A Study in Factors Affecting Customer Satisfaction
CHAPTER 1
INTRODUCTION
1.1 INTRODUCTION TO THE STUDY
Customer satisfaction is defined as the measurement of how a company’s products or services meet or surpass its customer’s expectations. It is also a measure of how the customer perceives the way the company’s representatives dealt with his or her needs.
Customer satisfaction plays an important role in determining the likelihood of an organization’s success and profitability over the long term. It is an important way of business to develop customer loyalty that in turn builds repeat business through customer retention. Generally speaking, there are three different levels of customer satisfaction: Dissatisfied customers who are seeking for another supplier; satisfied customers who will buy from the company in the future and loyal customers who will remain so despite competitive offers.
Unless a business organization develops a base of satisfied customers, it will be difficult if not impossible to remain viable in the market place. Moreover, any business not focused on satisfying its customers will be at the mercy of competitors who will eventually satisfy that persons needs and desires. Taking prompt action to resolve a customer’s problems can make the 85% of them repeat customers. It costs on the average six times as much to find a new customer as it does to keep an existing one happy. This underscores the importance of customer satisfaction.
"In researching satisfaction, firms generally ask customers whether their product or service has met or exceeded expectations. Thus, expectations are a key factor behind satisfaction. When customers have high expectations and the reality falls short, they will be disappointed and will likely rate their experience as less than satisfying.
The study Factors Influencing Customer Satisfaction Of Mahindra’s Passenger Vehicles At TVS & Sons, Maradu, Ernakulam helps to find out the satisfaction level of customers towards the company’s product and services
INTRODUCTION
1.1 INTRODUCTION TO THE STUDY
Customer satisfaction is defined as the measurement of how a company’s products or services meet or surpass its customer’s expectations. It is also a measure of how the customer perceives the way the company’s representatives dealt with his or her needs.
Customer satisfaction plays an important role in determining the likelihood of an organization’s success and profitability over the long term. It is an important way of business to develop customer loyalty that in turn builds repeat business through customer retention. Generally speaking, there are three different levels of customer satisfaction: Dissatisfied customers who are seeking for another supplier; satisfied customers who will buy from the company in the future and loyal customers who will remain so despite competitive offers.
Unless a business organization develops a base of satisfied customers, it will be difficult if not impossible to remain viable in the market place. Moreover, any business not focused on satisfying its customers will be at the mercy of competitors who will eventually satisfy that persons needs and desires. Taking prompt action to resolve a customer’s problems can make the 85% of them repeat customers. It costs on the average six times as much to find a new customer as it does to keep an existing one happy. This underscores the importance of customer satisfaction.
"In researching satisfaction, firms generally ask customers whether their product or service has met or exceeded expectations. Thus, expectations are a key factor behind satisfaction. When customers have high expectations and the reality falls short, they will be disappointed and will likely rate their experience as less than satisfying.
The study Factors Influencing Customer Satisfaction Of Mahindra’s Passenger Vehicles At TVS & Sons, Maradu, Ernakulam helps to find out the satisfaction level of customers towards the company’s product and services