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Moon Trust Bank's Customer Loyalty and Relationship Marketing - Case Study Example

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The paper “Moon Trust Bank’s Customer Loyalty and Relationship Marketing" is an engrossing example of a case study on marketing. Customer satisfaction and relationship marketing are important aspects of business today, particularly in attempts by organizations to implement and maintain the ever-diversifying customer- firm relationships…
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Extract of sample "Moon Trust Bank's Customer Loyalty and Relationship Marketing"

CUSTOMER LOYALTY AND RELATIONSHIP MARKETING Executive summary Moon Trust Bank is a newly founded company that plans to expand its service provision. After considering various strategies for company growth management, customer relations and loyalty appear most appealing strategy. Business growth activities are moving from being product based to being more customers relevant in today’s world and the company chooses this approach to enhance growth. However, the company intends to conduct a research in an effort to establish influence of customer satisfaction and customer loyalty. This is further integrated into effect of value of products on customer satisfaction. The study involved some of the bank’s customers who answered some questionnaires on their levels of satisfaction with the availed goods. The questionnaires were structured to enhance precise answers where the customers indicated a rating of their contention. The questionnaire also aimed at finding out other factors that influence consumer loyalty in relation to value. Results obtained from the research are then used to make comparisons with actual results yielded already practicing consumer approach in their operations. Solutions to implication highlighted in the study are formulated and recommendations on the identified niches stated. This marketing strategy depends on customer’s perception of the product and service. Lastly, the management weighs out the possible advantages and disadvantages of this method. This approach has been proven beneficial to both customer and the service provider and conclusion entails opinion of management to incorporate the strategy. Table of contents 1.0 Introduction 2 1.1 Background Information 3 1.2 Aims 3 1.3 Scope 4 2.0 Customer Loyalty and Relationship Marketing 4 2.1 literature-based Evidence 6 2.1.1 Managing Value through Loyalty Programmes 6 2.1.2 Customer Benefits and Sacrifices in the Value Equation 6 2.1.3 Benefit of Retaining Customers 7 2.2 Survey Findings 8 2.2.1 Data collection measurement and results 8 2.3 Existing Loyalty and Relationship Marketing Programs 10 2.3.1    Ernst & Young. 10 2.3.2 Applegate Consulting Group 10   3.0 Conclusion 11 4.0 recommendations 12 References 13 Chandrashekaran, M, 2007, ‘Satisfaction Strength and Customer Loyalty’ Journal of Marketing Research, Vol. 44, No. 1, pp. 153-163. 13 Leverin, A, & Liljander, V, 2006, ‘Does relationship marketing improve customer relationship satisfaction and loyalty?’ International Journal of Bank Marketing, Vol 24, No.4, pp 62-74. 13 Ndubisi, N, 2007 ‘Marketing Intelligence & Planning’, Journal of marketing practice, Vol. 25, No. 1, pp.98 – 106. 13 Palmatier, R, et al 2006, ‘Factors Influencing the Effectiveness of Relationship Marketing: A Meta-Analysis’ Journal of Marketing, Vol 70, no. 4, 99 136-153. 13 Rauyruen, P & Miller, K 2007, ‘Relationship quality as a predictor of B2B customer loyalty’ Journal of Business Research, Vol 60, no.1, pp 21-31. 13 1.0 Introduction Customer satisfaction and relationship marketing are important aspects of business today, particularly in attempts by organizations to implement and maintain the ever diversifying customer- firm relationships. This is an interesting field as an appropriate relationship is based on better communication and understanding between the two parties. This study assess in myriad relation of customer satisfaction and loyalty all based on value. Theoretical underpinnings are presented in the first part of the study. This is all based on previous debates, researches and proposals in history. Hypothesis for the research are also identified in this section. The second section comprises empirical methods used in data model and presents results of the reports collected and analysis as implicated. The third section of the research evaluates the possibility of strategy application in real life situation apart from theories. By observing two companies the results are compared to compare yield of the strategies in companies where they are already in use. Implications of the strategies on management of organization are also pointed out in this section. Recommendations based on research outcomes are presented in section four. For closure conclusions are made in the fifth and final section of the essay. 1.1 Background Information The Company Moon Trust Bank is a recently founded financial institution; it is located in the Melbourne. The company serves an approximated population of 500 people. The inspiration behind this project was to provide the average and low income earners with affordable banking rates without having to stretch their capacity too hard. The institution was formed as a result of a merge in ideas by three friends; Laura, Bennet and Peter. Their aim was a reached as a resolution to address the challenges facing low income earners. 1.2 Aims The company aims to provide a fair banking system through a couple of strategies. The management intends to focus on customers’ interest to ensure growth of the company. Through implementation of correlating management functions, the organization hopes to attract new customers and at the same time retain loyal customers. The company proposes measures to determine levels of customer loyalty in existence and means to retain them as clients. 1.3 Scope Considerations by the company to enlarge its scope of operations are in progress. The company covers a small geographical region and plans to use a consumer centric approach to develop a bigger market. This strategy proposes relation between consumer satisfaction and marketing relationship based on product value. The strategy entails direct customer based relations that will enhance satisfaction by final product. The research covers the client-customer relation and its effects in enhancing a profitability of the company. 2.0 Customer Loyalty and Relationship Marketing A customer is a key element in the success of a business. It is a party that receives the finished goods and posses the ability and power to choose among the many suppliers and products presented in the market (Hennig-Thurau 2000, p.17). A company needs to provide quality goods and services to create customer satisfaction and loyalty. Importance of several other antecedents known to influence customer loyalty and satisfaction are factors such as, trust, flexibility, product uses, customer perceptions and brand equity (Hougaard & Bjerre 2003, p.29). In myriad importance of the aspects gives the institution an insight into customer satisfaction and relationship marketing. It is the management responsibility to maintain good and efficient customer relations to ensure profitability of the enterprise. Customer loyalty is structured on the condition of the established relationship between the management and the client. This value chain focuses on responsibilities of management of an enterprise to the customer (Little & Marandi 2003, p.49). This conceptualizes customer relationship management enables identification of target markets and in making decisions on products to produce. The management can then improve value of their services and products to the customer. The firm does this by segmenting the market according to the different consumer demands to identify the most profitable choice for it to concentrate its resources. Use of the phrase Customer Relationship has been on the rise by business practitioners as well as business publications the recent past (Hougaard & Bjerre 2003, p.30). It is used to refer to the process of establishing long-term relationships by management with their valued customers. This goods relationship is known to benefit the two parties, marketing firm and the customer. It is commendable to identify and recognize the different customer segments and their values so as to concentrate the marketing resources on the potential segments that indicate high profitability for the company (Little & Marandi 2003, p.57). Customer satisfaction in the business world is used to refer to the measure by which goods and services provided by a company meet a customer expectation (Hennig-Thurau 2000, p.31). Customer satisfaction will bring about customer loyalty in an enterprise. A company needs to motivate and inspire its buyers by treating them according to their demands. Instilling customer loyalty involves the process of attracting potential customers, convincing them to buy the products, arouse their interest in the product so they would want more and get them get bigger quantities each time and eventually encourage them to bring other customers as well. Customer loyalty is the inspiration of potential customers to buy goods often and in big quantities while still motivate them so that they stick to the products and also bring in others (Ndubisi 2007 p.107). Relationship marketing is an advance stage of customer loyalty that involves more of customer retention. Relationship marketing provides basis for strong connections between the management and the customers as it gives them a sharing platform. Both customers and management have open communication where information on customer needs and interests is shared freely. This strategy fosters on developing customer loyalty, long-term business deals and worth-while management-customer interaction. These facts make sense to the company in that purchase by customers is because they have some kind of relationship with the company they have chosen to retain their relationship with (Palmatier et al, 2009 p.15). 2.1 literature-based Evidence 2.1.1 Managing Value through Loyalty Programmes Literature has hypothesized that there is a direct relationship between value and customer satisfaction which then is a positive influence on loyalty. This would lead to a repurchase behavior for the consumer. This formulates our first hypothesis: H1-value influences customer loyalty. The research tests the relationship described in other studies in a situation where the relevant constructs are considered simultaneously. Given the unending debates on the term value in literature, it is conceptualized that focus is on relative perception of what is ‘received’ and ‘given up’ in a market scene. Relationship marketing function is to establish, maintain and customer retentions in a firm. It is a profit boosting strategy where a company encourages customer retention which is done through customer satisfaction (Rauyruen & Miller 2007 p.27). The company focuses on producing high quality and offer best services to ensure rise in profit as it is a proven profitable trend in a wide range of businesses. Customer satisfaction may translate into other aspects other than loyalty this statement is after noting that sometimes a customer is dissatisfied but still remains loyal to a good and continuously purchases it (Palmatier et al 2006 p.139). Consumer perception of the superiority of a product, personal fortitude, synergistic effects and the social bonding also influence customer loyalty, this assertion is supported by the fact that loyalty measures are constrained to repurchase intentions. 2.1.2 Customer Benefits and Sacrifices in the Value Equation Value is subordinate to consumer loyalty judgment decisions in the traditional model where the limits are cost based value. The second research hypothesis H2-customer benefit and sacrifice in the value equation. Brand loyalty since time in history has been measured behaviorally through repetitive buying behaviors (Rauyruen & Miller 2007 p.25). It is however acknowledged that customer behaviors can also be viewed in a more broad way than just reflections simple reflections of purchase behaviors. Definitions of loyalty that consider behavioral and attitudinal aspects of a consumer are superior in their predictive capacity to conceptualize loyalty as a purely behavior based function. In a recently proposed brand loyalty model, repurchase loyalty tends to increase market share of a product and attitudinal loyalty will lead to an increase in price (Palmatier et al 2006 p.145). According to Leverin and Liljander (2006, p.65) this definition of value is incomplete. A need to reconstruct a more efficient and holistic typology was aroused, to change from the traditional which is self- oriented, reactive and constrained to new ideas. Introduction by Palmatier et al (2006, p.146) of a nomonological value network model depicting satisfaction as a coexisting factor both in before and after consumption and influence consumer judgment over time. His concern is that the traditional conceptualization ignores other dimensions even though its concepts are in consistency with the literature conceptualization. 2.1.3 Benefit of Retaining Customers The cost of customer acquisition is twice as much cost of customer retention, failure of a company to nurture and maintain its existing customers will lead to its failure (Scheer, Miao & Garrett 2010 p.97). Third hypothesis H-Companies focus is on customer retention more than acquisition. A company should consider some statistics in its customer acquisition strategy; new customers spend less than repurchase customers and the cost of prospect selling to a potential customer is over six times cost incurred when the sale is made to an existing customer. Constructing these relationships by treating creating customer loyalty and giving them quality products makes the customer feel a sense of belonging in the company. Satisfaction of customer is essential by provision of right goods and services which establish long term client-customer relations (Chandrashekaran 2007 p.156). The market today is moving from mass produced goods and services and is headed towards a customized market. Building of customer- client relationship based on consumer’s specific requirement and needs is easier on a repeat consumer. This provides an opportunity for the company to provide tailor made products for the repeat customer based on their experience with them. The company has a basis to contribute opinions and suggest improvements since they have an insight and a better understanding of customer needs. Based on recent research, it is considered that customer loyalty is a result of ultimate efficient marketing strategies (Chandrashekaran 2007 p.157). Brand management measures in relationship marketing may restrict customers to certain products. Customer delight is achieved in after extensive customer satisfaction when buyer-seller synergy is perfect. The company can then predict needs of the customer as there is an understanding of the demands and the buyer understands reliability of seller to deliver as expected. This mutual kind of relationship will keep the customers coming back. 2.2 Survey Findings 2.2.1 Data collection measurement and results The sample for this data collection was a group of eight of the company’s all randomly picked. Questionnaires on customer loyalty measures, value benefits and customer sacrifices plus benefits of customer marketing were created. The picked sample comprised of people above 18years of age who had independent control of their accounts and could make decisions to that effect without consultation. The participants also had been customers of the bank for a period of at least a year preceding the interview. These eight people were split into groups of four both gender sensitive with equal numbers of males and females. The groups comprised of middle aged individuals with average and low incomes. The first category is made up of customers who held a single card only meaning they only managed that single account and the other comprised of customers with more than one card which implied they had accounts with other bank. The respondents were then issued with copies of the questionnaire that they were encouraged to answer truthfully. Measures applied in the study By use of single request for an overall rating of customer satisfaction, level of customer satisfaction is established. For example for the first hypothesis the question asks’ How satisfied are you with new credit cards? Indicate your level of satisfaction on the scale below, where tens implies extreme satisfaction and one shows disappointment. Two-item scale was also used as back up questions to measure level of loyalty of the customer. ‘What is your take on the card’s pricing?’ and ‘Why would you recommend the card’s use to others?’ An average of two supporting questions were asked and the two responses used to customer loyalty variable in drawing conclusions. The method was affirmed to provide adequate information. Results To test hypothesis (1) a simple analysis model was formulated to more specifically test the variance of customer utilization of offered programs. For this test relationship marketing is termed as the independent variable and customer loyalty as the dependent variable. The regression model is set with customer satisfaction as the independent variable. This is in support of the first hypothesis that high consumer satisfaction is an indicator of high levels of loyalty. Results are in support of the first hypothesis in that relationship customers are aware of the company’s services and use them unlike their non-relationship counter parts. In regression analysis the coefficient shows no significance, the sample indicates higher rates in loyalty in males in comparison to females. The second and third hypothesis analysis was structured on a series of covariance models where customer loyalty is the independent variable and relationship marketing the dependent variable value based. Hypothesis (2) is evaluated based on customer-firm interaction. Failure to facilitate this relation will mean consumer concerns are not communicated to the firm. The customer forgoes other goods by being loyal to the company. This will also imply a lead to customer dissatisfaction due to poor and inefficient marketing relationship. Interaction effect is statistically insignificant since there is marketing benefit favored by gender differences. Relationship customers who also tend to be long-term beneficiaries of the company show higher levels of satisfaction than the non-relationship customers, but no effect brought by gender changes. Marketing is beneficial to all in same levels. Effects on Management With the rise in cost of management, financial institutions may find it expensive to observe marketing protocols. From the research it is observed that protocols are an important aspect in segment identification and marketing. They are important tools in achieving high-valued customer satisfaction and loyalty. Results of this research have a direct impact on marketing practitioners. To foster customer based programs in support of satisfaction and loyalty in customers requires them to familiarize with the existing relationships within the business environment. Factor such as product value as perceive by the customer will greatly affect the purchasing ability of the consumer and this is a limiting factor to a consumer. 2.3 Existing Loyalty and Relationship Marketing Programs 2.3.1    Ernst & Young. The global market is characterized by great competition and this draws the company attention to customer retention investment. The management focuses on establishing direct customer relations this has been structured on a customer relationship management that’s incorporate brand loyalty. By increase of companies investments in consumer relations through market segmentation the organization direct their products to the present and most rewarding customers. This centric customer approach in an advantageous marketing strategy for a business than previously used product centered approach. The company can increase the intensity of their CRM projects by focus of more resources and this will result in higher sale revenues. Through market segmentation other opportunities such as online selling in single brand stores that enhance consumer loyalty is possible with better CRM activities. Among the many CRM strategies applied in solving client problem are Capital one, Samsung card and USAA all based on information marketing. This company also uses social websites to cater for their customers interests. On is Facebook page visitors who may potential employees can enquire on careers, interestingly the company uses this blog instead of showcasing the offered services. However, maintaining this kind of client-customer relations is a long-term challenge that demands a lot of effort by the management in all transactions whether big or small. This may lit the company’s ability in attracting new customers if its concentration for satisfaction is focused on the already existing consumers. 2.3.2 Applegate Consulting Group Deep knowledge of professional and organizational development is an indicator of the firm’s outstanding abilities as a training designer and development practitioner. The company shares useful knowledge with their clients in development displine in protecting customer loyalty by maintaining confidentiality while still being professional. Customers are assisted in formulation of solutions to their challenges. The staff gives customers personalized attention making the feel as part of the firm. The broad scope of knowledge in their possession is shared with their clients to tackle related issues. Direct communication with the customer’s that is clear and respectful develops a client-customer understanding. Effective customer relations result in a rise in profitability of an enterprise. The customers are satisfied and this increase traffic in sales. On the other hand, some of these marketing strategies can result in failure of business growth if the customers consider them junk advertisement. Excessive advertisement is a turn off to customers and may result in losses for the company. These marketing strategies should also be consumer friendly in the nature of process or questions the consumer is subjected to, in order to establish the program’s incentive. Consumers can come up with wrong perceptions if the program is used ineffectively so proper use of a program is very crucial in a program implementation.   3.0 Conclusion Results affirmed the first hypothesis that value of a product plays a role influencing the consumer’s capability of purchase. Pricing of a product may act in favor or as a marketing strategy for a product. High pricing of the products discourage and put off potential buyer of a good or service. It is the company’s responsibility to make the customer feel as though they are part of the organization. When a company considers of customer reactions, concerns and opinions, it gives the consumer the perception that they care for them. The customer sacrifices a price to acquire a product and when a company attracts a customer who was a customer of another company it is their task to retain and satisfy the needs of the stated consumer. The consumer forgoes other products and services in order to repurchase those products and services to remain loyal and often miss out on offers by other companies. The third hypothesis is supported the fact that cost of customer retention is lower than acquisition of new ones. It is economical for an enterprise to maintained the already acquire customers than investing in new prospects of customer acquisition. Implementation of customer acquiring techniques is also a hectic activity which demands participation by the whole company. This is a gamble process too as the investment may result in great unforeseen losses. In conclusion results of this research indicate that value influence customer loyalty and satisfaction to a great extent. Value implicated on a produce is an aspect customers consider when making purchases. This may be influenced by factor such as level of income of an individual. In the long run the consumer considers affordability and their capacity to meet their level of demand for the product. However, gender also is indicated as a factor influencing people’s buying habits. Males tend to show higher levels of customer loyalty than females in this research. 4.0 recommendations Links with high-involvement service providers is appealing to customers who want to retain the service providers as this may be a social and less of risk benefit to them. People are more appreciative of one on one channel where they can raise their concerns and get immediate feedback. To the concern of many people, this relationship is getting distorted by the up-come of self-service technologies which has been implemented by a majority of the service providers. Task of the managers is to enhance use of the technology in effective customer relation. Technology development facilitates interaction of consumer and firm directly, firms also gain more knowledge by development and maintenance of sophisticated and demanding data bases. Trust is a major component of today’s’ relationship with the massive rise in technology to retain vital relationships between client and firm. According to Chandrashekaran (2007 p.158), interpersonal relationships tend to create customer loyalty, satisfaction to the consumer and a rise in profit to the firm. Without trust long-term deals are questionable which makes the customer firm relationship transient and unreliable. Technological database systems have taken over the marketing scene but an emotional relationship needs a period human one on one interaction to be efficient and satisfactory. These systems are precisely elements that cause customer mistrust as the firms forget to generate trust and loyalty that the firm must be able to reciprocate with the customer. Brand asset is an area of importance in management particularly since firms focus is moving towards communication of intangible and complex matters as a marketing strategy. References Chandrashekaran, M, 2007, ‘Satisfaction Strength and Customer Loyalty’ Journal of Marketing Research, Vol. 44, No. 1, pp. 153-163. Hennig-Thurau, T. 2000, ‘Relationship Marketing: Gaining Competitive Advantage Through Customer Satisfaction and Customer Retention’. New York: Springer. Hougaard, S. & Bjerre, M. 2003. ‘Strategic Relationship Marketing’. New York: Springer. Leverin, A, & Liljander, V, 2006, ‘Does relationship marketing improve customer relationship satisfaction and loyalty?’ International Journal of Bank Marketing, Vol 24, No.4, pp 62-74. Little, E. & Marandi, E. 2003. ‘Relationship Marketing Management’. New York: Cengage Learning. Ndubisi, N, 2007 ‘Marketing Intelligence & Planning’, Journal of marketing practice, Vol. 25, No. 1, pp.98 – 106. Palmatier, R, et al 2006, ‘Factors Influencing the Effectiveness of Relationship Marketing: A Meta-Analysis’ Journal of Marketing, Vol 70, no. 4, 99 136-153. Palmatier, R, et al, 2009, ‘The Role of Customer Gratitude in Relationship Marketing’ Journal of Marketing, Vol. 73, No. 5, pp. 1-18. Rauyruen, P & Miller, K 2007, ‘Relationship quality as a predictor of B2B customer loyalty’ Journal of Business Research, Vol 60, no.1, pp 21-31. Scheer, L, Miao, C, & Garrett, J, 2010, ‘The effects of supplier capabilities on industrial customers’ loyalty: the role of dependence’ Journal of the Academy of Marketing Science, Vol 38, No.1, pp 90-104. Read More
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