brand loyalty

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Brand Loyalty

The propensity for a consumer to buy a product again. Brand loyalty begins when a customer has a positive experience with a product; however, such purchasing may end up as simply a habit (albeit a revenue-producing habit). It is important for companies to build their brand awareness (or knowledge that their products are available) and to produce quality goods in the first place in order to build brand loyalty.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

brand loyalty

the extent to which consumers buy a particular BRAND of a product in preference to similar brands. Consumers may be totally loyal to a single brand but more usually will switch irregularly between two or more brands. Brand loyalty will depend largely upon consumer satisfaction with the intrinsic qualities and attributes of the brand but may also be swayed by persuasive ADVERTISING and SALES PROMOTION.

Strong brand loyalty serves to protect and increase the firm's MARKET SHARE vis-à-vis competitors, and may afford opportunities to charge a premium price for the brand. See BRANDING, BRAND SWITCHING, COMPETITIVE ADVANTAGE.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

brand loyalty

the continuing willingness of consumers to purchase and repurchase the brand of a particular supplier in preference to competitive products. Suppliers cultivate brand loyalty by PRODUCT-DIFFERENTIATION strategies aimed at emphasizing real and imaginary differences between competing brands. See ADVERTISING.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
He's monitoring consumer sentiment to see if it the weaker macro data are seeping into consumer sentiment which might presage weaker spending.
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While consumers remain very positive about current economic conditions, they look ahead slightly more worried than a month ago, resulting in a 3.4 percent drop in the Index of Consumer Expectations, the forward-looking element of the Index of Consumer Sentiment. 
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Various researchers have explored both theoretical and empirical ways in which consumer sentiment could influence economic situation of any country.
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Like the investors Intelligence Index, consumer sentiment indicators can also be a useful tool when making investment decisions.