Consumer satisfaction

The concept of utility says, the satisfaction people derives from their consumption activities. Now the term utility should be differentiated from satisfaction.

     Utility implies expected satisfaction where is satisfaction stands for realised satisfaction.
A consumer thinks of utility, when he is contemplating the purchase of commodity, but he secured the satisfaction only after having consume the commodity.
Utility and satisfaction both have different meaning, but the theory of consumer behaviour believes both are synonymous.
When we rate the song or the story or the acting on a movie on a scale of 1 to 10 that means multiple parameter is there, that measurement is called as Cardinal measurement of utility.
But we prefer the method of ranking over rating.
When we are signed rank, for example top 10 engineering colleges, then this kind of measurement is called as ordinal measurement of utility.

Principle of diminishing marginal utility says, the more of a good that are obtained in specific period of time, the least the additional utility derived from an additional unit of good.
Marginal utility diminishes more quickly with the shorter time period.
The rate of diminishing marginal utility differs accross customer because it depends on individual taste and preference.