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Brand Loyalty Synopsis

Brand Loyalty Synopsis

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Published by: ashishtex1 on Sep 08, 2009
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02/02/2013

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AResearch project on
Brand loyalty comparison for Arrow,Allen Solly & Van Heusen”
Submitted By:
Ashish (03)Himanshu Kashyap (17)Rajiv Gupta (25)Shantanu (26)
 
Title of the project: -
 
Brand loyalty comparison for Arrow, Allen solly& Van Heusen
 
ABSTRACT
The new millennium is not just a new beginning; it is a continuation of trends in humanbehavior that have been following cyclical patterns throughout our country's history. Justbecause we have entered a new era does not mean we have to start from scratch whenit comes to interpreting why certain consumers are loyal to certain brands, and whattype of factors influence these allegiances.Brand Loyalty is the consumer's conscious or unconscious decision, expressed throughintention or behavior, to repurchase a brand continually. It occurs because the consumer perceives that the brand offers the right product features, image, or level of quality at theright price. Consumer behavior is habitual because habits are safe and familiar. In order to create brand loyalty, advertisers must break consumer habits, help them acquire newhabits, and reinforce those habits by reminding consumers of the value of their purchaseand encourage them to continue purchasing those products in the future
The objectives of the project are as follows:
Selecting three apparel brands Arrow, Allen sully & Van Heusen.
Identify its product, market segment & prospective consumer.
Devise methodology to know the loyalty index of consumer.
Formulating questionnaire to apply statistical tool & conclude research.
To study & Increase the “Loyalty Sales Percentage”
Better utilization of resources of brand
Increasing brand profit 
 
Literature review
Brand loyalty
 
Brand loyalty
, in marketing, consists of a consumer's commitment to repurchase or otherwise continue using the brand and can be demonstrated by repeated buying of aproduct or service or other positive behaviors such as word of mouth advocacy.Brand loyalty is more than simple repurchasing, however. Customers may repurchase abrand due to situational constraints, a lack of viable alternatives, or out of convenience.Such loyalty is referred to as "spurious loyalty". True brand loyalty exists whencustomers have a high relative attitude toward the brand which is then exhibited throughrepurchase behavior. This type of loyalty can be a great asset to the firm: customers arewilling to pay higher prices, they may cost less to serve, and can bring new customers tothe firm. For example, if Joe has brand loyalty to Company A he will purchase CompanyA's products even if Company B's are cheaper and/or of a higher quality.An example of a major brand loyalty program that extended for several years andspread worldwide is Pepsi Stuff. Perhaps the most significant contemporary example of brand loyalty is the dedication that many Mac users show to the Apple company and itsproducts.From the point of view of many marketers, loyalty to the brand - in terms of consumer usage - is a key factor:
Loyalty
A second dimension, however, is whether the customer is committed to the brand. PhilipKotler, again, defines four patterns of behaviour:1.Hardcore Loyals - who buy the brand all the time.2.Softcore Loyals - loyal to two or three brands.3.Shifting Loyalty - moving from one brand to another.4.Switchers - with no loyalty (possibly 'deal-prone', constantly looking for bargainsor 'vanity prone', looking for something different).
Factors Influencing Brand Loyalty
It has been suggested that loyalty includes some degree of pre-dispositionalcommitment toward a brand. Brand loyalty is viewed as multidimensional construct. It isdetermined by several distinct psychological processes and it entails multivariatemeasurements. Customers' Perceived value, Brand trust, Customers' satisfaction,Repeat purchase behaviour and Commitment are found to be the key influencing factorsof brand loyalty. Commitment and Repeated purchase behaviour are considered asnecessary conditions for brand loyalty followed by Perceived value, satisfaction andbrand trust. Frederick Reichheld, one of the most influential writers on brand loyalty,

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