15. Customer Satisfaction and Retention

Customer satisfaction refers to how happy customers are with a company's products or services. When customers are satisfied, they are more likely to return, leading to customer retention. Both satisfaction and retention are crucial for organizational performance, as it costs less to keep existing customers than to acquire new ones. High levels of satisfaction can lead to positive word-of-mouth, enhancing a company's reputation and attracting new customers. Ultimately, a focus on customer satisfaction boosts productivity by fostering loyalty, reducing turnover, and creating stable revenue streams, which contribute to long-term success and growth for the organization.