Which statement best describes customer satisfaction as defined by the book?

It refers to a $5$ step process for creating contingency or back up plans to better serve customers when problems arise or things do not go as expected.

It refers to any formula used to calculate the cost of acquiring a new customer or replacing an existing one.

It refers to a term that is used to describe how well an organization is doing in providing products or services that meet or exceed customer expectations It refers to the process of a customer switching between products or companies, often simply to get a better price, contract, rebate or warranty.