Question

Identify five different brands for which you have a high level of brand loyalty. Describe your level of loyalty and discuss why you are loyal. How important is brand equity in your loyalty?

Answer 1

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Identify and list 3 different brands for which you have a high level of brand loyalty.

Nike
Walmart
Apple

Describe your level of loyalty for each and discuss why you are loyal.

Nike - I am a frequent buyer of Nike products; I have several Nike sneakers. Nike produces unique products, unlike its competitors; besides, they have competitive prices for quality products. I have influenced my friends to buy Nike products.

Walmart - I am a switching cost loyal to Walmart. There is a Walmart store in my area. I also like their delivery system; they are very efficient. However, when I have a lot of time, I buy from Amazon.

Apple - Apple produces quality electronic devices. I owe several devices from Apple; in fact, I have never used another phone and laptop brands apart from Apple. I feel their prices are fair considering the quality of the products they produce.

How important is brand equity in your loyalty?

The brand equity concept stresses the importance of a brand in marketing strategies, and has become a leading indicator in measuring the strength and value of a brand. Brand equity is defined in terms of the marketing effects uniquely attributable to the brand. Brand equity relates to the fact that different outcomes result in the marketing of a product or service because of its brand name, as compared to if the same product or service did not have that name. Brand equity can be measured across different dimensions like brand awareness, brand loyalty, perceived quality, brand associations etc.

Brand equity means a set of assets or liabilities in the form of visibility of brand names, brand associations and loyalty to customers which add or exceed a value of a current or potential brand-driven product or service. It is a key building in the management of the business strategy, not only marketing. The studies demonstrate a strong positive relationship with customer loyalty between brand equity (value, confidentiality and satisfaction and resistance to change). Based on the result, we can determine that customer loyalty has the highest relationship.

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