Home › BBA Marketing › Marketing › Creating Products and Pricing Strategies › Customer satisfaction is defined as which of the…
Customer satisfaction is defined as which of the following?
AThe share of a market that a single brand has won
BThe ratio of a product benefit to its selling price
CThe number of repeat purchases made in a year
DThe feeling that a product has met expectations
Answer & Solution
Correct answer: D. The feeling that a product has met expectations
1. Customer satisfaction is a feeling held by the customer, not a figure held by the firm.
2. That feeling is that the product has met or exceeded what the customer expected.
3. Market share, benefit to price and repeat purchase counts are all firm-side measures.
4. None of those three captures how the buyer feels about the purchase.
_Source: OpenStax Introduction to Business (CC BY 4.0), Ch 11 "Creating Products and Pricing Strategies to Meet Customers' Needs", section 11.1 The Marketing Concept_
Related questions
Big data and analytics are used to provide consumers with which two things?Big data refers to which of the following?Database marketing is sometimes given which other name?What does the information in a marketing database help managers do?One-to-one marketing means creating what?What are shopbots?How does online technology help sellers rather than buyers?What effect has the internet had on pricing power?