Final answer:
Customer satisfaction is the state which a company's products or services meet or exceed customers' expectations, leading to contentment. It is influenced by the information available to customers before the purchase and is key to brand loyalty and continual patronage.
Step-by-step explanation:
The mental state that customers have about a company and its products or services when their expectations have been met or exceeded is referred to as customer satisfaction. This state is a result of how the product or service performed against the buyer's expectations, which are shaped by the available information before purchase. Customer satisfaction is achieved when a product or service delivers value that meets or surpasses the customers' anticipated level of satisfaction.
When making purchases, customers act on the belief that the goods or services will provide a certain level of satisfaction. However, whenever there is imperfect or unclear information from the buyer's or seller's side, this can result in buyers regretting their past purchases or avoiding future ones. Essentially, customer satisfaction plays a crucial role in a customer's purchase decisions and their continual patronage.
Furthermore, customer satisfaction is not only confined to tangible products but also applies to experiences such as job satisfaction and other services. The expectations and the actual utilitarian or emotional benefits derived from a product or service importantly shape an individual's mood and contentment,—ranging from distress to enjoyment—and affect loyalty to the company or brand.