In the world of Business Administration, the term "customer expectation" is closely related to what?

How the product will serve me (including the product benefits, features, after sales services, the sales person way of presenting, if it is a service will I feel the same feeling that was expressed in an Ad of by the sales person... etc)

i would rather use "Customer Perception"

because it involve the customers as well potential customers.

the customer perception is a measure for his awareness of company product, brand and offers. also it measures the satisfaction level of the product.

if you have an advertisment campaign, then you need to measure the customer perception. is he aware of the message you sent? does he think it is tempting?

if a customer bought your product, then it measure customer satisfaction regarding the price based value...etc

"customer expectation" is closely related to customer experience  and the level of service they receive.