Marketing and Customer Satisfaction - Essay Example

The findings of the study will pave way for enhanced research in the field of customer satisfaction.

The core concepts of relationship marketing, service quality, and customer loyalty will be primarily dealt with within this literature analysis. All the above three concepts are very much important in retaining the existing customers and bringing in new customers. Proper attention to these concepts will help in producing long-term profitability for the organization. The literature analysis will be based on the impact of these concepts on the current retail sector and its relationship with customer satisfaction.

2.2. The Retail Industry

Retailing may be described as the concept of marketing or selling the goods based on the customer choice and needs, on behalf of various organizations that produce such goods. (Gilbert, 1999) It is the concept of effective management of resources based on the needs and aspirations of the customers. (Davies, 1993) The study conducted by Peterson & Balasubramanian (2002) puts forward the strong argument that retailing has evolved and transformed a lot since the beginning of the 21st century. As per their views, the internet revolution is the main reason for such a massive change in retailing and marketing.

Internet is the foundation of new-age marketing. (Hamel & Sampler, 1998) The other factors that have lead to the transformation of retailing are Globalization, development in technologies, and the ever-changing customer behavior. Retailing is no more a small story at present. From smaller shops in the primitive years, a present-day retail store covers acres of land. Multinational corporations consider retailing as a high growth segment. (Raff & Schmitt, 2009) The authors argue that the main driving force of the retail segment is the increased scope of importing goods from low-wage countries and the economies of scale due to large-scale importing. The changes in the retail scenario have made evolved and transformed the customers along with it. Customers today are more demanding and segmented.