Abstract:
Customers are now faced with lots of brands in different product categories. Not only do they have options to choose from but also have access to lots of information thereby reducing the information asymmetry between the customers and organizations. This has led to a new marketing approach where companies are competing heavily to hold existing and to gain new market share. Not only do the companies want to gain customers but to make them loyal as well since it cost less to serve an existing customer than to acquire a new customer. In order to accomplish this, marketing communication is of high importance. The research sought to assess brand loyalty and its benefits to a company, to determine the level of loyalty among the customers of Fanmilk Ghana and to ascertain the benefits of brand loyalty to the company.
Description:
In modern marketing, companies are competing heavily to hold existing and to gain new market share. In order to accomplish this, marketing communication is of high importance. In consumer marketing, brands often provide the primary points of differentiation between competitive offerings, and as such they can be critical to the success of companies (Wood, 2000). Consumers have now been exposed to a proliferation of brand choice alternatives, making the business environment very competitive. Just as Wood indicated, businesses are now battling to keep competitors from grabbing off customers, complaining that there just doesn’t seem to be as much brand loyalty around as there used to be. This complaint means that it is not easy to obtain and maintain consumers’ loyalty to a company’s product, since there are many forces driving consumers to be disloyal (e.g., competitions, consumers’ thirst for variety, etc).
