MANAGEMENT

Detailed explanation-1: -Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

Detailed explanation-2: -Companies and their customers working together to develop products that meet customer needs is known as co-creation of value.

Detailed explanation-3: -Customer satisfaction is defined as a measurement that determines how happy customers are with a company’s products, services, and capabilities. Customer satisfaction information, including surveys and ratings, can help a company determine how to best improve or changes its products and services.

Detailed explanation-4: -Customer satisfaction is important because it illustrates whether your customer base likes what you’re doing. Research shows that high satisfaction leads to greater customer retention, higher lifetime value, and a stronger brand reputation. Low customer satisfaction scores are important, too.