Customer Satisfaction

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Marketing decisions are very important to a firm’s success. In view of its ability to provide satisfaction to the growing wants and needs of the people, marketing as an economic activity has thereby gained importance in the economic world. So important it is that it touches the lives of all people all over the world.

Consumer satisfaction is a central concept in modern marketing thought and practice. Referred to many as the “marketing revolution” of the 1970s, a sudden shift toward customer-oriented marketing became the newest “trend” in business—and it has held its ground since: Business starts with the customer. Customer satisfaction matters. It matters not only to the customer, but even more so to the business because it directly impacts a company’s bottom line profits.

The marketing concept emphasizes delivering satisfaction to consumers and obtaining profits in return. As a result, overall quality of life is expected to be enhanced. Thus, consumer satisfaction is crucial to meeting various needs of consumers, business, and society. The realization of this importance has led to a proliferation of research on consumer satisfaction over the past two decades. Attempts to make significant contributions toward understanding this important area have been made, including numerous studies and annual conferences on consumer satisfaction/dissatisfaction and complaining behaviour. Consumers compare their perceptions of product performance with a set of standards.

Measuring the level of customer satisfaction is very important for today’s business organizations. Business organizations can use these measurements to improve their business results. Measurement of customer satisaction requires quantitative and qualitative methods. Consequences of satisfaction come out in two different forms. In case of high satisfaction or at least no dissatisfaction, the customers keep their purchasing. The customers exceed their expectations provide a positive word of mouth as well as they continue to be a loyal customer for the company. However, in case of dissatisfaction or defection, customers may complain and stop purchasing. At least, they start distributing negative word of mouth.

Yesterday’s big firms focused on mass – marketing to all customers. Today’s firms are building deeper, more direct and more lasting relationships. Most marketers realize that they don’t want relationship with every customer. Instead, they now are targeting fewer, more profitable customers. Once they identify profitable customers firms can create attractive offers and capture their customer’s satisfaction.

Businesses that have been successful retaining the business of their loyal clients have shown over time to consistently increase profits from their installed client base. The impact of customer loyalty is impossible to overlook. This white paper will examine not only the significance of customer satisfaction, but also some of the factors that businesses need to consider in order to accurately define, measure, and integrate this concept into practice

Customer-oriented business philosophy, or any of its many synonymous monikers (customer-focus, customer-centrism, relationship marketing) has since gained near ubiquitous acceptance, but surprisingly, most companies are not practicing some of the most fundamental tenets of this school of thought.

Customer satisfaction matters. It matters not only to the customer, but even more so to the business because it directly impacts a company’s bottom line profits. Furthermore, it is one of the most important components of a company’s positive brand image.

Consumerism involves the relationship of marketing with those who buy a company’s goods or services. Consumerism had its beginning in the early 1900s. At the time, it focused on product purity, product shortages, antitrust concerns, postal rates and banking. From the 1930s to the 1950s, consumerism concentrated on product safety, labelling, misrepresentation, deceptive advertising ,consumer refunds and bank failures.

The greatest growth in consumerism took place from the early 1960s until about 1998. It involved all areas of marketing.

Customer satisfaction matters. It matters not only to the customer, but even more so to the business because it directly impacts a company’s bottom line profits. Furthermore, it is one of the most important components of a company’s positive brand image .

The reason why customer satisfaction directly affects bottom line profitability is quite simple: it costs far less to retain a happy client than it does to find a new client. Businesses that have been successful retaining the business of their loyal clients have shown over time to consistently increase profits from their installed client base. The impact of customer loyalty is impossible to overlook.

This white paper will examine not only the significance of customer satisfaction, but also some of the factors that businesses need to consider in order to accurately define, measure, and integrate this concept into practice Referred to many as the “marketing revolution” of the 1970s, a sudden shift toward customer-oriented marketing became the newest “trend” in business—and it has held its ground since: Business starts with the customer. Find out what the customer wants, then produce it, then sell it. Customer-oriented business philosophy, or any of its many synonymous monikers (customer-focus, customer-centrism, relationship marketing) has since gained near ubiquitous acceptance, but surprisingly, most companies are not practicing some of the most fundamental tenets of this school of thought

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