Identify the four market segment groups based on brand loyalty status and list what a company can learn from analyzing the degrees of brand loyalty.brand loyalty
Brand loyalty is the degree to which consumers prefers to purchase product from the same brand from the same manufacturer repeatedly than from other suppliers. It enables the marketing during the crisis period enabling the business to run in long term. The four market group segments based on brand loyalty status are: Hardcore Loyal: These are those buyers who buy only one brand all the time. Customers show their strong desire and use the same brand always. Since they feel comfortable and sense pride by using the product, people become hardcore loyal towards the product. The more the customers are hardcore loyal, the more it represents the products strengths. For example, there are large numbers of customers who only prefer to wear and buy Nike shoes not the other brand shoes available in the market, which shows that these customers are hardcore loyal only towards the brand Nike. Split Loyal: These are those customers who are loyal to two or three brands. After making the comparison fro...