Chapter 7 notes - Chapter 7 Creating Customer Satisfaction...

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Chapter 7 Customer satisfaction - a customer’s positive, neutral, or negative feeling about the value received from an organization’s product in specific use situations Customer loyalty - how often, when selecting from a product class, a customer purchases a particular brand Customer lifetime value (CLV)- the amount of profit an organization expects to obtain over the course of a customer relationship Cost structure - the amount of resources required to produce a specific amount of sales Customer expectations - consumer’s beliefs about the performance of a product based on prior experience and communications Customer defections - the percentage of customers who switch to another brand or supplier Satisfaction ratings - provide a way for consumers to compare brands, enable testing agencies to determine how well products perform, and allow companies to monitor how satisfied consumers are with their goods and services Customer satisfaction measurement program
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