provides

substance to their values and culture.

Good Citizenship – Plan-It-Green

“We don't just want to be 'good for you', but 'good for our planet' as well”

(Holland & Barrett, 2013)

H&B state they have been environmentally friendly long before it became a corporate

fashion. Whether it’s working closely with their suppliers to ensure they adopt an ethical

policy or their commitment to avoid selling products with chemicals in it, H&B have taken a

very strong stance on their organic belief. The outcome is that the relationship between them

and their customers’ strengthens as H&B earns respect from buyers who share the same

principles.

Local vs. Global

Holland and Barrett have built a respectable name for themselves in the UK and have slowly

continued to expand on their market presence by franchising in several countries such as

South Africa, Singapore, Malta, Cyprus, Dubai, Iceland, Gibraltar and China. (Retailweek,

2013) However, they have not yet opened any non-franchise stores as they are actively

looking for the ideal locations to operate.

H&B franchisees encountered difficulties when entering into the Chinese market as they were

charging European prices in a country where consumers had been using traditional Chinese

remedies for centuries. For a brand who are not globally recognised to enter a new market

and charge excessively high prices to consumers who have no knowledge or sense of security

with a brand, it would seem that they set themselves up for failure.

Differences in Vitamins and Dietary Supplement Unit Prices for China and the UK

(2011)

Source: EuroMonitor International, Consumer Health

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H&B must develop a competitive value proposition and better adjust their pricing strategy to

suit national income levels in china by “Thinking Globally, Acting Locally”.

The effect of going global on the brand will not only provide the company with a prestigious

image and a larger customer base, but it will signal longevity and be an indicator for their

investment and commitment to the brands future. (Aaker, 1996, Page 119)

Market Measures

Holland and Barrett’s brand performance can be measured by its market share in order to get

a more valid reflection of the brand’s standing with consumers. However, as H&B operate

across a few product classes, VMS (Vitamins, Minerals & Supplements), NSF (Nuts, seeds &

fruits), other healthy foods (To suit specific dietary needs), and Toiletries (Organic beauty

products), it can become complicated as the competitor set becomes less defined.

It is also important to consider how the emphasis on healthy eating and nutrition from social

media, campaigns and TV shows (e.g. Gillian McKeith’s “You Are What You Eat” and

Jamie Oliver’s “School Dinners”) caused the growth in the market to increase considerably.

Many retailers saw this as an opportunity to participate in the growth of healthy food retailing

and embrace the consumers’ interests and demands by providing them with what they

previously would have bought from a specialist store, in this case Holland and Barrett.

This undoubtedly poses a major challenge for H&B, as major retailers (Tesco, etc.) are able

to enjoy purchasing advantages linked with economies of scale and are able to offer the

convenience of buying these items whilst consumers do their weekly shop.

Although this represents a sensitive reflection of the market shares, the validity of the long-

term value of the brand is unclear due to market share being easily obtainable should ‘price-

switchers’ become enticed by promotions and price deals. Therefore market share can be

considered to be a misleading brand equity measure.

H&B Statistics

According to companiesandmarkets.com in 2012, Holland and Barrett had a 14% market

share and were the leading retailers in the UK Vitamins market. (Mike King, Companies

and Markets, 2013)

Competition Statistics

According to the Mintel Report (2003-07):

Tesco accounted for 16.37% of the VMS segment

Asda accounted for approx. 6% of sales in the UK

Overall supermarket share accounted for 32% in 2008

(Competition Commission, 2009)

Holland and Barrett are able to increase their market share by increasing their distribution

coverage. They can do so by increasing the number of stores they have nationally and

internationally, and increasing the percentage of people who have access to their stores.

(Aaker, 1990)

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Evaluating Holland & Barrett’s Performance

As a specialist in healthy food retailing, Holland and Barrett’s brand performance was

booming during a period when prospective competition had not yet been exposed to the

various health campaigns that came to see a dramatic turnaround on peoples eating habits and

lifestyle choices.

Campaigns such as the 5-A-DAY (Launched in 2003), Food4Thought (Launched in 2005),

and Change4Life (Launched in 2009) began to take effect on Holland and Barrett’s

performance in terms of boosting brand awareness hence leading to an increase in sales.

Figure 5 demonstrates how H&B’s profits began to rise significantly around 2003, when the

first major health campaign was launched during that period.

Holland & Barrett’s Profit

Sourced: Work Smart, Holland & Barrett Retail Limited (Figure 5)

A drop in profits can be seen around 2005, when the second major healthy eating campaign

was launched. Although profits would have been predicted to rise even further due to the

emphasis on healthy eating, H&B’s position was threatened as competition increased causing

the profits to drop drastically.

H&B’s heavy focus on promotions distracted them from working on the strength of the

brand’s personality. Their strategy was more aimed at price sensitive buyers rather than

enticing consumers through an emotional connection with the brand. This caused them to

become vulnerable as the big competitors began to compete with them on price and beat them

on convenience. Should H&B have developed a strong brand personality, the emotional ties

the consumers had towards the brand would have strengthened and locked them into buying

from H&B repeatedly despite competitive propositions.

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The Importance of Brand Equity

“If this business were split up, I would give you the land and bricks and mortar, and I would

take the brands and trademarks, and I would fare better than you."

(John Stuart, Chairman of Quaker, 1900)

Not only have brands become an intangible competitive asset but they contribute vastly to the

overall value of an organisation. The results of a study carried out on the connection between

tangible and intangible assets of companies, shows that the contribution intangible assets had

on the overall corporate value rose from 17% to 80% over a 30 year period. (Lindemann,

2009)

Figure 6: Components of S&P market value (%)

Figure 6 substantiates the importance behind measuring brand equity. It supports price

premiums, drives buying decisions, helps build on customer loyalty by creating a halo effect,

defends market share, allows business expansion hence leading to an increase in its market

value and share.

H&B’s brand performance can be analysed and evaluated through the use of Aaker’s brand

equity model as it establishes the brands current performance, highlighting the brands

strength, the change in the brands strength over a set period, how the brand’s strength varies

by countries/markets (Aaker, 1996, Page 263). Problem areas can then be identified enabling

solutions to be generated. For example, a major problem H&B have faced in the past decade

is competition. Whether competitors have been able to offer better prices or offer more

convenience for consumers, they managed to claim a large percentage of the market share.

H&B can overcome these issues by offering consumers incentives to shop with them rather

than with competitors. Enticing customers through stronger emotional associations could be a

recommended strategy for H&B to take.

“Knowledge isn’t power until it is applied.” – (Carnegie, D.)

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Brand Strategies

“The systematic plan developed to build a brand’s perceived value to a desired level. This

plan should be inspired by the brand vision and empowered by its defining difference

demonstrated consistently through a pattern of positive brand experiences involving every

part of the brand’s business operation.”

(Corner Stone, Brand Glossary, 2013)

Celebrity Endorsement A Recommended Strategy for Holland & Barrett

A highly beneficial and low risk brand strategy Holland and Barrett could implement to grow

the brand, is to appoint a celebrity who can endorse their products. Celebrity endorsement is

defined as “A form of brand or advertising campaigns that involves a well-known person

using their fame to help promote a product or service” (Business Dictionary, Celebrity

Endorsement). Childers and Rao (1992) elaborate by explaining that “the persuasive use of

spokespeople in product and service endorsements reflects the widely held belief that

individuals who are admired or who belong to a group to which other individuals aspire can

exercise influence on information processing, attitude formation, and purchase

behaviour”(Page 198).

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Selection Process of Celebrity Endorsers

Choosing the most suitable celebrity to endorse the brands products is a challenge in itself.

The celebrity must have credibility which can be observed in 3 dimensions; Physical

attractiveness, Trustworthiness and Expertise (Ohanian, 1990) Furthermore, “The celebrity

technique has been determined to be most effective when there is a perceived link between the

celebrity and the product or service.” (Kamins & Gupta, 1994; Till, 1998)

Since Holland & Barrett’s brand revolves around being fit and healthy, selecting a celebrity

with these attributes will add to the credibility of the adverts. Additionally, Kamins (1990)

explains that using a physically attractive celebrity led to higher ratings in endorser

credibility and contributed to a more positive attitude towards adverts involving an

attractiveness-related product.

It is also important to consider how the celebrity will endorse the product. Seno and Lukas

(2007) explain the types of endorsements as; Explicit – “I endorse this product”, Implicit –

“I use this product”, Imperative – “You should use this product”, Co-presentational –

“Merely appearing with the product”. (Page 123)

The Chosen Celebrity to Endorse Holland & Barrett’s Brand

Jelena Abbou

Jelena Abbou is gaining recognition as a professional bodybuilder and figure model. She has

competed in numerous competitions and accomplished the title for the overall champion in

the ‘Ms. Buffalo Figure Championship’ in 2004.

Several well-known brands such as Panasonic and Mac hired Jelena Abbou to endorse their

products. Her values of health and fitness remains consistent in each advert.

As the H&B brand is centred on leading a fit and healthy lifestyle, it would seem only natural

to use Jelena Abbou as a celebrity endorser for their brand as she categorically fits in with all

3 dimensions of having credibility. Additionally, there is a convincing link between her and

the brands products.

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Bibliography

Books

Aaker, D., (1996). Building Strong Brands; First Edition. New York: The Free Press

Aaker, D., (1991). Managing Brand Equity; First Edition. New York: The Free Press

Comstock, G., Scharrer, E., (2005). The Psychology of Media and Politics; First Edition. UK:

Elsevier Academic Press

Keller, L. K., (1998). Strategic Brand Management: Building, Measuring and Managing

Brand Equity; New Jersey. Prentice Hall

Journals

Aaker, D., (1996) Measuring brand equity across products and markets; Vol. 8, Issue 3.

California Management Review

Ohanian, Roobina. (1990). Construction and Validation of a Scale to Measure Celebrity

Endorsers’ Perceived Expertise, Trustworthiness, and Attractiveness, Journal of Advertising

Seno, Diana and Bryan A. Lukas. (2007), The Equity Effect of Product Endorsement by

Celebrities: A Conceptual Framework from a Co-Branding Perspective, European Journal of

Marketing

Clifton, Rita. (2009), Brands and Branding; London. Profile Books Ltd

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of Case. Competition Commission

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<http://www.hollandandbarrett.com/pages/aboutus.asp> Accessed on 03rd November 2013

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&f=false> Accessed on 07th November 2013

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http://www.businessdictionary.com/definition/celebrity-endorsement.html> Accessed on 07th

November 2013

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Portal Of Advertising., (2013). Celebrity Endorsement [Online] Available from <

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to-fail-in-china.html> Accessed on 3rd November 2013

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body-shop-challenger-range/3001079.article> Accessed on 3rd November 2013

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value share [Online] Available from, <http://uk.finance.yahoo.com/news/uk-vitamins-

market-led-holland-000000624.html> Accessed on 3rd November 2013 The Grocer., (2013). Holland and Barrett Challenges Customers to Ask Anything [Online]

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customers-to-ask-anything/343919.article> Accessed on 3rd November 2013

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[Online] Available from,

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