4.28 POST PURCHASE CONSUMDER BEHAVIOUR
After making the purchase, the consumer sometimes experiences post purchase dissonance, which may even lead to nonuse and subsequent exchange or return of the product. In case the consumer decides to use the product (or keep it, even when he/she does not use it due to lack of any exchange or return policies) it is usually followed by the product being disposed off. Post-purchase evaluation is followed by satisfaction, non-satisfaction or dissatisfaction. In case of dissatisfaction, consumer may take action that can vary from waning family and friends against the product to taking legal action.
Consumer’s post-purchase dissonance
Dissonance is “a psychologically uncomfortable state” and post-purchase dissonance is the state of anxiety the consumer experience after making a purchase, generally it is the result of difficult purchase decisions. It is important to note that in case the alternative being considered for purchase are perfect substitute for each other, no post-purchase dissonance will occur after purchasing any one of such alternatives. However, in the absence of perfect substitutes, some amount of post-purchase dissonance is unavoidable. In case, all the alternatives are desirable, consumers might experience strong negative emotions while making a choice, which may result in postponing or completely dropping the purchase
\ A high level of post purchase dissonance can result if:
• It is difficult for the consumer to arrive at the purchase decision because of the importance of the decision and/or the number of alternatives available
• All the alternatives being considered are almost equally desirably by the consumei
• The decision cannot be undone, i.e., the purchase does not entail any exchange, refund, guarantee, etc.
• The product/brand is new I the market and /or belongs to a less known marketer
Consumers are also likely to regret it if they miss out on a better alternative say, in terms of performance, prices, etc. Consumers can compare the benefits derived from different alternatives in two ways -through upward comparison (comparing actual outcome to a better outcome) and through downward comparison (comparing actual outcomes to a worse outcome). Research has also suggested that the degree of regret is negatively related to the degree of satisfaction. As the degree of regret for making a particular decision increases, the degree of satisfaction with the results o the decision (in this case, the product/ brand choice) decreases. In case of upward comparison, consumers feel regretful about their decisions, and thus, less satisfied. A stock market investor, for example, who has, the choice of buying shares of company A, company B and company C, decides to buy shares of company A. If after buying he shares, the price of the shares of company B and C increase sharply while that of company A increases only marginally, the investor is likely to be less satisfied with his decision. Research has also indicated that consumers’ decisions are often guided by the urge to reduce the feeling of regret with their decisions instead of increasing the value attained from a product.
Post-purchase dissonance can be highly discomforting for the consumers and obviously, consumers will try to minimise it. To reduce post-purchase dissonance, consumers can even decide to return the product or exchange it for something which they are more confident about.
While experiencing post-purchase dissonance, consumers become extremely aware of the product information, they even actively look for it. Marketers can use this increased receptiveness for product information to address the recent purchases, to reduce their dissonance and increase their level of satisfaction by sending thank you notes, such as “Thanks for choosing us as a part of your family. We are sure that it is the start of a strong relationship between us. We hope to satisfy you in all relevant ways. We would appreciate if you can help us know how we can serve you better.”
Sometimes, the purchase of some products induces ‘consumption guilty’ among consumers. An obese woman, for example, may like not eat oily food and sweets, but may feel guilty about doing so, due to concern over her weight. While targeting such consumer, marketers of these products can focus on reducing the guilt associated with the consumption by say, introducing lower calorie versions of the products. An example is Diet Pepsi.
Product Usage
Some amount of post-purchase dissonance is always associated with all purchases. However, in the case of extended decision-making, the level of post-purchase dissonance is higher than in the case of habitual or limited decision-making. After a consumer buys a product he/she may choose to use it or not use it. The reasons for both are as follows:
When product is used
Even though there is certainty of some post-purchase dissonance, this does not stop mot consumers from suing the product. However, the knowledge of how consumers make use of the product is important for marketers. It is important to note here that consumers do not always use the products as the marketers intended them to be used.
Product usage knowledge is, therefore quite fruitful for marketers, as new uses for the old product can drive up sales and increase the consumer base. The various other uses of the product, other than what the marketer originally intended it for can also add to the value of the product or the consumers. Many food product companies, for example, invite consumers to write about new ways of using their products. This they do by way of organising recipe contests, etc, which not only create consumers and brand interaction, but also provide marketers with new methods of suing their products. Unintended product usage can also give marketers new product ideas. Colgate-Palmolive, for example, discovered that many women in Columbia were using remains of soap bars to make utensil
cleaning paste. This gave them idea for developing a new utensils cleaning product, now known as Axion.
When product is not used
There are many instances of consumers buying products for their use, but failing to use them, be it he ‘cyclic machine’ or the fancy dress somehowjust was not appealing after the very first use. Product nonuse refers to the purchased product not being used at all or being used for a very short duration. It is important to note here that product nonuse does not include none use to lifecycle changes (say, bicycle purchased for a school student in his lat year may not be sued when the boy is in college) and forced purchase (say, the school uniform) or (and) undesirable gifts, say a mother buying a dress for her daughter, which the daughter does not particularly like, because is lowpriced). Research has suggested that price discounts are a very common reason for consumers ending up buying something that they just do not use later.
Marketers often perceive a product purchased as a product consumer. However, as we have seen, this is not always the case. It is highly likely that non-used products will have less repurchases and purchasers may even dissuade others from buying the non-used product. The purchase of a microwave oven, for example, might have been for cooking purpose, but consumers may end up using it as an expensive food heating device. Marketers therefore should also focus on encouraging consumption (say, by suggesting new ways or occasion of use) instead of directing all their resources at only making consumers purchase their products.
The concept of loyalty ‘is not a new concept; it was in practice since many centuries. In past, ancient Roman Empire had often used the concept of loyalty for their army. Today marketers are trying to capture market share and profits with the help of a loyal customer base.
4.29 CONSUMER LOYALTY
Loyalty is, in simpler terms, a reliance on a particular brand or company even though numerous satisfactory alternatives may exist. Loyalty helps build relationships. It requires that companies view customers as people first and consumers second. Trust, commitment, ethical practices, fulfillment of promises, mutual exchange, emotional bonding, personalisation and customer orientation have been reported to be the key elements in the relationship building process
The concept of loyalty first appeared in the 1940s. In its earliest days loyalty was proposed as a uni-dimensional construct, which was related to the measurement perspective taken by the researcher. Two separate loyalty concepts evolved, namely, “brand preference” (Guest, 1944, 1955) and “share of market” which was later referred to as |
attitudinal loyalty and behavioural loyalty respectively. Nearly 30 years after loyalty first appeared in the academic literature, researchers proposed that loyalty may be more complex and that it may comprise both attitudinal and behavioural aspects.
This two-dimensional concept has since been combined and referred to as composite loyalty. The composite definition of loyalty considers that loyalty should always comprise favourable attitudes; intentions and repeat-purchase (see Jacoby and Chestnut,
Loyalty evolves and that there are stages of loyalty. In a personal sense loyalty is a feeling or an attitude of devoted attachment and affection. This feeling of loyalty tends to imply that a person feels an obligation to stay with a brand in good and bad times. Loyalty is the key to the longevity of any brand and one type of loyalty, namely word of mouth has recently been correlated with company growth. It is possible that each and every customer has loyalty qualities or states in varying degrees, and that customer’s have a different mix of loyalty qualities or states. Marketers can activate different loyal states or qualities in different ways. For example, word of mouth behaviours may be encouraged through reward programmes while attitudinal loyalty may be encouraged through emotive advertising.
As the concept of loyalty is dynamic, managers need to study how these intentions evolve through different phases of a brand life cycle. Loyalty intentions are a function of perceived value early in the life cycle. Over time, more affective attitudes toward the brand and the relationship with the company come to mediate the effects of value on intentions. From the introduction to the growth stage of a life cycle, managers must adapt from improving value per se to measuring and managing relationships and brands directly.
Providing customers with perceived value or satisfaction is widely recognised as a means of improving loyalty intentions and actual retention. However, research demonstrates that these relationships are potentially complex and dynamic and that the drivers of intentions change and evolve over time
4.30 TYPES OF LOYALTY PROGRAMMES
Loyalty in Airline industry:
Nearly every airline has a point reward system. The system itself is no longer a differentiator. So customers would really remain loyal to an airline which assures safety, efficient and pleasing service and recognition of their preferences. People fly on those airlines where the brand experience is unique.
The Indian airlines industry is no exception to loyalty programme. Passengers flying
certain airlines get special privileges on specific trips and at certain hotels. Special rates are
offered by Indian Airlines or Jet Airways, the main criterion being flying frequency on basic
I room tariffs at tie-up hotels. The programmes should be mutually beneficial to both parties
I as they have access to each other’s database. The Taj hotel group has tied up with prominent
international airlines like British Airways, Virgin-Atlantic, Emirates and Sri Lankan Airways to provide members of their frequent flyer programmes with a host of special benefits. I has tied up recently with two more airline frequent flyer programmes - Singapore Airlines’ Kris Flyer programme and Delta Airlines’ Sky Miles programme. For starters, members will earn between 250 and 500 miles on their respective frequent flyer programme, each time they stay at a participating Taj hotel. Thenumber of miles earned varies as per the hotel they stay in. Apart from earning miles, members of the frequent flyer programmes will also enjoy special discounts (including room discounts between 10 to 15 per cent on printed tariff) room upgrades and value add-ons whenever they stay at a Taj hotel.
Loyalty in Telecom Industry
Telecom and energy services pre-deregulation are examples of repeat customer business driven by lack of choice. When new choices became available, customers eagerly seek out alternatives if they’re not satisfied with their current provider.
Tata Indicom, India’s premier telecom service provider has launched its’ Smart PCO Loyalty Programme 2006-07, a one-year programme for its PCA operators. The announcement coincided with honoring the loyal PCO operators for 2005-06. This programme is aimed at building loyalty and trust among the existing Tata Indicom operators, while appreciating and commending their commitment and performance.
Prizes were given away by noted film star Sneha to felicitate the winners. Maruti 800, Bajaj Pulsar bikes and home theatres, all totally worth Rs 60 lakh, were given away as prizes. The Smart PCO Loyalty Programme 2006-07 has been christened as ‘Smart PC0-Cricket Kudhukolam Loyalty Programme 2006-07′ where the operator who has a PCO with STD or CCB (coin collection box) connections is eligible for entry. Whosoever achieved the minimum level of norms prescribed by the organisation has been assured of
a prize with the highest performer winning an all-paid trip to the World Cup Cricket tournament in the Caribbean Islands in March 2007. Indica Xeta, Bajaj Pulsar, Hero Honda CD 100 and gold coins worth Rs 1,00,000 are the other prizes to be won by the Tata Indicom loyalists. Likewise reliance India, Hutch, IDEA, BSNL have different schemes for loyalty. Total number of subscribers 129.5 million till 2006.
All these players are following different schemes for their subscribers and doing up selling & cross selling activities. In India also now different board exam results are going to be declared by SMS and it makes the path smoother not only for students, but also for their parents. State and national government warn the general public regarding the natural calamities by tieing up with different service provider through SMS. ATRCEL, the cellular company that operates in the Chennai and Tamil Nadu circles, has launched an SMS-based facility where its subscribers can get acupressure tips for various ailments Called ‘MobiHealth,’ the service provides tips for various ailments ranging from the common cold to obesity. Hutchison Essar to deliver m-coupons, which can be cashed across 40 retail outlets such as Barista, Domino’s Pizza, Lifestyle and Kaya Skin Clinic.
Similarly, Airtel has joined with Enpocket, a global leader in intelligent mobile marketing, to give advertisers a convenient, effective way to reach a maj or cross-section of the country’s population. Television contest and radio mirchi contest are addition to this telecom loyalty scheme.
Loyalty in Indian Railway Department
The Indian Railways is turning customer savvy. The organisation is offering regular train travellers reward points on train travel. The points are awarded for all categories of AC travel with the exception of AC III tier, provided the tickets are booked through the Indian Railways’ Web site for internet booking - managed by Indian Railways Catering and Tourism Corporation (IRCTC).
Indian Railways has launched its first ever loyalty programme, which would be executed through SBI Cards, called Shubhyatra and the co-branded SBI Railway Card. Among other normal credit card benefits, and also function as free platform tickets. The Shubhyatra card can be used to acquire loyalty points for all bookings irrespective of the bank used for making payments. IRCTC has tied up with about 17 banks through which passengers can pay while booking their tickets through the internet. It pioneered the online rail ticket booking in India through its website ‘www.irctc.co.in’, and, booking Railway tickets through various unconventional modes like, Mobile phones, SMS etc.,
Users of this service get their tickets at their door step without any hassle and earn reward points on their travel and use them to buy a ticket in those very segments. About 30 per cent of the totals of 10,000 tickets sold every day through IRCTC on an average are in those AC categories that could earn reward points. Moreover, the reward points earned on this card through other retail purchases can also be used to buy train tickets.
This card has some other benefits such as the waiver of membership fees of Shubhyatra and 1.8 per cent surcharge on ticket bookings, flexi-payment options through equal monthly instalments, personal accident insurance of up to Rs 10 lakh, among others.
Loyalty in banking industry
The importance of maximising customer lifetime value is widely recognised. A1994 study by showed that a 5 per cent increase in retention rate brought a 30 per cent increase in profits to a bank’s retail chain; the same increase in retention rate caused an 85 per cent increase in bank deposit profits and a 75 per cent increase in credit card profits.
The value of micromarketing was recently demonstrated by one financial institution. From the database, the name and address files were matched, the files were cleaned and the data enhanced. Natural customer segments and attributes such as time with bank and whether a single or multi-product holder were identified. Customer clusters were then formed; for instance, conservative savers and profligate risk takers. After considering recent behavioural patterns, cross-sell propensity models and pre-approving applications, a mail
shot offering a loan was sent out. The usual response rate of 2 per cent rose to 20 per cent; the number of loans booked was five times higher than usual and the company’s market share for that product grew by six per cent.
SBI Card has a joint venture with GE money for becoming the second largest credit card player in the country by crossing 3 million card mark through innovative products. Retail chain also collaborate with banking card for example the loyalty card of Vishal mega mart with SBI card. ICICI bank has tied up with Airtel for mobile money facility. The top Indian banks like ICICI ,HDFC ,UTI, Standard Charted, City bank and Public banks go for up-selling and cross selling of their respective services for retention of existing customers.
I-mint - India’s largest Coalition Loyalty
I-mint is India’s first and truly national coalition loyalty and consumer rewards programme, where India’s leading brands Airtel, HPCL, ICICI Bank, Indian Airlines, Lifestyle and MakeMyTrip.com have joined hands to be available over 20 cities and at 20,000 select i-mint outlets in first year of august 2006.
I-mint allow consumers to reap benefits through the largest ecosystem of business partners on a single rewards platform.’ Shop while you earn’ is now possible with i-mint. The programme offers opportunity to earn points from more than one partner on each transaction. Further, another exciting proposition of i-mint is its rewards catalogue. Shoppers and consumers will get an opportunity to avail over 300 exciting rewards from partners as well as from other merchants, across various categories and at all point levels. To increase point accumulation pace further, customers can aggregate and transfer points within family members. Coalition loyalty programmes have been a success in other parts of the world.
These companies have taken into account all the needs and aspirations of an Indian consumer and have created a quality product to suit all lifestyles. While there has been a great deal of attention on loyalty technology and practices in recent times, the market is in a very early stage of evolution. Indian firms were either unaware, or unconvinced about the benefits and applicability of CRM. The annual growth rate for the CRM Software market in India varies between 25- 30% Apart from the high-level corporate objectives, detailed programme design must be deeply rooted in a thorough analysis of consumer spending patterns and behaviours. This analysis provides loyalty programme designers with a sense of which customer behaviours they will be able to and will want to influence. For example, if 90% of customers only make one purchase, then the loyalty programme’s sole objective may be to drive the second purchase. More specifically, in order to guide programme strategy, marketers should understand customer data along the following dimensions:
By frequency: How often are customers making repeat purchases? In a 12 month period, what percentage of customers is buying only once? Twice? Three or more times? What percentage of revenue does each of these segments represent?
By revenue: How concentrated is revenue in the top customer tier? What percentage of total revenue does the top 10% represent? The top 25%?
By engagement: How do customers segment bynon-transactional engagement activities, such as posting reviews or to blogs or subscribing to a company newsletter? Which of these activities are indicative of higher member value (in terms of increased revenue and/or decreased costs)?
Armed with analysis across these three dimensions, marketers have the critical data they need to design successful loyalty programmes.
Pick a Programme Based on Purchase Frequency
Using the table below, marketers should match their customer purchase frequency behaviour, ranging from low to high frequency, to the corresponding loyalty programme objective and design. Overall, the greater the frequency of customer purchases within a year the further out the programme threshold should be set. This, in effect, minimises the erosion of margin while allocating reward funds to drive customers toward higher total customer spend levels.
Purchase frequency pattern Primary programme objective Typical high level programme design
Low
Frequency/Specialty
Brands
“One and done”
customer spending
patterns (e.g. specialty
catalogs) Drive Second Purchase Repeat Purchase Programme Bounce back offer triggered after initial purchase
Threshold set at total dollar value of 2-3 purchases
Medium Frequency/ Discretionary Spend More mainstream products bought 3x a year or more (e.g. electronics, shoes, furnishings) Drive Multiple Purchases Frequency Programme Cross product/ category bonuses Threshold set at total dollar value of 3-4 purchases
High Frequency/Core Product or Service “Multiple purchases” spending pattern (e.g. airline, grocery store, CPG Grab Higher Share of Wallet Best Customer
Programme
Use sophisticated
tiering with significant
service benefits to
drive customer
migration to “elite”
level
Threshold set at total
dollar value of 5+
purchases
4.31 HOW LOYALTY CAN BE IMPLEMENTED
In order to implement the loyalty programme in an organisation, one needs to follow five steps listed below:
Stepl: Observation
This is the stage of accumulating all information possible about customers from many disparate sources, including:
• Purchase records and hi story
• Costs associated with servicing each customer.
• Demographic information.
• The share - of-Wallet or of spending that each customer gives.
The demographic information vary from B2B to B2C in the following manner.
Useful demographic information
SI.
No. For B2B Customers For B2C Customers
1 Customer’s years in business Customer’s age
2 Customer’s gross revenue Customer’s household income
3 Number of locations a customer has Customer’s household size
4 Customer’s rating Customer’s activity (has he/ she contacted our customer service center complained? complimented? give us a referral?)
5 Customer’s decision making process: centralised/decentralised Customer’s receptivity to deals/ offers
6 Number of executives involved
in’
customer’s decision making unit Customer’s geo-demographic code
7 How we interact with customer: impersonally/personally Customer’s credit rating
8 Number of competitors with
whom
customer does business Customer’s complaint/ returns activity
Step2: Calculating inertial CLV (Customer lifetime value)
Determining contribution to profit from each customer (projected purchases minus anticipated costs of serving), It is called as inertial CLV as the figure represents the current status. At the same time it provides a convenient metric by which customers can
be segmented for the next step.
Step 3: Selection
After using the inertial CLV the customers are differentiated into three customer types like the Desired Customers, Breakeven Customers and costly Customers. The ratio of costly customer should not be more than 15% in the organisation, otherwise it may affect the bottom line. So there has to be good balance between these three categories of customers to maintain a good financial health of the organisation.
Step 4: Prioritisation
In this stage company should divide each of these three customer groups in to pairs like low share of spending and high share of spending and determine which customers to focus for developmental efforts after knowing their share of current spending. The strategies followed in this stage are as:-
• Improving companies financial gains by reducing servicing cost for low-share -costly customers and moving them to the status of low-share break-even customers.
Improving financial condition of the company by increasing low- share costly
customer s share of spending and by advancing them to high- share Breakeven Customers.
Improving financial condition of the company by controlling offers for low-share Break-even customers, reducing servicing costs and moving them to low- share Desired Customers.
Improving financial condition of the company by increasing share- of-spending and controlling servicing cost of low-share Break-even customers and advancing them to high-share Desired Customers. Improving financial condition of the company by increasing the share o| spending of low-share Desired Customers and evolving them into high-share Desired Customers.
Divest the low-share Costly customers and low-share Breakeven Customers whose purchasing behaviour can not be improved.
Step 5: Leveraging
In the above each strategy requires moving as many customers as possible from one status to another, but still there are some leveraging tool which must be taken into consideration like Brand equity, value equity, relationship Equity and satisfaction.
Attitudes of customers towards brand, its communications, its associations with community events etc. constitute brand equity. Similarly perceptions about quality, price and convenience constitute value equity. Various types of loyalty programmes comprise relationship equity and satisfaction with the brand make up satisfaction - these are the leveraging tools. The company needs to find the deficits vis-a-vis its competitor to determine how to leverage each of the equity in its favour?
What is a Loyalty Card?
Many loyalty programmes utilise a so-called “Loyalty card”. So what is a loyalty card?
A loyalty card is a plastic card with a magnetic strip at the back, or a small chip at the front of the card. The magnetic strip or chip contains information that is used to identify the buyer at every transaction. This way, the buyer is linked to the transaction at the swipe of his card.
Now every transaction of a buyer is known, the company that issued the card can offer rewards for repeated business: for instance, points can be rewarded for every Rs. 100 spent. When the buyer has collected enough points, these can be traded in for real gifts.
So the loyalty card is used to track repeat transactions of a card holder, so the card issuer can reward him or her for the repeat business. One can wonder, however, how “loyal” a customer is if he must be “bribed” for repeat business…
4.32 SUMMARY
• Opinion Leadership is the process by which one person (opinion leader) informally influences the actions or attitudes of others, who may be opinion seekers or merely opinion recipients. The definition of opinion leadership emphasises on informal influence. This informal flow of opinion related influence between two or more people is
• There are three situations in which opinion leadership takes place: (i) When an individual actively seeks advice from others (ii) When an individual voluntarily provides information to others and (iii) When information is generated in the course of normal interaction of a group
• There are three situations in which opinion leadership takes place (i) When an individual actively seeks advice from others (ii) When an individual voluntarily
provides information to others (iii) When information is generated in the course of normal interaction of a group
Opinion leaders are easier to define than to find. Still more difficult in measuring their impact on the opinion seekers. Moreover, the circle of influence of opinion leaders is generally small compared to celebrity endorsers, who can catch the attention of the entire segment.
There are several techniques that are used to identify opinion leaders - self designating method, socio-metric method, key informant method and objective method.
Diffusion is the process by which an innovation is communicated through certain channels over time among the members of a social system.” Diffusion is a macro process concerned with the spread of a new product an innovation from its source to the consuming public. Adoption is a micro process that focuses on the stages through which an individual consumer passes when deciding to accept or reject a new product. Diffusion of innovations is the process by which acceptance of an innovation (newproducts or new service or new idea) is spread by communication (mass media, sales people, informal conversation) to members of the target market over a period of time
There are four main elements to the diffusion of innovations. They are: Innovation - Any item, thought, or process that is viewed to be new by the consumer, Communication - the process of the new idea traveling from one person to another or from one channel to the individual., Social System -the group of individuals that together complete a specific goal (adoption) and Time - how long it takes for the group to adopt an innovation as well as the rate of adoption for individual
Various approaches which have been taken to define a new product or a new service include:
Firm-oriented definitions (ii) Product oriented definitions (iii) Market oriented definitions (iv) Consumer oriented definitions
The attributes of innovation are relative advantage, compatibility, complexity, trialability and (v) Observability /comrnunicability
There are five main categories of adopters. They are Innovators, Early Adopters, Early Majority, Late Majority .and Laggards .
The rate of adoption is as shown below :
• The most important environment in which firms operate is their customer environment influences.
• The consumer decision making process is complex with varying degree. All purchase decisions do not require extensive effort. On continuum of effort ranging from very high to very low, it can be distinguished into three specific levels of consumer decision making: Extensive Problem Solving (EPS ), Limited Problem Solving ( LPS) and Routine Problem Solving (RPS)
• Types of consumer behaviour models are Simple models which include Black Box models Personal variable models and Personal Variable/Post Purchase Satisfaction model; Comprehensive models which include Engel, Blackwell and Miniard, ?Engel, Kollat and Blackwell, Howard-Sheth and Nicosia
• Dissonance is “a psychologically uncomfortable state” and post-purchase dissonance is the state of anxiety the consumer experience after making a purchase, generally it is the result of difficult purchase decisions. It is important to note that in case the alternative being considered for purchase are perfect substitute for each other, no post-purchase dissonance will occur after purchasing any one of such alternatives. However, in the absence of perfect substitutes, some amount of post-purchase dissonance is unavoidable. In case, all the alternatives are desirable, consumers might experience strong negative emotions while making a choice, which may result in postponing or completely dropping the purchase
• A high level of post purchase dissonance can result if (i) it is difficult for the consumer to arrive at the purchase decision because of the importance of the decision and/or the number of alternatives available (ii) all the alternatives being considered are almost equally desirably by the consumer (iii) the decision cannot be undone, i.e., the purchase does not entail any exchange, refund, guarantee, etc. (iv) the product/brand is new I the market and /or belongs to a less known marketer.
• Loyalty is, in simpler terms, a reliance on a particular brand or company even though numerous satisfactory alternatives may exist. Loyalty helps build relationships. It requires that companies view customers as people first and consumers second. Trust, commitment, ethical practices, fulfillment of promises, mutual exchange, emotional bonding, personalisation and customer orientation have been reported to be the key elements in the relationship building process
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