Loyalty and Customer Satisfaction with the Public Sector Oil Marketing Companies: Way Forward for Effective CRM Strategies

Brand loyalty represents a favourable attitude towards a brand resulting in consistent purchase of the brand over time and is the result of consumers' learning that one brand can satisfy their needs. Companies aim towards their customers becoming brand evangelists and thus help in communicating and strengthening the brand relationship of others. For a brand to have value, it must be valued by the customer. Brands are built through a combination of rational and emotional elements and these emotions evoked by brands enhance buying and consumption processes. Customer relationship management is a widely implemented strategy for managing a company’s interactions with customers, clients and sales prospects. India's oil market has so far been dominated by Public Sector Oil marketing Companies especially in the marketing of petroleum products. The customer behaviour that has intrigued the marketers and researchers for long has been the indifference exhibited by fuel consumers while making choice amongst these three brands to refuel their vehicles. This research aims to study the brand loyalty and customer satisfaction with public sector oil marketing companies. The results point towards the need for implementing effective customer relationship programmes with different segments of the society and the way forward for the same.