Factors contributing to customer satisfaction
Customer satisfaction, as the name implies, is the extent to which a firm's products or services meet the expectations of its customers. With more intense competition and highly-demanding customers, coupled with advancement in technology, large firms are not always the ultimate successful c...
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| Main Authors: | , , |
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| Other Authors: | |
| Format: | Final Year Project |
| Language: | English |
| Published: |
2015
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10356/63032 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | Customer satisfaction, as the name implies, is the extent to which a firm's
products or services meet the expectations of its customers.
With more intense competition and highly-demanding customers, coupled with
advancement in technology, large firms are not always the ultimate successful
competitors. Smaller firms, which are ill-equipped to win a price war, can still capture
the market if they can gain a competitive edge by making the customers satisfied.
Trying to compete solely on the basis of product or price is insufficient. Customers also
want to be treated well and do repeat business with places that emphasize service.
There are many factors affecting customer satisfaction. For firms in the service
industries, one such dominant factor is the quality of customer service. Service
differentiation is a viable marketing strategy that works within these industries. The
differentiation has to be obvious and of value to the customers. While maximizing
customer satisfaction may require additional costs to be incurred, the bottom line is that
keeping customer satisfied is crucial to the firm's long-run profitability and viability. |
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