A Study On Exploring The Key Strategies Switching In Competitive Markets

Abstract

In today's fiercely competitive market, brand switching has become a common phenomenon among consumers, especially in the fast-moving consumer goods (FMCG) sector. Understanding the key drivers behind brand switching is crucial for FMCG companies seeking to foster customer loyalty and maintain a competitive edge. This research explores the determinants of brand switching in the FMCG industry, focusing on the influence of price, brand image, quality of service, and customer satisfaction. The study employs a qualitative research approach and conducts in-depth interviews with 200 FMCG customers who have purchased products from various companies. Thematic analysis is employed to examine the data, and reliability analysis, multiple regressions, and Pearson correlation are utilized for data analysis. The research findings reveal that these four key factors significantly influence brand switching behavior. Price is identified as a critical factor, along with brand image, service quality, and customer satisfaction. The study highlights the dynamic nature of the FMCG market, where customers frequently switch brands based on these factors. Based on the findings, several recommendations are provided for FMCG companies to foster customer loyalty and deter brand switching. Strategies include careful price management, brand image enhancement, service quality improvement, and a strong focus on customer satisfaction. Keeping a watchful eye on competitors and staying adaptable to evolving customer preferences are also essential in this competitive landscape. This study contributes to the understanding of brand switching behavior in the FMCG sector and offers practical insights for companies striving to create enduring customer relationships amid intense competition.