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Concepts of Customer Satisfaction, Loyalty and Relationship Management

Satisfaction has been defined in a number of ways. It has been defined as the evaluation of emotion by Hunt. Satisfaction is an outcome of how well the offering (brand) has met the expectations of the consumer in terms of “Value”. This aspect of value can be functional utility, symbolism, service levels, experiential features, or a combination of several of these aspects to fulfill an unmet need. Dissatisfaction occurs when there is a discrepancy between prior expectation and actual performance. Expectations (about a product/service) are “pre-consumption beliefs about overall performance”. Expectations may be created by advertising, information at the retail outlet, word ...

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