Title:
A FRAMEWORK FOR ECONOMIC ANALYSIS OF CONSUMERS' PERCEPTION OF SERVICES QUALITY

Authors:
Dr. Fr. G. Vazhan Arasu, Alice Chettiar (ne Alice Rashmi Rajan)

Abstract:
Consumers' perception is a marketing term that involves customers' impression, awareness and/or consciousness about a business or products and services offered. As a service quality measure it indicates how well services received by customers correspond to their expectation level, that they had even before receiving/buying the services/products. Most often Consumers' perception and satisfaction are used interchangeably but they are different. Customer perception indicates whether customers are satisfied or not. Customer satisfaction points out the degree to which the customer is happy or not happy with the service received. Consumers perception, satisfaction with regard to service quality are vital for businesses as it helps in attracting new customers and retain the old ones. "The economic analysis" (demand and supply theory) is equally significant for a business, as it helps in understanding the different issues affecting sales and purchase of business, therefore helps in making smarter business decisions. 'Consumers' perception' and 'demand and supply' are two most significant and cognate terms in the field of business and economics. Hence this study puts together these two terms in a way that helps businesses to make better decisions to satisfy their customers and improve performance. This study aims to provide an economic analysis framework to understand the consumers' perception. This frameworks will provide and economic eye to see the effects of consumers' perception on the business's profitability.