Modeling Consumer Perception and its Impact on Brand Image and Customer Retention: Evidence from Indian Oil Corporation Limited (IOCL)

consumer perception, brand image, customer retention, ANOVA, demographic variables, IOCL, oil companies.

In this study, the authors examine the relationship among consumer perception, brand image and customer retention in the context of Indian Oil Corporation Limited (IOCL) as one of the largest public sector oil marketing companies in India. In a highly competitive petroleum retailing industry, brand success and customer loyalty largely depend on how consumers see the brands. The data obtained for the research is primary data obtained from 200 respondents by a structured questionnaire designed for capturing the important dimensions affecting the consumers' behaviour toward IOCL. Reliability of the scale was tested by Cronbach's Alpha, and the number of factors was determined by Exploratory Factor Analysis of consumer perceptions. Some significant factors were considered such as service quality, fair price, product availability, trust, brand reputation and all-around customer experience.

The impact of consumer perception on the brand image and customer retention was then tested through multiple regression analysis. Moreover, ANOVA and independent sample t-tests were used to compare the consumer perception on demographic variables like age, gender, and income level. Results show that there is a high positive correlation between consumer perception, brand image and customer retention. When the perception of the customers is positive, this has a great impact on the IOCL brand image and keeps more customers staying with the company. The findings highlight the significance of providing high levels of service excellence, transparency of pricing and trust to enhance brand equity and customer loyalty.

The study found that IOCL and oil marketing companies can obtain a sustainable competitive advantage by consistently building their consumers' perceptions by delivering services, engaging digitally, and seeking to focus on the consumer. The study offers significant strategic insights into the impact of customer perception on brand image and customer retention in the Indian oil and gas industry.