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Provide a 7 pages analysis while answering the following question: Customer Insight for Competitive Advantage. Prepare this assignment according to the guidelines found in the APA Style Guide. An abst
Provide a 7 pages analysis while answering the following question: Customer Insight for Competitive Advantage. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. It is not the customers who depend on the organisations but it is organisations who depend on customers. So, customers can never be considered as a source of the problem because if customers go away, the future of the company will be in jeopardy (ibid). Similarly, in the opinion of Hanesmark and Albinsson (2004), customer satisfaction can be explained as the overall customer attitude towards a particular service provider, or the emotional reaction of a customer to the difference he or she notices between the anticipated service and the actual service. In fact, customer satisfaction is related to various factors like customer loyalty and customer retention. To illustrate, according to Anderson and Jacobson (2000), customer loyalty is the situation when a customer maintains increases the purchase from a particular organisation. In their opinion, this happens when an organisation manages to create a benefit for a customer. In fact, a customer feels to be loyal to a particular organisation when the company manages to offer such services which are according to the expectations of the customer.
Similarly, Hoyer and MacInnis (2001) claim that customer retention is the act of working to satisfy customers with the intention of developing long-term relationships with them. In other words, retention can be defined as the commitment to continue to do business or exchange with a particular company. Thus it becomes evident that for businesses in the increasingly competitive world economy, it is highly necessary to aggressive adopt such policies and practices which satisfy their customers. In the opinion of Kotler (2000, p. 135), customer satisfaction can be defined as the level of satisfaction a customer feels depending on the way the perceived performance varies from the actual performance. This satisfaction can come out in the form of various feelings like acceptance, happiness, relief, excitement, and delight.
