Customer satisfaction, generally defined as a feeling or judgment by customers towards products or services after they have used them, has long been of interest to business and marketing experts as well as lay-people. Much of the awareness has focused on the recognition of customer satisfaction as an indication of a business’ high-quality service. As claimed by Suda and Sarunya (2011), customer satisfaction does not only express a happy customer, but is rather more complex than that reference. It is actually a term most widely used in the corporate and commerce industry. In the business aspect, it is focused on explaining about a measurement of the kind of products and services provided by a company to meet its customer’s expectation. Beard (2014) asserted that customer satisfaction serves as a marketing tool that measures how products or services supplied by a company meet or surpass a customer’s expectation. It plays a vital role in the business industry because it provides marketers and business owners with a metric that they can use to manage and improve their businesses. …show more content…
According to them, non-financial measures, although sometimes taken for granted, can provide incremental information beneficial for the financial growth of the business. This is the reason why almost all business industries’ primary goal is to ensure that their customers are fully satisfied—to ensure that their company will thrive and be financially satisfied as well. Winning in today’s marketplace entails the need to build customer relationship and not just solely about building the products; whereas building customer relationship means delivering superior value over competitors to the target customers (Kotler et al.,
RBC Financial Group uses a customer relationship management (CRM) strategy that provides a variety of services for a variety of clients. The strategy allows for individual customers to trust RBC and develop a personal relationship with each and every client. One major factor that allows CRM to operate effectively is the use of technologies and analytics to help classify each client’s financial situation. These customer profitability-based techniques allowed RBC to categorize their clients into A, B, and C groups so that the sales teams could optimize their efforts in catering to these different clients. This strategy holds the following strengths: optimizing sales efforts to different customers, easily accessible electronic sales leads, centralized and standardized financial decisions, and building personalized and sustainable customer relationships. There are a few weaknesses to the system though including the complexity in predicting future positions of companies despite the use of analytics as well as the complexity in creating consistency when using these
But then here is the question that we might ask, is profit the only element that should be considered when making business decisions? In my point of view, the answer is no as I will try to demonstrate throughout this paper. One quick alternative to what should be the first top priority of a business is creating a customer, Dr. Peter Drucker said. According to him “The customer is the foundation of a business and keeps it in existence”. He alone gives us employment.
Soman,D & Marand, S (2009). Managing Customer Value: One Stage at a Time.: World Scientific Publishing. p9-14.
"It was the summer of 1969: Man took his first walk on the moon. Nearly 450,000 people gathered in upstate New York to witness the historic Woodstock concert. And Doris and Don Fisher opened the first Gap store in San Francisco" (Gapinc.com 2007). Today, Gap Inc. is one of the world's largest specialty retailers, with more than 3,100 stores and fiscal 2006 revenues of $15.9 billion. Gap Inc. operates four of the most recognized apparel brands in the world Gap, Banana Republic, Old Navy and Piperlime. Every day, Gap Inc. looks for new ways to connect with customers around the world, providing value to their shareholders and to make a positive contribution in the communities where Gap Inc. does business. Gap Inc brands have a simple, common purpose: "to make it easy for people to express their personal style" (Gapinc.com 2007). Gap Inc. constantly evolves each brand to better meet their customers' needs through innovative and inspiring design; through convenient and engaging store experiences; and by communicating with people in a way that connects to how consumers live, work and play. Gap Inc. involves total quality management through out policies and procedures. In the following information explains how Gap Inc. uses TQM (total quality management), what made Gap Inc. the way it is today, and implementations on total quality management.
Customer satisfaction is a fundamental marketing construct in the last decades. The concept was not popular in the past and not accepted as well because companies thought it was more important to gain new customers than retain the current customers. However, presently, companies have greater understanding of the significance of customer satisfaction and adopted it as a high priority operational goal. Measuring the level of customer satisfaction is very important for today’s businesses. Businesses can apply these measurements to improve their business results. Consumer satisfaction is a central concept in modern marketing practice. The marketing concept makes much of delivering satisfaction to the customers and obtaining profits in return (Swan and Combs, 2005).
Close to the Customer: Customer satisfaction is very important throughout all the roles that the business plays. Many companies forget about their customers, whereas successful companies have an obsession with their customers. Excellent product quality and reliability will make a satisfied customer. Great service will keep the customer coming back.
Being in the government sector the research for customer satisfaction was focused on governmental agencies and the aspects associated with those agencies. Most citizens have a preconceived idea about government agencies and I wanted to see if those preconceived ideas were based on real experiences. This was done by researching and finding results either supporting or contradicting this notion. According to Tom Schoop the government does as well as any big company as far as customer satisfaction. (Schoop 2006) I work for a contractor, ResCare that is assigned by the Dallas County Texas Workforce Board to operate the Dallas County Workforce Centers and run the associated state and federal programs assigned to the Dallas County Workforce Centers. I will begin by identifying three governmental agencies and providing results found during the research. I will then link these results to the customer satisfaction ideals and practices of ResCare. Finally, I will discuss possible recommendations for ResCare to improve customer satisfaction.
Williams, P. & Naumann, E. 2011, "Customer satisfaction and business performance: a firm-level analysis", The Journal of Services Marketing, vol. 25, no. 1, pp. 20-32.
Many scholars believe that customer satisfaction has a crucial role in the success of a business, and is pivotal in increasing the overall profitability of the business (Kotier, 1991). Customer value is gained through the experience they receive from the goods or purchases they have obtained from a certain business. Customer value has various definitions and concepts, Holbrook (1999) stated that it is a kind of “interactive, mutual, and preferred experience”; but simply said, “the term customer value has many meanings.”
The more profitable firms are those that are able to maintain their most valued customers throughout time. To satisfy a customer means to make him faithful and customer satisfaction becomes the index that measures the ability of the firm to produce income for the future.
My customer service objective is for Aj Hackett. The objective is to: " connect with customers and make them feel content with their product but most importantly the service they receive.
Customer satisfaction is the overriding factor for the successful operation. Sales of the supermarket can grow when it makes its customers satisfied with the goods or services by best policy to fit customers’ requirement. So, it can be told that customer satisfaction is followed by customer revisiting or repurchasing. They can also tell their acquaintances about products or services as good. Customer satisfaction and sales might be linked directly, companies have to check the factors periodically such as quality, schedule, layout, inventory and so on to lift customer satisfaction because even small factors that employees didn’t recognize can affect consumer satisfaction enormously.
Consumer satisfaction is important because it provides marketers and business owners with a metric that they can use to manage and improve their businesses. Hence increase in prices damages the already established consumer satisfaction. Harris, L. and Gurel, E., (1986)
To avoid customer dissatisfaction companies must learn to manage their customers’ expectations by painting a true picture of the scenario and future deliverables. Companies should factor in all customizations and special circumstances when making their service promises. Companies should avoid the trap of over-promising or promoting themselves as something they are not. In the current competitive market, although it is extremely tempting to pad ones achievements, a customer that makes realistic promises and delivers on them is more likely to retain its customers than one that makes big promises but is unable to deliver. It is never about just closing the sale. Closing a sale has no meaning when the follow up to this is an unhappy customer or a cancelled
It’s subjective opinion or psychology of customers. Satisfaction is often confused with loyalty. The range of customer’s emotion is shown with surprise, contentment, happy, unhappy or relief. The entire gap between perceived quality and expected quality is influenced customer satisfaction. Customer loyalty is always is frequency buying action.