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The Benefits of Customer Satisfaction

Please give at least 2 paragraphs to each questions. Thanks!

1. What are the benefits associated with customer satisfaction? Why should companies invest in customer satisfaction research?

2. What components may be beneficial to include in a customer performance and service rating survey? Explain.

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Benefits of Customer Satisfaction
Management experts believe providing customer satisfaction is one of the most critical responsibilities of a company's' managers (Shahraki, 2014). Customer satisfaction is key to success, satisfied customers return to make more purchases of goods or services from the company that satisfies their needs (Wansoo, 2009). Customer satisfaction must be considered in every phase of a company's interactions with customers to retain their business loyalty.

Some research has shown that it is five times more expensive to win new customers than to retain a current customer (Ali, Alvi, & Ali, 2012). According to Taylor, Donovan and Ishida (2014), American consumers' trust in businesses at an all-time low. An atmosphere such as this ...

Solution Summary

This is a discussion that looks at the benefits of customer satisfaction and the importance of customer research. There are references provided and is APA formatted.