One of the emerging marketing techniques of building customer loyalty isthrough loyalty programmes. Yi & Jeon(2003) suggest that customers canexhibit attitudinal loyalty towards thebrand (company loyalty) and/ortowards the loyalty programme (programme loyalty). Programme loyaltysans company loyalty can involve latentfinancial risk for the firm. To helpunderstand how programme loyaltytranslates to company loyalty, thisstudy illustrates three routes that connect programme loyalty to companyloyalty. The first path is of perceivedfunctional value which is driven by economic benefits.
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