A literature review of brand loyalty from marketing aspect

A of brand loyalty from marketing aspect - Literature review Example Having loyal customers reduces the firm’s marketing cost by approximately thirty percent, according to Rosenberg and Czepiel (1983), mostly because the cost of retaining old consumers is reduced. In addition, brand loyal clients are less price sensitive thus the are willing to pay more for the products as long as they are from their favourite brand, this is a strategy that Apple Inc has used for many years and is still profiting from their loyal consumers who flood to the Apple stores to get new products (Bennett and Thiele 2005). Generally, a sturdy brand name is the number one tool to control the market and to posses a competitive advantage which is essential for any business growth and thus brand loyalty offers a strategic asset that is identified as the leading source of brand equity (Fullerton 2005). This literature review will solemnly study brand loyalty which refers to maintaining old consumers due to their love, trust and faith in the firm’s products. The objectives of this review are to review the dimensions and measures of brand loyalty, the causes of brand loyalty decline, the root of decline in brand loyalty, the remedies and analyze both the merits and demerits of brand loyalty by bringing together thoughts and experiences from a variety of literature and pragmatic studies conducted in the area of brand loyalty. Brand loyalty can be defined either conceptually (abstract descriptions) or operationally (measurement methods). Based on research journals and several literatures worldwide, Jacoby and Chestnut (1978), presented the most elaborate conceptual definition of brand loyalty since it covers the most significant features of brand loyalty. â€Å"The biased, behavioural response expressed over time by some decision making unit with respect to one or more alternative brands out of a set of such brands and is a function of psychological