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Literature Review

4562 words - 19 pages

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Brand Loyalty and Its Measurement |
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Literature review |

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Brand Loyalty and Its Measurement |
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Literature review |

Contents
Brand Loyalty 2
Advantages of Brand Loyalty: 3
The Four Pillars of Brand Loyalty Marketing 4
Keep Your Loyal Customers Loyal 4
The Sale Is Not the End of the Marketing Task 4
Branding Policy Is Business Policy 4
Three Dimensional Model of Brand Loyalty 5
Measures of Brand Loyalty 6
Trust-based Commitment model 7
The Multidimensional model 8
Net Promoter Score model 8
Multivariate Analysis of Brand Loyalty 9
Involvement/ Support Model 13
References 14

Brand Loyalty
The success of a firm depends largely on its ...view middle of the document...

According to Aaker, brand loyalty reflects how likely a customer will be to switch to another brand, especially when that brand makes a change, either in price or product features. David Aaker also suggests that brand loyalty leads to brand equity, which leads to business profitability.
According to the definition given by Jacoby and Chestnut, bland loyalty is “the biased behavioral response expressed over time by some decision making unit with respect to one or more alternative brands out of a set of such brands and is a function of psychological processes.
Brand and customer loyalty is a buyer’s overall attachment or deep commitment to a product, service, brand, or organization. Without the loyalty of its customers, a brand is a mere trademark. With the loyalty of its customers, a brand is a trust mark. The loyalty concept is similar in meaning to relationship commitment. When a customer invests trust in a brand, a bond grows between the customer and the brand. Loyalty results in behaviours like recommending a service provider to other customers and repeatedly patronizing the provider. Loyalty is a prime determinant of long-term financial performance of firms. This is particularly true for service firms where increased loyalty can substantially increase profits. Service firms focus on achieving customer satisfaction and loyalty by delivering superior value, an underlying source of competitive advantage. For service firms the challenge is identifying the critical factors that determine customer satisfaction and loyalty.
A brand as a distinguishing name/sign/symbol/design which identifies a trustworthy, relevant and distinctive promise associated with a product, service or organization and is intended to set apart that promise from those of competitors. A power brand is a leading trustworthy, relevant, distinctive promise. It is a trust mark of enormous value. Creating and increasing brand loyalty results in a corresponding increase in the value of the trust mark.
While talking about Brand Loyalty, Brand Equity is an important concept. Brand equity is a relatively new marketing concept. It represents the financial value of the brand separate from the value of the product or service to which it is attached. In other words, brand equity is the added value that the brand adds to the product or service. While there are various approaches to valuing brand equity, the results are consistent that brands can be worth billions.
While marketers have in the past viewed brands as assets, we now know and recognize that the real asset is brand loyalty. The process by which we create, nurture, build and strengthen the bond between a customer and a brand is called Brand Loyalty Marketing. The greater the strength of the brand bond, the greater and more valuable the brand.
Advantages of Brand Loyalty:
♦ A substantial entry barrier to competitors,
♦ An increase in the firm’s ability to respond to competitive threats,
♦ Greater sales and revenue
♦ A...

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