Six Reasons for Customer Satisfaction

Published: 2021-06-29 07:05:02
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REVIEW QUESTIONSDiscuss and illustrate the important considerations in maintaining customer satisfaction, taking University of Economics and Finance (UEF) as given example. How has UEF been maintaining and expanding its loyal customer community, as well as to attract future students? Customer satisfaction is a marketing term that measures how products or services supplied by a company meet or surpass a customer’s expectation. Customer satisfaction is important because it provides marketers and business owners with a metric that they can use to manage and improve their businesses.  Six reasons why customer satisfaction is so important:It’s a leading indicator of consumer repurchase intentions and loyaltyCustomer satisfaction is the best indicator of how likely a customer will make a purchase in the future. Asking customers to rate their satisfaction on a scale of 1-10 is a good way to see if they will become repeat customers or even advocatesIt’s a point of differentiationIn a competitive marketplace where businesses compete for customers; customer satisfaction is seen as a key differentiator. Businesses who succeed in these cut-throat environments are the ones that make customer satisfaction a key element of their business strategy.It reduces customer churnCustomer satisfaction is the metric you can use to reduce customer churn. By measuring and tracking customer satisfaction you can put new processes in place to increase the overall quality of your customer service.It increases customer lifetime valueSatisfaction plays a significant role in how much revenue a customer generates for your business. Successful businesses understand the importance of customer lifetime value (CLV). If you increase CLV, you increase the returns on your marketing dollar.It reduces negative word of mouthCustomer satisfaction is tightly linked to revenue and repeat purchases. What often gets forgotten is how customer satisfaction negatively impacts your business. It’s one thing to lose a customer because they were unhappy. It’s another thing completely to lose 20 customers because of some bad word of mouth.It’s cheaper to retain customers than acquire new onesCustomers cost a lot of money to acquire. You and your marketing team spend thousands of dollars getting the attention of prospects, nurturing them into leads and closing them into sales. Why is it that you then spend little or no money on customer retention?For present customers, UEF has supplied for them a lot of service like: Classroom is wide, colorful, light, clean - stimulate students' creation. Most classrooms have air-conditioner.The 14 floor is for students work out.The 4 floor is for relaxing after working hard.The 5 floor is library.The 16 floor is for events, press conference, ...The study at UEF is so hard and reality. The school always meets students needs, but in limit. When I study here, I must to give a presentation a subject that I'm studying. The teachers always encourage students work in group, make plans, think about new idea. In short, encourage the student' creation. Most of students is satisfied about UEF. The parents of students also follow the studying of their children. Every time finish a semester, the school send transcript, learning outcomes and give you their advices and their children in the next semester. This make some students uncomfortably but their parents totally agree with school.

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