Final answer:
Customer satisfaction occurs when a buyer's expectations are met and needs fulfilled. It is crucial for businesses as it leads to repeat sales, positive word-of-mouth, and customer loyalty.
Step-by-step explanation:
Customer satisfaction occurs when a buyer's expectations are met and needs fulfilled. This means that when a customer purchases a product or service, they expect it to deliver on its promises and meet their needs. For example, if a customer buys a smartphone and it functions well, has good battery life, and meets their communication needs, they would be satisfied.
Customer satisfaction is crucial for businesses as it leads to repeat sales, positive word-of-mouth, and customer loyalty. When customers are satisfied, they are more likely to continue buying from the same company and recommend it to others. On the other hand, if a customer's expectations are not met, they may be dissatisfied and choose to switch to a competitor.
In conclusion, customer satisfaction is important for businesses to thrive. By understanding and meeting their customers' expectations and needs, companies can build strong relationships and retain loyal customers.