Consumers view a brand as a main source of advantage or utility it provides from consumption, people have different needs and wants often an individual will purchase a brand because it satisfies some or all their need and wants. Companies wants to provide good products to customers but wishes to maintain costs and earn profits, hence brands play an important role for both consumers and manufacturers.
Just because we have entered a new era does not mean we have to start from scratch when it comes to interpreting why certain consumers are loyal to certain brands, and what type of factors influence these allegiances.
Brand Loyalty is the consumer's conscious or unconscious decision, expressed through intention or behavior, to repurchase a brand continually. Consumer behavior is habitual because habits are safe and familiar. Brand loyalty is more than simple repurchasing, however. Customers may repurchase a brand due to situational situational constraints, a lack of viable alternatives, or out of convenience.
Such Such loyal loyalty ty is refe referre rred d to as "spu "spurio rious us loyalt loyalty" y". True rue brand brand loyal loyalty ty exists exists when when customers have a high relative attitude toward the brand which is then exhibited through repurchase behavior.
This type of loyalty can be a great asset to the firm: An example of a major brand loyalty program that extended for several years and spread worldwide is Pepsi Stuff. Loyalty A second dimension, however, is whether the customer is committed to the brand.
Philip Kotler, again, defines four patterns of behaviour: Hardcor Hardcore e Loyals Loyals - who buy buy the the brand brand all the the time. Softcore Softcore Loyals Loyals - loyal loyal to two or or three three brands. Shifting Shifting Loyalty Loyalty - moving moving from from one brand brand to another another.
Switche Switchers rs - with no loyalty possibly possibly 'deal-pr 'deal-prone one', ', constan constantly tly looking looking for bargains bargains or 'vanity prone', looking for something different.
Factors Influencing Brand Loyalty It has has been been sugg sugges este ted d that that loya loyalt lty y incl includ udes es some some degr degree ee of prepre-di disp spos osit itio iona nall commitment commitment toward a brand.
Brand loyalty is viewed as multidimensional multidimensional construct.
It is determi determined ned by several several distinct distinct psycholog psychological ical proces processes ses and it entails entails multivar multivariate iate measur measuremen ements. Custom Customers' ers' Perceiv Perceived ed value, value, Brand Brand trust, trust, Custome Customers' rs' satisfac satisfaction tion, Repeat purchase behaviour and Commitment are found to be the key influencing factors of brand brand loyalty loyalty.
Commitm Commitment ent and Repeate Repeated d purchas purchase e behavio behaviour ur are conside considered red as necessa necessary ry conditi conditions ons for brand brand loyalty loyalty followed followed by Perceive Perceived d value, value, satisfa satisfactio ction n and brand trust.
Frederick Reichheld, one of the most influential writers on brand loyalty, claimed that enhancing customer loyalty could have dramatic effects on profitability.
Among Among the benefits benefits from brand loyalty - specifi specifically cally, longer longer tenure tenure or staying staying as a customer for longer - was said to be lower sensitivity to price.
This claim had not been empiric empirically ally tested tested until until recently recently.
Recent Recent research research [found found evidenc evidence e that longer-t longer-term erm customers were indeed less sensitive to price increases.
The image surrounding a company's brand is the principal source of its competitive advantage and is therefore a valuable strategic asset. The challenge for all brands is to avoid the pitfalls of portraying a muddled or negative image, and instead, create a broad brand vision or identity that recognizes a brand as something greater than a set of attributes that can be imitated or surpassed.
A brand needs more than identity; it needs needs a persona personality lity. Just like a person person without without attentio attention-gr n-grabb abbing ing charact characteris eristics tics, a brand with no personality can easily be passed right over.
A strong symbol or company logo can also help to generate brand loyalty by making it quickly identifiable.Fan loyalty is the loyalty felt and expressed by a fan towards the object of his/her fanaticism.
Allegiances can be strong or weak. The loyalties of sports fans have been studied by psychologists, who have determined several factors that create such loyalties. It looks like we don't have a Synopsis for this title yet. Be the first to contribute!
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Learn more about Bond Brand Loyalty. AIOU COL MBA Project Synopsis on Comparison of Consumer Brand Loyalty Brands play a fundamental part in t consumer markets because of theirability of providing value .
Brand Loyalty comparison between safeguard and lifebuoy soap this project report is written by Rizwan Bashir.
i was a friendly co-writer in this report E-loyalty. Brand loyalty synopsis. Uploaded by Tanu Khare. this is the synopis of A study of brand loyalty of customer in detergent cake & washing powder of HUL.
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