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Customer Relationship Management: brand loyalty - Essay Example

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Customer Relationship Management: brand loyalty

Brand loyalty has to finally yield in increased profitability. Many empirical methods were evolved after much study to relate brand loyalty to brand profitability5. Customer profitability is expandable in three dimensions. Two temporal directions, retrospective and prospective approaches and the third is spatial6,7. Normally, this is viewed as a pool or bank of satisfied or delighted customers who form a free and very effective advertising media. This is used in judging the profitability as well as to evaluate the asset worth of a brand8.
The work so far centers around the effect of brand building, brand loyalty and to enhance brand loyalty. Empirical relationship between brand loyalty to brand profitability, though presented by many, has not resulted in a clear scale for measuring the extent to which the existing brand loyalty could result in a brand profit. This would help the businesses to know and to augment brand loyalty as might be needed. This would remain a strategy from the business perspective to improve profitability of the brand and to encash on brand equity9.
The approach paper to the problem will be two pronged. One, to judge the brand loyalty and the other to judge the brand profitability. In order to reach dependable data for analysis, a survey using Dirichlet Benchmarks10 will be taken up. ...Show more

Summary

Brand loyalty or customer loyalty have two aims. One, to enhance the units sold, either in terms of quantity or in terms of increased range. Two, to retain the existing clientele and there by safeguard the brand profitability1. While one works towards the increase in profitability, the other is defensive in nature…
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Customer Relationship Management: brand loyalty essay example
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