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.

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.

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.
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.
* The University of Michigan's consumer sentiment index for August will be released at 10:00 a.m.
Summary: New Delhi [India], Aug 19 (ANI): Weak consumer sentiment amid tight liquidity conditions led to year-on-year de-growth of 6 per cent in vehicle registrations during July, the Federation of Automobile Dealers Associations (FADA) said on Monday.
The delayed enactment of the 2019 national budget, the protracted US-China trade war and a sluggish consumer sentiment dragged the first semester net profit of food and chemical input manufacturer D and L Industries down by 7.5 percent year-on-year to P1.41 billion.
Biz confidence up, consumer sentiment slightly down in Q2 !-- -- (Philstar.com) - June 25, 2019 - 4:04pm MANILA, Philippines Business confidence rose in the second quarter amid stronger demand while consumer sentiment slightly weakened on expectations of higher prices, the Bangko Sentral ng Pilipinas reported Tuesday.
Nearly one-third of Scots (32%) who took part in PwC's 10th anniversary consumer sentiment survey said they expected to be worse off in a year's time, with 20% saying they would be better off.
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. 
Consumer sentiment in Switzerland remains slightly above average.
The latest figures on consumer sentiment for the New York Metropolitan area paint a rosy picture.
Various researchers have explored both theoretical and empirical ways in which consumer sentiment could influence economic situation of any country.
Dakila Jr., who presented the latest results yesterday, said the weaker consumer sentiment is due to consumers' expectations of high prices of goods, low income and rise in household expenses.
Like the investors Intelligence Index, consumer sentiment indicators can also be a useful tool when making investment decisions.