Future of Marketing: Brand Loyalty
1994 report on marketing described an ongoing paradigm shift from the old 4P model of marketing, to a newer model based on relationship marketing. The report describes how evolving trends in business such as "the globalization of business and the evolving recognition of the importance of customer retention and marketing economies and of customer relationship economics, among other trends, reinforce the change in mainstream marketing" (Gronroos 10). The other major factor that has driven the change is the rise of services marketing, which requires a different approach than traditional product marketing.
The shift to relationship marketing is described saying, "a shift is clearly taking place from marketing to anonymous masses of customer, to developing and managing relationships with more or less well-known or at least somehow identified customers" (Groonroos 22).
One method of creating this relationship between the customer and the company is by brand building and creating brand loyalty.
Stephen King argues this point saying that in the increasingly competitive and rapidly changing business world "it becomes increasingly difficult to sustain an objective comparative advantage over one's competitors so it will become increasingly important to position organizations as 'brands' in the minds of actual and potential customers" (King 3).
According to King, in the fast-paced business world, brand building is the only way to create a stable long-term demand for any product or service, the only way to add value to attract customers, and the only way to maintain profitable margins (King 5).
The current pace of change is especially rapid in the ecommerce market. A recent study on brand loyalty in this market shows how the ideas about brand loyalty are changing. The study provides the usual definition of brand loyalty as being "the minimum price differential...
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