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A Research project on“Brand loyalty comparison for Arrow, Allen Solly & Van Heusen” Submitted By: Ashish (03) Himanshu Kashyap (17) Rajiv Gupta (25) Shantanu (26)
Title of the project: - Brand loyalty comparison for Arrow, Allen solly& Van HeusenABSTRACTThe new millennium is not just a new beginning; it is a continuation of trends in humanbehavior that have been following cyclical patterns throughout our countrys history. Justbecause we have entered a new era does not mean we have to start from scratch whenit comes to interpreting why certain consumers are loyal to certain brands, and whattype of factors influence these allegiances.Brand Loyalty is the consumers conscious or unconscious decision, expressed throughintention or behavior, to repurchase a brand continually. It occurs because the consumerperceives that the brand offers the right product features, image, or level of quality at theright price. Consumer behavior is habitual because habits are safe and familiar. In orderto create brand loyalty, advertisers must break consumer habits, help them acquire newhabits, and reinforce those habits by reminding consumers of the value of their purchaseand encourage them to continue purchasing those products in the futureThe objectives of the project are as follows: Selecting three apparel brands Arrow, Allen sully & Van Heusen. Identify its product, market segment & prospective consumer. Devise methodology to know the loyalty index of consumer. Formulating questionnaire to apply statistical tool & conclude research. To study & Increase the “Loyalty Sales Percentage” Better utilization of resources of brand Increasing brand profit
Literature reviewBrand loyaltyBrand loyalty, in marketing, consists of a consumers commitment to repurchase orotherwise continue using the brand and can be demonstrated by repeated buying of aproduct or service or other positive behaviors such as word of mouth advocacy.Brand loyalty is more than simple repurchasing, however. Customers may repurchase abrand due to situational constraints, a lack of viable alternatives, or out of convenience.Such loyalty is referred to as "spurious loyalty". True brand loyalty exists whencustomers have a high relative attitude toward the brand which is then exhibited throughrepurchase behavior. This type of loyalty can be a great asset to the firm: customers arewilling to pay higher prices, they may cost less to serve, and can bring new customers tothe firm. For example, if Joe has brand loyalty to Company A he will purchase CompanyAs products even if Company Bs are cheaper and/or of a higher quality.An example of a major brand loyalty program that extended for several years andspread worldwide is Pepsi Stuff. Perhaps the most significant contemporary example ofbrand loyalty is the dedication that many Mac users show to the Apple company and itsproducts.From the point of view of many marketers, loyalty to the brand - in terms of consumerusage - is a key factor:LoyaltyA second dimension, however, is whether the customer is committed to the brand. PhilipKotler, again, defines four patterns of behaviour: 1. Hardcore Loyals - who buy the brand all the time. 2. Softcore Loyals - loyal to two or three brands. 3. Shifting Loyalty - moving from one brand to another. 4. Switchers - with no loyalty (possibly deal-prone, constantly looking for bargains or vanity prone, looking for something different).Factors Influencing Brand LoyaltyIt has been suggested that loyalty includes some degree of pre-dispositionalcommitment toward a brand. Brand loyalty is viewed as multidimensional construct. It isdetermined by several distinct psychological processes and it entails multivariatemeasurements. Customers Perceived value, Brand trust, Customers satisfaction,Repeat purchase behaviour and Commitment are found to be the key influencing factorsof brand loyalty. Commitment and Repeated purchase behaviour are considered asnecessary conditions for brand loyalty followed by Perceived value, satisfaction andbrand trust. Frederick Reichheld, one of the most influential writers on brand loyalty,
claimed that enhancing customer loyalty could have dramatic effects on profitability.Among the benefits from brand loyalty - specifically, longer tenure or staying as acustomer for longer - was said to be lower sensitivity to price. This claim had not beenempirically tested until recently. Recent research [found evidence that longer-termcustomers were indeed less sensitive to price increases.The image surrounding a companys brand is the principal source of its competitiveadvantage and is therefore a valuable strategic asset. Unfortunately, many companiesare not adept at disseminating a strong, clear message that not only distinguishes theirbrand from the competitors, but distinguishes it in a memorable and positive manner.The challenge for all brands is to avoid the pitfalls of portraying a muddled or negativeimage, and instead, create a broad brand vision or identity that recognizes a brand assomething greater than a set of attributes that can be imitated or surpassed. In fact, acompany should view its brand to be not just a product or service, but as an overallbrand image that defines a company’s philosophies. A brand needs more than identity; itneeds a personality. Just like a person without attention-grabbing characteristics, abrand with no personality can easily be passed right over. A strong symbol or companylogo can also help to generate brand loyalty by making it quickly identifiable.From the design of a new product to the extension of a mature brand, effective marketing strategies depend on athorough understanding of the motivation, learning, memory, and decision processesthat influence what consumers buy Theories of consumer behavior have beenrepeatedly linked to managerial decisions involving development and launching of newproducts, segmentation, timing of market entry, and brand management. Subsequently,the issue of brand loyalty has been examined at great length. Branding is by far one ofthe most important factors influencing an items success or failure in the marketplace,and can have a dramatic impact on how the "company behind the brand" is perceivedby the buying public. In other words, the brand is not just a representation of acompanys product; it is a symbol of the company itself, and that is where the core ofbrand loyalty lies.Research Methodology Exploratory and conclusive research. Collection of Primary and secondary data. Source of primary and secondary data. Collect the data by simple random survey.
Suitable statistical tool to be apply for analyses the data.