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The definition and modelling of customer loyalty have been central issues in customer relationship management since many years. The purpose of this study is to examine the relative influence of value equity, brand equity, and retention equity (customer equity drivers) on cruise passengers' customer loyalty. Data were collected by a online survey from who had taken cruise travel at least once in the past twelve months. A structural equation modelling was performed to estimate the research model and to test the research hypotheses. The effect of value equity on customer loyalty was stronger than those of brand equity and retention equity. The effect of retention equity on customer loyalty was stronger than that of brand equity. The proposed model may help cruise line marketers to understand many facets of the customer loyalty from a customer equity driver perspective.