Brand loyalty is the most characteristic of which competitive strategy?
D) lowest cost
These are the methods that companies implement to ensure they compete favorably in the market. These strategies include the methods that can help attract more customers, withstand the pressures in the market, or establish a position in the market. Overall, companies use these measures to gain a competitive advantage in the market.
Answer and Explanation:
The answer is A. Differentiation.
Organizations implement differentiation strategies for their products and services to stand out in the market. Through differentiation, a company's products and services can be easily set aside from others produced by its competitors because of their unique qualities, physical characteristics, price, the type of customer service, and the experience that a customer gains when using the product or service. The different forms of differentiation enable a company to establish a strong brand that is associated with exceptional characteristics, which provide various benefits to the customers. In the market, customers often go for the superior brands because of the benefits they gain from them. This repeated purchase leads to increased brand loyalty.
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fromChapter 2 / Lesson 10
Do you always drink the same brand of soda or coffee? If so, why? In this lesson, you'll learn about brand loyalty. You'll also have a chance to take a short quiz after the lesson.