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Companies that build brands that are strong and unique become better positioned to compete in today’s unpredictable business environment. Such brands are highly significant for both firms and their customers alike. This importance is intertwined in the sense that customer purchase decisions have major implications for organizational performance (OP) and prosperity.
The power of brands is well documented. Among other things, they possess the capacity to:
In the latter case, this typically leads to future purchases, positive word-of-mouth (WOM) and a willingness to pay premium prices.
But that’s not all. When customers feel strongly connected to a brand, it can...
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