Brand Loyalty and Consumer Behavior in a Modern Age Term Paper by Master Researcher
Brand Loyalty and Consumer Behavior in a Modern Age
A discussion on brand loyalty and how it influences consumer behavior today.
# 33259
| 1,900 words
| 6 sources
| MLA
| 2002
| 
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Description:
This paper examines the often contradictory ideas of innovation and continuity as they affect brand loyalty and consumer behavior. The paper explores the concept of brand loyalty and how companies must understand the factors that make consumers switch products and the factors that make consumers remain loyal. The paper emphasizes the need for companies to balance innovation with customers' desire for familiarity.
From the Paper:
"Brand loyalty is a decision made by a consumer, either consciously or unconsciously, to purchase and repurchase a brand successively. Brand loyalty can be manifested either through intentions or behaviors (Hoyer and MacInnis, 1997). That is, a consumer who decides to purchase a product because of its brand or name and either does or is unable to (and thus does not) is exhibiting brand loyalty. Brand loyalty is crucial for companies as it reduces the chances that a consumer will buy competitors' products (Hsu and Chang 322). Further, advertising intended to encourage brand loyalty - rather than attract new consumers - costs a fraction of other forms of advertising, as it is less intense (Hsu and Chang 322). Also, consumers with distinct preferences for one brand create demand for that brand, even when the price is higher (hsu and Chang 322). Thus, brand loyalty greatly impacts company profits not only in ensuring product demand but also in reducing advertising and marketing costs. Brand loyalty obviously directly affects consumer behavior as it directly impacts on consumer spending."Cite this Term Paper:
APA Format
Brand Loyalty and Consumer Behavior in a Modern Age (2003, October 02)
Retrieved June 05, 2023, from https://www.academon.com/term-paper/brand-loyalty-and-consumer-behavior-in-a-modern-age-33259/
MLA Format
"Brand Loyalty and Consumer Behavior in a Modern Age" 02 October 2003.
Web. 05 June. 2023. <https://www.academon.com/term-paper/brand-loyalty-and-consumer-behavior-in-a-modern-age-33259/>