2204chapter%2015%20review

2204chapter%2015%20review - CHAPTER 15 REVIEW Marketing...

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CHAPTER 15 REVIEW Marketing Concepts: Testing Your Knowledge 1. Provide a definition of customer satisfaction in your own words. Customer satisfaction occurs when a product’s performance meets or exceeds the performance expectations of the customer. 2. What is the difference between customer satisfaction and customer retention? Why are these terms so important to a business organization? Customer retention is the result of customer satisfaction. Another way of saying this is that customer satisfaction is key to retaining customers. These terms are so important to a business organization because customer retention is the single most important driver of long-term financial performance. 3. What are some ways in which we can measure customer satisfaction? Describe the pros and cons of each. There are four tools identified for measuring customer satisfaction. They are: Customer Satisfaction Surveys PROS CONS Can duplicate survey identically from customer to customer Does not capture customer definition of
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This note was uploaded on 07/16/2009 for the course BUSI 2204 taught by Professor X during the Winter '07 term at Carleton CA.

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2204chapter%2015%20review - CHAPTER 15 REVIEW Marketing...

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