Brand Loyalty Essay
The formation of personal value is subtle. It is related to the environment where he/she grows. It is also related to what he/she learned from the people she stayed with since he/she was a child. Moreover, what he/she learned from the book, video, and the experience. A good reputation is important for a company. A good reputation is a unique resource that a company has to enhance its competitiveness in all aspects of business operations. The truth from “Electronic Office Equipment in Malaysia” and the article “How do Company Reputation and Perceived Price Influence Customer Loyalty in the Chinese personal financial planning industry?” all proved that reputation can help companies make a profit.
Benevolence and hedonism are the two most important things for me. My grandmother is a very kind person. I grew up with her and she took care of me for a long time when I was a child. I think I learned benevolence from her. Benevolence would influence people’s perceptions and choices. It is also related to economic status (HONGXIA LI, & GUOQUAN CHEN, 2018). People who have better economic status prefer to do more kind behaviors. In another hand, people who are poor need to worry about money more when they want to do some benevolence things. “Further, the benevolence-dependability value of individuals of higher perceived socioeconomic status did not have a significant effect on intertemporal choice. In contrast, the benevolence-dependability value of those of lower perceived socioeconomic status significantly affected their intertemporal choice.” (HONGXIA LI, & GUOQUAN CHEN, 2018) People whose socioeconomic status is lower would more care about the result of the moment according to their benevolence-dependability value. Kindness is the foundation of being a human being and the inner essence of human beings.
I also learned hedonism from videos and books. Happiness is the purpose of life, the highest goodness born. However, different happiness should be distinguished. Unleash the fear of the gods and death, control the desires, stay away from politics, carefully measure and choose the things of happiness and pain, and achieve the health of the body and peace of mind. This is the purpose of life. I like hedonism because I don’t know death and the future which is coming early, so I need to enjoy it now. According to Feldman, “Truth-Adjusted Intrinsic Attitudinal Hedonism”. It indicated that the intrinsic value of life is the problem of the true adjustment of its inner attitude to happiness (Feldman, 2001). I am a satisfied guy. I do not require a lot of money and rights. I only want to get what I deserve; I won’t let them go. I would feel happy that I get what belongs to me and do not require more. In another hand, Hedonism makes people pursue material enjoyment and physical happiness, and it is easy for people to fall into a state of depression and lack of enterprising spirit. I would take care of it and avoid squandering money, material, and time, pursing material enjoyment as the sole purpose and fun of life.
Introduction:
With the development of the times, enterprises are facing more complicated economic, political, and cultural environments, and market competition is becoming more intense. Scholars have begun to look for competitive advantages in the field of intangible assets. Corporate reputation is an intangible asset that can bring sustainable competitive advantages and is valued by more and more companies. Studies have shown that corporate reputation has a certain impact on brand loyalty, and corporate reputation will enhance or weaken consumers’ brand loyalty to the company. Emphasis on corporate reputation building, cultivating consumer brand loyalty to corporate products/services, and adopting appropriate product strategies can enhance the competitiveness of enterprises in the market. More and more companies have recognized the importance of corporate reputation and brand loyalty, but when many issues are intertwined, they are often confused.
Corporate reputation and brand loyalty:
Corporate reputation is an overall evaluation of a company’s relevant interest groups based on their past, present, and future behaviors, based on their own experience and relevant information of their major competitors. After experiencing price competition, quality competition, and service competition, enterprises have reached the stage of reputation competition. Consumers are paying more and more attention to the responsibilities of companies in society, not just the products of enterprises. Consumers make purchasing decisions and are increasingly focusing on non-commercial factors such as corporate ethics, sustainability, and corporate social responsibility (The Economist, 1995). As markets and consumers become more complex, the value of intangible assets becomes more prominent, such as corporate reputation and brand loyalty. For some companies, corporate reputation is an important source of competitive advantage and is supported by shareholders. For others, corporate reputation is an important intangible asset that can effectively protect companies when they encounter difficulties (FombrunandvanRiel, 2004).
Reputation is one of the most important determinants of social behavior (Bromley, 1993). Enterprises have a reputation among different stakeholder groups, and their reputations will vary according to different groups (The Economist, 1995). At present, corporate reputation research mainly focuses on the definition and measurement of reputation, and the relationship between corporate reputation and other intangible assets of enterprises is less studied.
Brand loyalty is a deeply committed psychological commitment of consumers to consistently purchase a good product/service in the future, including consumer attitude loyalty and behavioral loyalty. Brand loyalty is another important intangible asset of a company. Through successful brands, companies can gain competitive advantages, including brand extension, brand association, resistance to competitors’ promotion pressure, and barriers to entry. From the perspective of consumers, brand loyalty is studied. When more than half of consumers consume, they show considerable enthusiasm for products with good reputations and negative attitudes toward products with bad reputations.
The impact of corporate reputation on brand loyalty
GrahamandHelen (2005) argues that for most consumers, the quality and price of a product are more important than reputation. BronnandVrioni (2001) also believes that when more than half of consumers make purchasing decisions, the first consideration is quality and price, then the actual behavior of the company, and this is a basis for the importance of corporate reputation.
In this paper, when we study the factors affecting brand loyalty, we focus on the impact of product quality and price and take the quality and price of products as adjustment variables. It is found that there is a close relationship between corporate reputation and brand equity. Regardless of product quality and price, corporate reputation has a significant impact on brand loyalty. Corporate reputation is significantly positively correlated with brand loyalty, indicating that corporate reputation is an important factor in brand loyalty.
In the case of better-quality products provided by enterprises, corporate reputation has a significant impact on brand loyalty. Corporate reputation and brand loyalty are significantly and positively correlated. This indicates that in this case, corporate reputation is an important factor in brand loyalty and corporate reputation is enhanced. After that, brand loyalty will be significantly enhanced accordingly. In the general quality of products provided by enterprises, corporate reputation has a certain impact on brand loyalty. Corporate reputation is positively related to brand loyalty, indicating that in this case, corporate reputation is one of the influencing factors of brand loyalty. Brand loyalty to the company will also increase, but companies should also consider other influencing factors. When the quality of products provided by enterprises is poor, the reputation of the company is not significantly related to brand loyalty. This shows that the reputation of the company has little influence on brand loyalty, and it also strongly explains the reasons why the brand loyalty of consumers is low when the reputation of the company is high.
Comparing the impact of corporate reputation on brand loyalty under different quality conditions, we can find that the better the quality, the higher the relevance of corporate reputation to brand loyalty, and the higher the impact. Therefore, product quality can be considered to have a significant regulatory effect on corporate reputation and brand loyalty.
When the price of products provided by enterprises is high, corporate reputation has a certain impact on brand loyalty. Corporate reputation is significantly related to brand loyalty, but the degree of correlation is not high, indicating that in this case, corporate reputation is only the influencing factor of brand loyalty. First, the enhancement of corporate reputation has a certain role in promoting brand loyalty, but companies should also consider other factors. When the price of enterprise products is moderate, corporate reputation has a significant impact on brand loyalty. Corporate reputation is significantly related to brand loyalty, indicating that in this case, corporate reputation is an important factor in brand loyalty, and the improvement of corporate reputation will lead to brand loyalty. Enhanced. When the price of enterprise products is low, corporate reputation has a more significant impact on brand loyalty. Corporate reputation is significantly related to brand loyalty, indicating that when product prices are low, corporate reputation is an important factor in brand loyalty, improving corporate reputation and consumption. Brand loyalty has a positive effect.
Compare the impact of corporate reputation on brand loyalty at different price points: the lower the price, the higher the relevance of corporate reputation to brand loyalty and the greater the impact. In other words, product prices have a significant regulatory effect on corporate reputation and brand loyalty.
Conclusion
Corporate reputation has an important impact on brand loyalty and is an intangible asset that is very important to enterprises. Brand loyalty is of great significance to enterprises. To gain an advantage in fierce market competition, enterprises must strengthen the cultivation of corporate reputation and brand loyalty. The improvement of corporate reputation has a significant impact on the strengthening of brand loyalty. For companies, fostering and maintaining a good corporate reputation is a strategic act.
For companies with poor reputations, consumers will hardly generate strong brand loyalty to the company; for companies with good reputations, the brand loyalty of consumers may be strong or weak. This means that it is difficult for consumers to establish strong brand loyalty to companies with poor reputations, but a good corporate reputation does not ensure that consumers have strong brand loyalty to the company. When a company has a good reputation, the quality and price of the product have an important impact on the strongness of brand loyalty. When the company’s products have a good price/performance ratio, such as excellent product quality and relatively low price, a good corporate reputation is an important guarantee for consumers’ strong brand loyalty.