BRAND LOYALTY AND ITS MEASURES

Presented by:-Ashish Tyagi Pooja Sharma Pooja Yadav... Simrita Mand Subhash Jha..

BRAND EQUITY
Brand Equity is the value that a company realizes from a product with a recognizable name as compared to its generic equivalent.

The concept of Brand Equity comes into existence when consumer makes a choice of a product or a service.
If consumers are willing to pay more for a generic product than for a branded one, however, the brand is said to have negative brand equity

Aaker Model:-Viewed by professor David Aaker There are a set of five Factors contributing to Brand Equity

BRAND AWARENESSis the probability that consumers are familiar about the life and availability of the product. It is the degree to which consumers precisely associate the brand with the specific product.
PERCEIVED QUALITY- It refers to the customers perception about the total quality of the brand. Perceived quality affect the pricing decisions of the organizations. Superior quality products can be charged a price premium. Perceived quality gives the customers a reason to buy the product. It also captures the channel members interest. For instance - American Express.

BRAND ASSOCIATIONS- is anything which is deep seated in customers mind about the brand. Ex.- Hyatt Hotel is associated with luxury and comfort; BMW is associated with sophistication, fun driving, and superior engineering. OTHER PROPRIETARY ASSETS:- Other Proprietary Brand Assets: Patents, Trademarks etc. They also help in maintaining customer loyalty as well as organizations competitive advantage

 BRAND LOYALTY- is the degree to which consumers refer and continue to purchase the same brand within a product or service category. It occurs because consumers perceive that the brand offers the right product features, images, or
level of quality at the right price.

Consumers initially will make a trial purchase of the brand and, after satisfaction, tend to form habits and continue purchasing the same brand because the product is safe and familiar.

Brand loyalists have the following mindsets:

I am committed to this brand. I am willing to pay a higher price for this brand over other brands. I will recommend this brand to others.

a loyal buyer will stick by your brand.

MEASURES OF BRAND LOYALTY

The measure captures both the attitudinal and behavioral elements of brand loyalty as it assumes that the consumer has some preference for a brand (attitudinal) and then measures the degree of preference by observed purchasing incidents over time (behavioral).

Measures..
Behavioral v/s attitudinal measures: Attitude consumers attitudes toward the brand in general or attitudes towards the suggestion of switching brands. Here it is important to measure the right attitudes attitudes toward the brand in general, how much people like the brand, Behavior consumers tendency to buy the brand over others. Behavior measures define brand loyalty in terms of actual purchases

 Brand Oriented V/S Individual Oriented Measures: In Brand oriented measures value of brand loyalty is derived for each brand, compare two brands and check influence of their marketing strategies. In Individual oriented measures the loyalty of specific customer is measured within a particular product category.

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