BUSINESS ADMINISTRATION
RETAIL MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Monopoly Loyalty
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Inertia Loyalty
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Convenience Loyalty
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Price Loyalty
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Detailed explanation-1: -Monopoly loyalty, which exists where no choice is available (eg government legislation establishing a single supplier such as a utility company).
Detailed explanation-2: -Monopoly Loyalty – This is when a customer stays with a company because they essentially have no choice. We’ve used the example of the grocery store in the small town before.
Detailed explanation-3: -Emotional loyalty is constructed of three components: affinity, attachment and trust.
Detailed explanation-4: -Loyalty has two dimensions. One dimension of loyalty is behavioral loyalty, meaning that the customer buys the product regularly and does not respond to competitors’ offerings. The second dimension is attitudinal loyalty, which is the degree to which the customer prefers or likes the brand.