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COLEGIO TECNICO PREFECIONAL DE FLORES

Jeimmer Herrera

The importance of the customers for the executive and the industries

Introduction
To be successful, organizations must look into theneeds and wants of their customers. That is the reason why many researchers and academicians have continuously emphasized on the importance of customer satisfaction, loyalty and retention. Customersatisfaction is important because many researches have shown that customer satisfaction has a positive effect on an organization’s profitability. Due to this, the consequences of customer satisfaction anddissatisfaction must be considered. There is also a positive connection between customer satisfaction, loyalty and retention. Therefore, customer satisfaction, loyalty and retention are all veryimportant for an organization to be successful.

Customer satisfaction
Satisfaction is defined as: “a person’s feelings of pleasure or disappointment resulting from comparing a product’s perceivedperformance in relation to his or her expectations”. The satisfaction can be associated with feelings of acceptance, happiness, relief, excitement, and delight.
There are many factors that affectcustomer satisfaction like friendly employees,
Courteous employees, knowledgeable employees, helpful employees, accuracy of billing, billing timeliness, competitive pricing, service quality, good value andbilling clarity.
Customers’ wants, “the form taken by human needs as they are shaped by culture and individual personality”.

Effect of Customer Satisfaction on Customer Loyalty and RetentionHaving satisfied customers is not enough, there has to be extremely satisfied customers. This is because customer satisfaction must lead to customer loyalty.
“Building customer loyalty is not a choiceany longer with businesses: it’s the only way of building sustainable competitive advantage. Building loyalty with key customers has become a core marketing objective shared by key players in all...