The power of brand loyalty
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Select a brand for which you feel loyalty. It could be a brand of ketchup, toilet paper, underwear, an engine part, or even a telecommunications provider. Analyze how you became loyal to the brand.
What types of strategies has the brand undertaken over the years to maintain and extend its appeal to the consumer? Please respond with an explanation of the types of strategies in a timeline format.
As a conclusion, explain how the company research may or may not have helped you better understand why you are loyal to the brand.
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Solution Summary
This posting goes in detail on branding of a product, and assesses how branding plays an important role in customer recognition.
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Branding is an important part of a company, and in fact, the power of the brand has a numerical value associated with it. For example, in financial statements, the value of the brand name is included in assets.
A powerful, recognizable brand name is what companies strive to develop. Imagine a scenario where two customers are talking, and one mentions brand XX. The other person then says "I love brand xx. They make the best products in their class". That is every marketer's dream. It is essentially free advertising for them. The consumers who spread word of mouth communication spread the word for free to their friends and colleagues. For the consumer, a strong brand also gives the piece of mind that they are purchasing a reliable product, from a store that has great customer service.
Lets look at Heinz ketchup. The reason people become loyal to Heinz is the consistency of the product. you know that no matter where you buy it, at what price (full price or on sale), you know that product ...
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