Analyzing the Moderating Effect of Hedonic Value on Process of Developing Brand Loyalty

Brand loyalty is one of the most important factors affecting the success of marketing efforts, which, in turn, is under the influence of numerous and diverse factors and conditions. Identifying these factors and determining the effect of each significantly help managers to make the right decisions. Therefore, the aim of this article is identifying and examining thefactors influencing brand loyalty and analyzing the moderating effect of hedonic value on the process of developing brand loyalty. This study is a descriptive and applied survey and its statistical population were chosen from Sony’s customers in Yazd Province. Structural equation modeling has been used for data analyzing. The results show that customer satisfaction, brand value, brand trust, perceived quality and customer orientation have strong impact on brand loyalty, while the highest effect belongs to satisfaction. The findings also show that hedonic value only moderates the relationship between satisfaction - loyalty and brand value - and loyalty.