Final answer:
Brand loyalty is achieved when customers buy a product from the same supplier repeatedly, often paying more for it than for competing products.
Step-by-step explanation:
Brand loyalty is achieved when customers buy a product from the same supplier again and again—sometimes paying even more for it than they would for a competitive product. Brand loyalty is a result of a positive customer experience and satisfaction with a product or service. It often arises from the perception of quality, reliability, and trustworthiness that a brand has established.
For example, a well-known technology company like Apple has a strong brand loyalty among its customers. They are willing to pay a premium price for Apple products because they trust the brand and have had positive experiences with their products in the past.
Bundling, on the other hand, is a related concept where a firm sells two or more products as one, offering a better price to consumers. Bundling can also contribute to brand loyalty as customers may be more likely to stick with a brand when they can get a good deal by purchasing multiple products together.