Love your customers, but understand them first
Brand loyalty is the consumer’s emotionally-charged decision to purchase a specific brand again and again. Recent studies focused on loyalty concept in goods as well as services sector. Of late brand loyalty is receiving a great deal of attention in corporate retailing sector. So there is a need for introducing comprehensive brand loyalty model for this retail sector.
Electronic goods are becoming a basic need rather than a luxury. There is a rapid growth witnessed by the companies producing electronic goods since last decade. The Customer satisfaction towards selective LG brand products has made the necessity of customer needs and their satisfaction. Marketing starts before production and continues after sales.
Before the liberalization of the Indian economy, only a few companies like Kelvinator, Godrej, Allwyn and Voltas were the major players in the consumer durable market, accounting for no less than 90% of the market. Then after the liberalization, foreign players like Samsung, LG, Sony, Whirlpool and AIWA came into the picture. Today, these players are having the major share of the consumer durables market.
Brand loyalty is a consumer’s preference to buy a particular brand in a product category. It occurs because consumers perceive that the brand offers the right product features, image, or level of quality at the right price.
Product quality: It is explained as “fitness for use” or “capability to obligation”. Customers may replicate the buying of a particular brand or shift to different brands due to the quality of the sold product
Price: The Customers with elevated brand loyalty are ready to pay a heavy amount for their preferred brand,because customers think that brands with intense prices are more valuable.
Purchase decision: It is the accepting process in which judgment and knowledge is combined to select one product in alternatives of two or more”
Perceived Quality: It is the level to which a product or service provides key customer necessities and how consistently these requirements are delivered”
Design: Brands that provide elegant package magnetize loyal consumers who are trend aware. Fashion leaders or followers genially buy or to frequently acquire products from those stores that are very fashionable and trendy.
The first dimension of Customer Knowledge is Brand Awareness. It is related to the strength of the brand node or trace in memory, as reflected by consumers’ ability to identify the brand under different conditions. Customer satisfaction is an emotional response to the experiences provided by, associated with particular products or services purchased.
There are two dimensions to a customer’s loyalty. First is behavioral dimensions which is repeated purchase towards a particular brand and then there is attitudinal dimensions which refers to customers who repurchase and recommend to others which are signs of a loyal customer.
Marketing is the process of creating customers !!