MKTG201 Week 7 Assignment 7

MKTG201 Week 7 Assignment 7

Are you especially loyal to any one brand? If so, what is it and why are you so loyal? When successfully building loyalty and community, trust seems to be the biggest factor. How can a company build trust and what is the best approach to do so (incorporating concepts from both the field of marketing and psychology)? What are the ethical issues and obligations that come with trust once it is built? Should consumers trust companies? Why or why not? Do you think some consumers are just more prone to be loyal to companies and other consumers are not? Why or why not?

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Sample Solution

Building trust is essential for companies to establish long-term relationships with their customers. To build trust, a company can employ various strategies, such as being transparent, reliable, and consistent in its actions and communication. A company can also build trust by providing high-quality products or services, listening to customer feedback, and resolving any issues promptly and effectively.

From a marketing perspective, building trust involves creating a strong brand identity that aligns with the values and needs of the target audience. Companies can use social proof, such as customer testimonials and endorsements, to build trust and credibility. From a psychological standpoint, building trust involves creating a sense of rapport and emotional connection with customers, which can be achieved through personalization, empathy, and storytelling.

Once trust is built, a company has an ethical obligation to maintain that trust by continuing to act in the best interest of its customers. This may involve being transparent about any changes in policies or

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