Open AccessA Study on Product Diversification Strategy Adopted by Colgate Contributes to its Brand Loyalty
Author(s) -
Yashasvi Kanodia
Publication year - 2020
Publication title -
asian journal of engineering and applied technology
Language(s) - English
Resource type - Journals
ISSN - 2249-068X
DOI - 10.51983/ajeat-2020.9.1.1080
Subject(s) - brand loyalty , diversification (marketing strategy) , advertising , marketing , business , brand management , purchasing , loyalty , brand awareness , brand extension , brand equity , order (exchange) , product (mathematics) , mathematics , geometry , finance
“If people believe they share values with a company, they will stay loyal to the brand.” This statement by Howard Schultz carries profound truth in it. In order for any brand and its products to be successful in the market, they should be able to satisfy their consumers. Customers can be retained only when the company identifies the behavioral purchasing patterns of the consumers in a world constantly stuck among changing trends, technology and lifestyle. The purpose of this research study is to investigate the direct relationship between the unique selling methods adopted by Colgate and their diversification in the products that they offer and their combined effect on brand loyalty. This paper provides a preliminary understanding of the various factors that have contributed to the brand loyalty of Colgate over the decades and why people still continue to trust the brand despite having the discretion to switch to rival brands at almost similar prices.
The paper highlights the significance of the effect of brand loyalty on the sale of its products and how by adopting different marketing strategies, brands can retain old customers and attract new ones.