Loyalty Assignment - 1.What is Brand loyalty and how is it measured 's preferences.

Loyalty Assignment - 1.What is Brand loyalty and how is it...

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1.What is Brand loyalty and how is it measured? When consumers become committed to your brand and make repeat purchases over time. Brand loyalty is a result of consumer behavior and is affected by a person's preferences.Companies will often use different marketing strategies to cultivate loyal customers,be it is through loyalty programs or trials and incentives.Brand loyalty can be measured by analyzing and switching rate of customers one brand to another. Various parameters factors likelast purchased brand preferred.Explain why Jim Farley said the following: "There is no more important topic for our industry, in terms of the revenue for different companies, than loyalty."For car makers, it costs far less to sell to a satisfied repeat customer than it does to win one away from a rival brand. Loyal buyers tend to spend more with a brand over time, but analysts say the days when a car dealer could charge loyalists a lot more than a first-time buyer are mostly gone—due to the easy availability of price information.Because automakers recognize the revenue potential in loyal customers, they are offering more incentives to stay with the brand. And whether you stick or not, it is often worth taking advantage of the offers.
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  • Winter '14
  • Stoltman
  • Consultative selling, American Customer Satisfaction Index

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