Conceptual Analysis of Brand Image and Perceived Value: Assessing Its Impact on Brand Loyalty

Abstract This research tries to establish an understanding between the customer perception and loyalty towards a brand. The primary issues this study tries to explore are does brand image, perceived risk, perceived price, and perceived quality affect the perceived value for cosmetic products and does perceive value lead towards brand loyalty in the cosmetic product category. Data has been collected from 532 Indian female respondents who have recently shopped for cosmetic products. Exploratory factor analysis was carried out in SPSS (24), followed by CFA and path analysis to validate the results. It has been found that brand image is significantly related to the perceived value. Perceived risk and perceived price are negatively associated with the perceived value. Perceived quality significantly affects the perceived value. Finally, perceived value is positively associated with brand loyalty. Limitations and scope for further research is also discussed in this study.