COST ACCOUNTING
INFORMATION FOR DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The brand is recognizable.
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You buy this brand no matter what.
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You and the brand are friends.
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This is when brands compete against one another.
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Detailed explanation-1: -Brand loyalty is when customers continue to purchase from the same brand over and over again, despite competitors offering similar products or services. Not only do customers continue engaging and purchasing from the same brand, but they also associate positive feelings toward that brand.
Detailed explanation-2: -Brand loyalty-repeat purchases of a particular brand based on the perception of higher quality and better service than any competitor-is not dependent on price. Companies with high scores on brand loyalty grow revenues 2.5 times faster than industry peers.
Detailed explanation-3: -5 Characteristics of Brand Loyalty Those include customer perceived value, brand trust, customer satisfaction, repeat purchase behavior, and commitment.
Detailed explanation-4: -Brand loyalty has everything to do with how consumers perceive your brand. This may be through promotional activities, reputation, or previous experiences with your company. Consumers are loyal to a brand because they believe you offer a better service and higher quality than anyone else.
Detailed explanation-5: -Hard-core Loyals: Customers who buy exclusively from a brand. Split Loyals: Customers loyal to two or three brands in a particular category. Shifting Loyals: Customers who move from one brand to another.