Customer Satisfaction Is a Global Concept That Refers to the Customer's

question 32

True/False

Customer satisfaction is a global concept that refers to the customer's overall evaluation of a product performance or a service encounter and is formed after consumption. It is not normally used to evaluate product component parts or steps of the service delivery process.

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Definitions:

Reservation Price

The absolute highest price that a buyer is prepared to pay for a product or service.

English Auction

A type of auction in which prices start low and bid up by participants until no higher bids are offered.

Willingness To Pay

The maximum amount an individual is prepared to spend to acquire a good or service or avoid something undesirable.

Expected Revenue

The average amount of money a company anticipates receiving over a specific period based on probable sales or services provided.