Consumer satisfaction is a measure of how well a company's products and services meet or exceed customer expectations. It is crucial for customer retention and positive word-of-mouth. The document discusses factors that affect consumer satisfaction like product quality, price, brand, availability, after-sales service, and durability. It also defines customer satisfaction and reviews several academic definitions that see it as the assessment of whether a product meets or exceeds expectations. Maintaining high customer satisfaction is important for businesses as it increases customer loyalty, lifetime value, and reduces churn.