Managers understand that customer satisfaction leads to customer loyalty, and loyal customers drive growth, sales, and profitability. However, measuring customer satisfaction can be a difficult task to accomplish. There are many different tools and practices used by businesses that try to correlate customer satisfaction scores with company growth and financial success.
- Go to https://s3.amazonaws.com/blackboard.learn.xythos.p… to access a pdf by Genroe (Australia) Pty Ltd. titled Net Promoter Score® – A Brief Introduction.
- Conduct additional research to gather information on tools used to assess customer satisfaction. Analyze the results of your research to answer the following questions:
- Describe how customer satisfaction is related to repurchase intentions and loyalty
- Explain how measuring customer satisfaction can be used as a point of differentiation when attempting to attract new customers.
- Distinguish the differences between measuring customer retention rates and customer loyalty rates. Which one is likely to have a higher correlation to company growth, and why?
- What inferences can be made when the use of two different customer satisfaction metrics results in different customer satisfaction ratings for each?
- Compose your answers with a minimum of one paragraph per question (minimum of 4 paragraphs total). At least one outside research source is required for this assignment. Cite your sources according to APA guidelines.