THE EFFECT OF BRAND EXPERIENCE AND PERCEIVED VALUE ON BRAND LOYALTY MEDIATED BY BRAND TRUST

: This study aimed to investigate the direct effect of brand experience and the perceived value of customers on brand loyalty and the indirect effect through brand trust as mediating variable. This study used a questionnaire distributed to 130 loyal customers of Susu Nandhi Murni produced by KUD Batu. The sampling technique was purposive sampling, and the method of data analysis was Partial Least Square (PLS). The results demon-strated a positive and significant direct effect of brand experience and perceived value on brand loyalty. In addition, brand experience and perceived value also had a positive and significant effect on brand trust and brand trust on brand loyalty. Furthermore, the indirect effect through brand trust as mediating variable also revealed a positive and significant effect, both on the brand experience and perceived value. Finally, future studies are suggested to investigate other variables that were not discussed in this research, such as brand image and brand satisfaction.

over indicates consumer loyalty toward the Nandhi Murni brand.
Consumer loyalty is the main key to business success, especially in the midst of fierce competition nowadays. The effort to maintain brand loyalty is a more effective strategic effort compared to attracting new customers. According to Schiffman and Kanuk (2004), brand loyalty is the most expected outcome of a study of consumer behaviour. There are many definitions of brand loyalty from various perspectives. The commonly used definition is that brand loyalty is a consistent consumer preference for making purchases of the same brand in certain products or services. High loyalty to the brand greatly affects the sale of a brand. That is validated by several studies that examined brand loyalty, including Guest (1955) and Jacoby et al. (1971). Customer loyalty is crucial for companies. Thus it attracts the attention and focus of many researchers.
Customers who feel satisfaction after using or consuming a product will think of making a repeat purchase at another opportunity. In addition, they will notify other consumers to buy the same product from the same brand. Under these conditions, it can be seen that consumer experience is one of the important factors affecting brand loyalty. Brand experience is a brand's consumer experience that can encourage consumers to repurchase the product from the same brand (Schmitt, 1999, in Taleghani et al., 2011. When consumers obtain a good experience with a brand, then the consumer will trust, feel satisfied, and commit to re-use the product. This brand experience will arise when consumers have used the brand (Ambler et al., 2002in Taleghani et al., 2011. Conversely, if the experience gained by consumers is not good, then consumers will feel disappointed and tell the disappointment to others and will not buy the same product. Another factor that also influences brand loyalty is the perceived value. Value is a set of benefits expected to be obtained by consumers from certain products or services. In contrast, perceived value is the difference between evaluating consumers' perceptions of the benefits and sacrifices of an offer and its alternatives (Armstrong and Kotler, 2003). Some researchers found a significant relationship between perceived value and brand trust (Ahmed et al., 2014). Furthermore, the relationship between brand experience and perceived value to brand loyalty is not always direct. Therefore, loyalty itself is the result of consumers' trust toward products from a certain brand. The company must implement the right strategy to provide a good brand experience and high perceived value. In this study, brand trust is expressed as a mediating variable between brand experience and perceived value toward brand loyalty.
Several studies related to brand loyalty show different results. Hussein (2018); Walter et al. (2013); Marist et al. (2014); Rajumesh (2014); Shim et al. (2015); and Abdel and Bendary (2017), found that there was a significant influence between brand experience and brand loyalty. Iglesias et al. (2011); Kwong and Candinegara (2014); and Pranadata et al. (2017) found an insignificant influence between brand experience on brand loyalty. In addition, research Rismanita et al. (2018);Rajab et al. (2016); and Ashraf et al. (2018) found that perceived value had a significant effect on brand loyalty, while Morgan and Govender (2017) and Kassim et al. (2014), stated that perceived value does not significantly influence brand loyalty. Furthermore, the significant effect of brand experience on brand trust has been proven by Chinomona (2013), Kim et al. (2015), and Hariyanto (2018). In addition, the significant effect of perceived value on brand trust has been proven by Hendra and Lie (2016), Shabrina et al. (2016), and Abdel and Bendary (2017). On the other hand, regarding brand trust and brand loyalty, Ahmed (2014), Kumar et al. (2014), and Rizky (2017) found that the relationship is also significant.
The gap in previous studies and the lack of use of brand trust as a mediating variable makes it important to conduct a further investigation about the direct effect of brand experience and perceived value toward brand loyalty, and also the indirect effect by using brand trust as mediating variables is important to be done. In this research, the study was conducted on consumers of Susu Nandhi Murni produced by KUD Batu.

METHOD
This study used a quantitative method with an explanatory research approach. The population in this study were all customers of the Susu Nandhi Murni produced by KUD Batu. Since the size of the population is unknown, the researchers applied a Non-probability sampling technique (Cooper and Schindler, 2003), specifically the Purposive sampling. Research samples were 130 consumers of Susu Nandhi Murni who made repeat purchases. Primary data were collected using a Questionnaire that the Validity and Reliability instrument test had previously tested. Furthermore, data analysis was performed using the PLS (Partial Least Square) method on the SmartPLS 2.0 program. Decision making from hypothesis testing is based on a significant level of 0.05 (5%).

Direct Effect
Test results of the analysis on the direct effect between brand experience variables (X1) and perceived value (X2) on brand trust (Z), brand experience (X1) and perceived value (X2) on brand loyalty (Y), and brand trust (Z) towards brand loyalty (Y) is presented in Table 1. In addition, the final structural model can be seen in Figure 2.

HYPOTHESIS DEVELOPMENT
The research concept is explained as follows:

The Effect of Brand Experience and Perceived Value on Brand Loyalty Mediated by Brand Trust
The results of the analysis can be interpreted further as follows: Effect of brand experience on brand loyalty (H1) The direct effect of brand experience (X1) on brand loyalty (Y) obtained a path coefficient of 0.425 with a t-statistic value of 5.602 (> 1.960) and a pvalue of 0.000 (<0.05). Therefore, brand experience has a positive and significant effect on brand loyalty (H1 Accepted). Effect of perceived value on brand loyalty (H2) The effect of perceived value (X2) on brand loyalty (Y) obtained a path coefficient of 0.216 with a t-statistic of 3.252 (> 1.960) and a p-value of 0.001 (<0.05). Thus, the perceived value has a positive and significant effect on brand loyalty (H2 Accepted).

Effect of brand experience on brand trust (H3)
The effect of brand experience (X1) on brand trust (Z) obtained a path coefficient of 0.557 with a t-statistic of 10,601 (> 1,960) and a p-value of 0,000 (<0.05). This result demonstrates that brand experience positively and significantly affects brand trust (H3 Accepted).

Effect of perceived value on brand trust (H4)
The direct effect between the perceived value (X2) on brand trust (Z) has a path coefficient of 0.343 with a t-statistic of 6.107 (> 1.960) and pvalue 0.000 (<0.05). That shows that the perceived value positively and significantly affects brand trust (H4 Accepted).

Effect of Brand trust on brand loyalty (H5)
The direct effect of brand trust (Z) on brand loyalty (Y) obtained a path coefficient of 0.238 with a t-statistic of 3,599 (> 1,960) and a p-value of 0,000 (<0.05). Therefore, brand trust has a positive and significant effect on brand loyalty (H5 Accepted).

Indirect Effect
The indirect effect analysis is conducted to determine the effect of the independent variable on the dependent variable through a mediating variable and determine the type of mediation formed in the research model. The results indirect effect tests are explained as follows:

The Effect of Brand Experience and Perceived Value on Brand Loyalty Mediated by Brand Trust
Furthermore, the results of the indirect effect analysis can be interpreted further as follows: Effect of brand experience mediated by brand experience on brand loyalty (H6) The indirect effect of Brand Experience (X1) on Brand Loyalty (Y) with Brand Trust (Z) as a mediating variable obtained a t-statistic value of 3,395 (> 1,960) and a p-value of 0.001 (<0.05). Furthermore, the results of mediation testing using the Sobel test showed a t statistics value of 3,410 (> 1.96) and a p-value of 0,000 (<0.05). So, the indirect

Effect of Brand Experience on Brand Loyalty
Based on the results, brand experience has a positive and significant effect on brand loyalty. This finding is in line with research conducted by Hussein (2018), Walter et al. (2013), Marist et al. (2014), and Abdel and Bendary (2017). The better the capability of Nandhi Murni KUD Batu in utilizing the dimensions of brand experience to create a good brand experience, the more likely consumers will be loyal to the brand. Furthermore, the influence of brand experience on the formation of loyalty is dominated by the behavioural loyalty that is built by brand experience in terms of affective and sensory. Customers consider that Susu Nandhi Murni is delicious and can impr ove their mood. In line with Bandyopadhyay and Martell (2007), customer loy-alty in behavioural aspects is more driven by functional attributes, quality, and price rather than the brand's reputation. Consumers of Susu Nandhi Murni are behaviorally loyal, making Nandhi Murni the main goal when they want to drink milk.

Effect of perceived value on brand loyalty
This study indicates that the perceived value has a positive and significant effect on brand loyalty. That shows that the benefits of the Susu Nandhi Murni are considered good and fully delivered to the consumers and eventually build consumer loyalty toward the brand. This result is supported by Ashraf et al. (2018) and Susanto (2018). The more values perceived by consumers of the product, the higher the customer loyalty toward the brand. The consumers can easily obtain susu Nandhi Murni from the branch outlets and the nearest supermarket. According to Muliawan and Sugiarto (2018), one of the factors affecting consumer buying interest is getting products and product availability. The product variation is the value needed for customers to get satisfaction. In addition, Indriaty (2016) explained that products that can make consumers satisfied, trust, and even loyal are the products that are innovative and has good quality.

Effect of Brand Experience on Brand Trust
In this study, the experience of the consumers of Susu Nandhi Murni KUD Batu proved to positively and significantly affect consumers' trust. This finding is supported by previous researchers, such as Chinomona (2013), Kim et al. (2015), and Hariyanto (2018). Furthermore, affection and sensory indicators are the most dominant indicators in shaping the brand experience of the consumers of Susu Nandhi Murni KUD Batu. KUD Batu has succeeded in providing satisfaction for its customers, especially in presenting a good brand experience in affection and sensory experience. According to Triratnawati (2017), milk is a healthy drink as it is full of nutrition needed by the body. Thus, people are accustomed to drinking milk to maintain their health. Susu Nandhi Murni brings good taste and package, so they can help improve the mood of con-effect is positive and significant (H6 Accepted) with the partial mediation.

Effect of perceived value mediated by the brand trust on brand loyalty (H6)
The indirect effect of perceived value (X2) on brand loyalty (Y) with brand trust (Z) as a mediating variable obtained a t-statistic value of 3,070 (> 1,960) and a p-value of 0.002 (<0.05). The results of mediation testing using the Sobel test showed a t-statistics of 3.107 (> 1.96) and a p-value of 0.001 (<0.05). Thus, the effect of perceived value mediated by brand trust toward brand loyalty is positive and significant (H7 Accepted), with partial mediation.
sumers. In other words, consumers realize that they consume Susu Nandhi Murni for the sake of the body's health and to boost the mood and the sense of joy.

Effect of perceived value on brand trust
The result shows that the perceived value has a positive and significant effect on brand trust. Previous studies that support this finding are Abdel and Bendary (2017), Shabrina et al. (2016), Hendra and Lie (2016). The better the product value, service value, employee value, and image value, the higher the brand trust, especially reliability and intention. Descriptively, the perceived value is primarily built on the availability and reachability of the product. Customers will be satisfied if the desired product can be obtained easily. According to Muliawan and Sugiarto (2018), one of the factors of the consumer buying interest is the ease of getting products and product availability. This study shows that KUD Batu markets Susu Nandhi Murni in their branch outlets and modern retail stores. KUD Batu provides pure and nutritious milk in various interesting flavours and packaging so that consumers feel satisfied and trust the product.

Effect of Brand Trust on Brand Loyalty
Brand trust is one of the important factors that influence consumer loyalty. In this study, the theory is proven that brand trust has a positive and significant effect on their loyalty. This finding supports the results of the prior studies conducted by Kumar et al. (2014), Murtiningsih et al. (2016, Ahmed et al. (2014), andRizky (2017). Brand reliability plays an important role in increasing brand trust. That is consistent with the description of the brand trust variable, where the brand trust of Nandhi Murni KUD Batu consumers is reflected through brand reliability. Consumers consider that Susu Nandhi Murni has met consumers' expectations, so the consumers feel satisfied with the product and eventually trust the brand for the next time they want to consume the dairy product. Furthermore, the brand loyalty variables are reflected in the willingness of consumers to share the quality of Susu Nandhi Murni and recommend it to their colleagues. This means that Nandhi Murni KUD Batu has succeeded in maximizing brand trust indicators, so consumers feel confident to buy and promote their products.

Effect of Brand Experience on Brand Loyalty Mediated By Brand Trust
This study indicates that brand trust can partially mediate the effect of brand experience on brand loyalty (partial mediation). This finding supports the study of Chinomona (2013), Kim et al. (2015), and Hariyanto (2018), which stated that brand experience had a positive and significant influence on brand trust. Kumar et al. (2014), Murtiningsih et al. (2016), Ahmed et al. (2014), and Rizky (2017) also stated that brand trust has a positive and significant influence on brand loyalty. A good brand experience can bring confidence to the brand. With brand trust, consumers will feel comfortable with the product and will show loyalty to the product by making purchases on an ongoing basis. Partial mediation shows that direct and indirect influences work well together to influence the consumers' loyalty by brand experience directly and is indirectly influenced through brand trust. The brand trust supports the establishment of good loyalty of the customers of the Nandhi Murni KUD Batu. On the other hand, a good brand experience will also form customer loyalty, even without the mediation of brand trust.

Effect of Perceived Value on Brand Loyalty Mediated by Brand Trust
The indirect effect of perceived value on customer loyalty is proven to be mediated by brand trust. In this study, the indirect relationship was proven to be positive and significant and included in the category of partial mediation. This finding supports the results of previous studies conducted by Abdel and Bendary (2017), Shabrina et al. (2016), Hendra and Lie (2016), Kumar et al. (2014), Murtiningsih et al. (2016), Ahmed et al. (2014), and Rizky (2017). The result indicates that Nandhi Murni KUD Batu consumers have a good perception of the value of the product. Consumers have gained product values, such as ease of consumption, product quality, and product variance that can be chosen as needed. Partial mediation shows that direct and indirect in-fluences work well together, so the formation of loyal consumers of Nandhi Murni KUD Batu is directly influenced by the brand's perceived value and indirectly influenced through the mediation of brand trust. Consumption of Susu Nandhi Murni is a habitual activity and consumers feel happy and voluntary to consume it continuously, regardless of the presence or absence of brand trust.

CONCLUSIONS
The brand experience and the perceived value obtained by the consumers of Susu Nandhi Murni KUD Batu have been proven to influence consumers' brand loyalty. The better the brand experience felt by consumers, and the higher the value perceived by consumers, the higher the consumer's loyalty to the Nandhi Murni brand. The analysis results involving brand trust as a mediating variable also indicate a significant effect of brand experience and perceived value on brand loyalty, categorized in partial mediation.

RECOMMENDATIONS
KUD Batu is strongly suggested to maintain customer loyalty by improving the product quality to meet consumers' expectations. Furthermore, future studies are recommended to investigate the direct and indirect relationship between variables on the different research objects, especially coffee product consumers, which is one of the most popular products in Malang. Researchers are also recommended to examine other variables not observed in this study, such as brand satisfaction and brand image.