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- Customer_satisfaction abstract "Customer satisfaction is a term frequently used in marketing. It is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals." In a survey of nearly 200 senior marketing managers, 71 percent responded that they found a customer satisfaction metric very useful in managing and monitoring their businesses.It is seen as a key performance indicator within business and is often part of a Balanced Scorecard. In a competitive marketplace where businesses compete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy."Within organizations, customer satisfaction ratings can have powerful effects. They focus employees on the importance of fulfilling customers’ expectations. Furthermore, when these ratings dip, they warn of problems that can affect sales and profitability. . . . These metrics quantify an important dynamic. When a brand has loyal customers, it gains positive word-of-mouth marketing, which is both free and highly effective."Therefore, it is essential for businesses to effectively manage customer satisfaction. To be able do this, firms need reliable and representative measures of satisfaction. "In researching satisfaction, firms generally ask customers whether their product or service has met or exceeded expectations. Thus, expectations are a key factor behind satisfaction. When customers have high expectations and the reality falls short, they will be disappointed and will likely rate their experience as less than satisfying. For this reason, a luxury resort, for example, might receive a lower satisfaction rating than a budget motel—even though its facilities and service would be deemed superior in 'absolute' terms."The importance of customer satisfaction diminishes when a firm has increased bargaining power. For example, cell phone plan providers, such as AT&T and Verizon, participate in an industry that is an oligopoly, where only a few suppliers of a certain product or service exist. As such, many cell phone plan contracts have a lot of fine print with provisions that they would never get away if there were, say, a hundred cell phone plan providers, because customer satisfaction would be far too low, and customers would easily have the option of leaving for a better contract offer.There is a substantial body of empirical literature that establishes the benefits of customer satisfaction for firms.".
- Customer_satisfaction thumbnail Business_Feedback_Loop_PNG_version.png?width=300.
- Customer_satisfaction wikiPageExternalLink CUSTOMER_SATISFACTION_A_CENTRAL_PHENOMENON_IN_MARKETING.
- Customer_satisfaction wikiPageExternalLink cspaper.pdf.
- Customer_satisfaction wikiPageID "3730788".
- Customer_satisfaction wikiPageRevisionID "604777682".
- Customer_satisfaction hasPhotoCollection Customer_satisfaction.
- Customer_satisfaction subject Category:Business_terms.
- Customer_satisfaction subject Category:Consumer_behaviour.
- Customer_satisfaction comment "Customer satisfaction is a term frequently used in marketing. It is a measure of how products and services supplied by a company meet or surpass customer expectation.".
- Customer_satisfaction label "Customer satisfaction".
- Customer_satisfaction label "Kundenzufriedenheit".
- Customer_satisfaction label "Soddisfazione del cliente".
- Customer_satisfaction label "رضا العميل".
- Customer_satisfaction label "顧客満足".
- Customer_satisfaction sameAs Kundenzufriedenheit.
- Customer_satisfaction sameAs Soddisfazione_del_cliente.
- Customer_satisfaction sameAs 顧客満足.
- Customer_satisfaction sameAs m.09xtgd.
- Customer_satisfaction sameAs Q999278.
- Customer_satisfaction sameAs Q999278.
- Customer_satisfaction wasDerivedFrom Customer_satisfaction?oldid=604777682.
- Customer_satisfaction depiction Business_Feedback_Loop_PNG_version.png.
- Customer_satisfaction isPrimaryTopicOf Customer_satisfaction.