Brand Loyalty and Trust
Arguments regarding brand loyalty have been occurring across the country for decades. They argue about which company makes the best truck, Ford, Chevy, or Dodge. They argue about which sports car is better, Ford Mustang, Chevy Camaro, or the Dodge Charger. They even argue about which beer is best. Companies relying on brand loyalty is nothing new, but sometimes they take brand loyalty for granted. Some companies decide to alter their product to the point that it is no longer familiar with their loyal consumers which results in a quick backlash and huge monetary losses. A great example of this would be New Coke, introduced in 1985 and only lasted a few weeks even though it fared well in nationwide taste tests (Gilbert, …show more content…
Prudential Financial was named a 2016 World's Most Ethical Company for the second consecutive year. Companies are judged in five key categories: Compliance and Ethics Program, Corporate Citizenship, Culture of Ethics, Corporate Governance, and Leadership, Innovation and Reputation (Professional, 2016). In today’s world of social media, someone is always watching and ethical slipups are broadcasted to the entire world within minutes of occurring. The poor treatment of airline passengers by several airlines was recorded and made recent headlines. Companies can also be unethical by it use of social media by using sugging, to include fake in-line reviews, SPAM, and the improper use of privacy information (Tanner & Raymond, 2011, pp. 315-317). Consequently, companies are not the only unethical ones and may need to protect …show more content…
Loyalty is broken down in to two dimensions. One loyalty is attitudinal (how you feel) and the other is behavioral (will not consider other offerings). Similar to personal relationships, this loyalty and trust can be broken with product modification (New Coke), unethical behavior, or being socially irresponsible. This is critical today as word of mouth has social media to use as a platform whether legitimate or not. Consumers can also be unethical (bots, pirating, and phishing) and companies must take steps to protect themselves from such behavior. Consumers should research companies and make educated decisions on which ones to trust. The buyer must beware especially during on-line transactions when dealing with overseas companies. All consumers trust and are loyal to brands for various
Arguments regarding brand loyalty have been occurring across the country for decades. They argue about which company makes the best truck, Ford, Chevy, or Dodge. They argue about which sports car is better, Ford Mustang, Chevy Camaro, or the Dodge Charger. They even argue about which beer is best. Companies relying on brand loyalty is nothing new, but sometimes they take brand loyalty for granted. Some companies decide to alter their product to the point that it is no longer familiar with their loyal consumers which results in a quick backlash and huge monetary losses. A great example of this would be New Coke, introduced in 1985 and only lasted a few weeks even though it fared well in nationwide taste tests (Gilbert, …show more content…
Prudential Financial was named a 2016 World's Most Ethical Company for the second consecutive year. Companies are judged in five key categories: Compliance and Ethics Program, Corporate Citizenship, Culture of Ethics, Corporate Governance, and Leadership, Innovation and Reputation (Professional, 2016). In today’s world of social media, someone is always watching and ethical slipups are broadcasted to the entire world within minutes of occurring. The poor treatment of airline passengers by several airlines was recorded and made recent headlines. Companies can also be unethical by it use of social media by using sugging, to include fake in-line reviews, SPAM, and the improper use of privacy information (Tanner & Raymond, 2011, pp. 315-317). Consequently, companies are not the only unethical ones and may need to protect …show more content…
Loyalty is broken down in to two dimensions. One loyalty is attitudinal (how you feel) and the other is behavioral (will not consider other offerings). Similar to personal relationships, this loyalty and trust can be broken with product modification (New Coke), unethical behavior, or being socially irresponsible. This is critical today as word of mouth has social media to use as a platform whether legitimate or not. Consumers can also be unethical (bots, pirating, and phishing) and companies must take steps to protect themselves from such behavior. Consumers should research companies and make educated decisions on which ones to trust. The buyer must beware especially during on-line transactions when dealing with overseas companies. All consumers trust and are loyal to brands for various