Brand loyalty

Name: Brand loyalty
Brand: Quizplus
Rating: 4.7 (50 reviews)

Question

Brand loyalty

Quizplus · Accepted Answer

Brand loyalty exists even when products are virtually identical, meaning that consumers will remain loyal to a particular brand even if there are similar options available at a lower price. This can make the demand curve facing the firm less price-elastic, as consumers are willing to pay more for the brand they are loyal to. It does not lead to one price for all brands, as firms may still differentiate prices based on brand reputation, quality, or other factors.

Brand Loyalty