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Meaning of consumer loyalty

 

 

 

Consumer loyalty

 

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Business glossary

 

Meaning of term consumer loyalty :

 

Consumer loyalty is attachment by consumers to particular goods and services (also known as brand loyalty). In other words they stick with the purchase of their favourite brand of a particular good or service through choice as they prefer that particular brand. Consumers are therefore reluctant to switch consumption to another brand. The higher the level of consumer loyalty, the more inelastic the demand for the good will be.

 

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Consumer loyalty

 

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