Advertising often uses different ways to improve brand loyalty. The company's demand curve becomes more inelastic.
- Brand Loyalty is very important and beneficial to businesses because it can result to constant purchases by consumers, higher revenues, and customer referrals.
It is regarded as a positive association that consumers cling to a specific product or brand. Customers who show brand loyalty are always buying a product or service.
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Negative attitude can lead to high turnover
Answer:
Prestige Pricing Strategy
Explanation:
The prestige pricing strategy is best when the company has a great amount of customers who feel honored to buy the company's product and this is because of the extra-ordinary product the company produces and gives the customer feeling of prior quality product. As a result, the company starts pricing higher prices due to differentiation of the product and increased brand recognition.
90000$:100%=x$:80%, x*100=90000*80, x=72000$
The Martin family spends 80% of annual income which is 72000$ and their autonomous consumption spending is 10000$.
So Martin's family annual consumer spending is 72000$+10000$=82000$.