Strategic Marketing Management for Brand Loyalty - myassignmenthelp

Question: Discuss about theStrategic Marketing Management for Brand Loyalty. Answer: Introduction Brand loyalty refers to as the propensity of the customers to make the regular buying one brands product over an alternative. The loyal customers continuously obtain products from their desired brands irrespective of the price of the product. In addition, there are numerous companies who use marketing strategy to make customer loyal (Nam, Ekinci and Whyatt, 2011). Advantages of loyal customers Repeat business: - Loyal customers make the repeated purchase of the products and service from the brand which helps the brand to conduct the repeat business. Cross-ups selling opportunity: -The customers who make the purchase, again and again, are able to form the good connection with the business which helps the business to get an opportunity to cross-sell products. This will help the company in enhancing sales volume and acquiring new customers. Reduce marketing cost: - Business will be able to save the amount of marketing as word of mouth is one of the effective tools in marketing. A loyal customer can make the other potential customers aware of the brand. Example of product Nike Inc. is an American multinational corporation that is involved in the development, manufacturing, and design of the products. The company offers different products like footwear, shoes, apparel, and others. Strategies used by Nike for generating customer loyalty for Nike shoes The way of presenting brand- Brand presents itself as high-end, high-performance and product catering for athletics which makes the customers loyal. Emotional branding- Nike advertisement for the heroism inspire customer loyalty by making the customer emotionally connected towards the Nike shoes. Moreover, the company offers innovation in their products which attracts the customer again and again towards the brand (Westwood, 2015). Consistency- The brand is consistent towards the quality of the products with the innovation which motivates the customers to show loyalty towards the brand. Offers and discount- There are some customers who become loyal towards the brand when they find fair prices with quality. References Nam, J., Ekinci, Y. and Whyatt, G. (2011) Brand equity, brand loyalty and consumer satisfaction.Annals of Tourism Research,38(3), pp.1009-1030. Westwood, R. (2015) Three Ways To Build Brand Loyalty [Online]. Available from: https://www.forbes.com/sites/ryanwestwood/2015/07/30/three-ways-to-build-brand-loyalty/#2b82fe6a79c3 [Accessed on 21st March 2018]