MKT 730 Chapter Notes - Chapter 1: American Customer Satisfaction Index, Customer Satisfaction, Customer Retention

• School: Ryerson University
• Department: Marketing
• Course: MKT 730
• Professor: Laila Rohani

Document Summary

Creating loyalty is at the heart of every business. The only value a company will ever create id the value that comes from its customers. Businesses succeed by getting, keeping, and growing customers. Customers are the only reason you build factories, hire employees, schedule meetings, and without customers you don"t have a business. Strong customer focus means more of an effort to deliver a high level of customer satisfaction and customer loyalty: marketing strategies focus on meeting customer needs and achieving customer satisfaction. Tracking competitors performance also enables a business to track its relative competitiveness in pricing, product performance product availability, service quality, customer satisfaction, and customer loyalty. Acsi studies have shown that customer satisfaction is a leading indicator of company financial performance: very satisfied, loyal customers are the ones who shape the profitability of a business. Customer satisfaction index (csi: to determine csi, compute the average customer satisfaction of the customer"s satisfaction ratings.