Answer :
Customer satisfaction and customer loyalty are two related but distinct concepts in the field of business and marketing. Customer satisfaction refers to the level of contentment or fulfillment experienced by a customer after purchasing a product or service.
Customer loyalty, on the other hand, goes beyond mere satisfaction. It refers to the degree of commitment and attachment a customer has towards a particular brand or company. It is important to distinguish between customer satisfaction and customer loyalty because they address different aspects of the customer-company relationship:
1. Focus: Customer satisfaction focuses on the immediate transactional experience, whereas customer loyalty looks at the long-term relationship.
2. Depth of engagement: Satisfied customers may or may not be loyal, as satisfaction alone does not guarantee repeat business. Loyal customers, however, are more likely to remain engaged with the company over time.
3. Competitive advantage: Customer satisfaction is important for any business to retain customers and avoid negative word-of-mouth. However, customer loyalty provides a competitive advantage as loyal customers are more likely to stay with a company even when faced with alternative options.
4. Business growth: Loyal customers are more profitable for a company as they tend to make repeat purchases, have higher average order values, and are more likely to try new products or services. Customer loyalty is crucial for sustaining long-term business growth.
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