brand loyalty
A measure of the consumers’ unwillingness to switch to a competing product or service. Successful brands are characterized by high levels of customer satisfaction and repeat purchases of the branded goods or service by existing customers over a long period of time. The cost of winning new customers is much higher than retaining and cross selling to existing customers, so brand loyalty is an important economic factor in profitable brand development. There are several methods of measuring customers’ brand loyalty and preference, but few of the methods have managed to capture all the factors involved in the decision. For example, straightforward repeat purchase measurement does not always capture customers’ purchase of other brands. Also, customers may be loyal to a brand because choice is limited, special pricing deals are used, or the brand dominates a given channel of distribution.... ...
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