Question

Papers on importance of customer satisfaction

Answer 1

Customer satisfaction is a key and valued outcome of good marketing practice. According to Drucker (1954), the principle purpose of a business is to create satisfied customers. Increasing customer satisfaction has been found to lead to higher future profitability (Anderson, Fornell, and Lehmann 1994), lower costs related to defective goods and services (Anderson, Fornell, and Rust 1997), increased buyer willingness to pay price premiums, provide referrals, and use more of the product (Reichheld 1996; Anderson and Mittal 2000), and higher levels of customer retention and loyalty (Fornell 1992; Anderson and Sullivan 1993; Bolton 1998). Increasing loyalty, in turn, has been found to lead to increases in future revenue (Fornell 1992; Anderson, Fornell, and Lehmann 1994) and reductions in the cost of future transactions (Reichheld 1996; Srivastava, Shervani, and Fahey 1998). All of this empirical evidence suggests that customer satisfaction is valuable from both a customer goodwill perspective and an organization's financial perspective.

Answer 2

There are many literary works done on the importance of customer satisfaction.

Explanation:

• These papers say and insist the importance of customer satisfaction. Customer satisfaction is utmost information in any business.
• Depending upon the customer satisfaction only our business will grow or demolish. Hence the importance of customer satisfaction is insisted by many people.
• Also many papers are published on the basis of customer satisfaction. We have to research on the complaints made by the customer in the market and look to improvise it in our business.

To learn more:

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