What impact does consumer demographics and satisfaction have on increased profitability? Ultimately, we are looking to develop a relationship between customer satisfaction and increased revenues. The survey is going to be deployed by asking customers for their level of customer satisfaction based on service, atmosphere and quality. Our hypothesis statements are as follows: H0: There is no difference in revenue when rating favorable customer satisfaction. H1: There is a difference in revenues when rating favorable satisfaction average. The Survey
As a market research group, we have decided that an electronic customer service survey would be a quick and affordable method to perform market segmentation analysis. This will allow us to gather feedback and measure customer satisfaction against profits (Mena, 2014). With the provided data we can pinpoint variables that lead to higher levels of customer satisfaction, reveal drivers that influence positive behaviors, and develop strategies for organizational implementation. Together we will increase positive relationships between customer satisfaction and xxxx business success. Interpretation of Descriptive Statistics
After reviewing 385 random samples, analysis showed the distribution of customer satisfaction with a standard deviation of 58.7 and average spending price of $100.61. The survey asked the respondents to rate their customer satisfaction level based on service, quality, and atmosphere; and provide us with their total spending. Based on a 95% confidence level, those respondents that had an above average customer experience spent between $116 and $163.30 vs. below average respondents spending between $42.59 and $89.84. Based on the p-value of 1.33E+06 we are able to conclude that it is much less than the significance value of .05. Therefore, we reject the null hypothesis in favor of the alternative. The statistical test shows the direct connection between favorable customer satisfaction and increased profit. (Please see attached spreadsheet for sampling findings.) Chart
The below charge is based off the satisfaction level of service, atmosphere and quality. As we can see the majority of customers found xxx to be average compared to other competitors. The percentage of customers that found xxxx to be above average and below average are the same.