Brand audit takes into the consideration qualitative as well as quantitative attributes of the brand. The qualitative attributes of the brand include attitudinal and behavioral loyalty of the customers while quantitative attributes contains market share of the brand, market ranking and revenue generated by the brand. For effective brand audit, it is essential to understand the gravity of customer loyalty. The value of the brand is derived from loyalty of the customers which includes emotional attachment, love, and positive attitude to remain in the relationship even in the price hike. These subjective elements need to be diagnosed for the assessment of the brand from the customer’s perspective. It is important to note that the value of the brand should be more based on perceived value of the customers and social pathology and individual psychology should be examined to review the demonstrative impact of the brand over society and individuals. For brand audit, loyalty of the customers need to be transformed into monetary terms. Customer loyalty is psychological state that the company tries to create in the mind of the customer. Researchers in the field of customer loyalty defined the loyalty from different perspectives. Chip Bell pointed out that a loyal customer is one who do not just come back, he do not simply recommend you, but he insist his friends to do business with you. Gremler and Brown pointed out that a loyal customer is one who repurchases from the same service provider whenever possible, who continues to recommend and who maintain positive attitude towards the service provider” Based on statement you are required: Discuss the relationship between brand audit and effective qualitative techniques.
Brand audit takes into the consideration qualitative as well as quantitative attributes of the brand. The qualitative attributes of the brand include attitudinal and behavioral loyalty of the customers while quantitative attributes contains market share of the brand, market ranking and revenue generated by the brand. For effective brand audit, it is essential to understand the gravity of customer loyalty. The value of the brand is derived from loyalty of the customers which includes emotional attachment, love, and positive attitude to remain in the relationship even in the price hike. These subjective elements need to be diagnosed for the assessment of the brand from the customer’s perspective. It is important to note that the value of the brand should be more based on perceived value of the customers and social pathology and individual psychology should be examined to review the demonstrative impact of the brand over society and individuals. For brand audit, loyalty of the customers need to be transformed into monetary terms.
Customer loyalty is psychological state that the company tries to create in the mind of the customer. Researchers in the field of customer loyalty defined the loyalty from different perspectives. Chip Bell pointed out that a loyal customer is one who do not just come back, he do not simply recommend you, but he insist his friends to do business with you. Gremler and Brown pointed out that a loyal customer is one who repurchases from the same service provider whenever possible, who continues to recommend and who maintain positive attitude towards the service provider”
Based on statement you are required:
- Discuss the relationship between brand audit and effective qualitative techniques.
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