International Resort and Spa ManagementAnalysis of the relationship between Customer Satisfaction and Customer Loyalty based on the Service-Profit Chain - Essay Example

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Highly ranked executives of various well performing service organizations no longer spend much of their time concentrating on the market share or establishing profit goals as previously done in these types of organizations. Instead, such executives have developed a clear…
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International Resort and Spa ManagementAnalysis of the relationship between Customer Satisfaction and Customer Loyalty based on the Service-Profit Chain
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Extract of sample "International Resort and Spa ManagementAnalysis of the relationship between Customer Satisfaction and Customer Loyalty based on the Service-Profit Chain"

Download file to see previous pages f service, including acquiring technology that enhances frontline workers, investing increasingly in people, revamping the training and recruiting practices, and performance based compensation. Such approaches enhance employee satisfaction, productivity and loyalty in line with the value of services and products delivers, thus promoting customersatisfaction and loyalty, which in turn enhances the profitability and growth of the organization. It is with no doubt that a loyal customer’s lifetime value is astronomical, particularly upon addition of referrals to the repeatpurchases and customer retention economics (Al-alak & El-refae, 2012, p. 199). The service-profit chain allows managers to focus on new investments that would allow for establishment of levels of service and satisfaction that would facilitate higher competitive impact. Various arguments have been established concerning the relationship between consumer satisfaction and consumer loyalty, with some individuals believing that satisfaction fosters loyalty while others refuting this idea. It is evident that a level of consumersatisfaction is highly likely to facilitate repeat purchases and recommendations among consumers, but does not guarantee such loyalty to the organization. The resort and spa industry is increasingly growing with news players being introduced each instance. As such, organizations within this industry are faced with highly competitive markets, which call for highly effective strategic approaches that would allow for attraction and retention of consumers. Managers within thisindustry are faced with contrasting takes on the kind of approaches that would facilitate such retention, with one facet of perspectives suggesting that consumer satisfaction would facilitate loyalty, while the other suggesting that consumer loyalty is not necessarily guaranteed by consumer satisfaction and thus other approaches should be employed. This paper reviews the relationship between consumer satisfaction ...Download file to see next pagesRead More
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