O the link between customer satisfaction and customer

This preview shows page 1 out of 2 pages.

expectations. o The link between customer satisfaction and customer loyalty is not proportional o The following practices can help to recover customer goodwill after a negative experience. Set up a seven-day, 24-hour toll-free hotline (by phone, fax, or e-mail) to receive and act on complaints—make it easy for the customer to complain. Contact the complaining customer as quickly as possible. The slower the response, the more dis- satisfaction may grow and lead to negative word of mouth. Accept responsibility for the customer’s disappointment; don’t blame the customer. Use friendly, empathic customer service people. Resolve the complaint swiftly and to the customer’s satisfaction. Some complaining customers are looking for a sign that the company cares, not for compensation. o Satisfaction will also depend on product and service quality. Quality is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs. Maximizing Customer Lifetime Value o Ultimately, marketing is the art of attracting and keeping profitable customers. o The well-known 80–20 rule states that 80 percent or more of the company’s profits come from the top 20 percent of its customers.
Image of page 1
You've reached the end of this preview.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern