marketing

• What is key for an entrepreneur or business to be successful?

  Identifying and fulfilling customers’ needs
• Where do most business ideas come from?

  From an entrepreneur spotting a need for a product or service
• What are the four main customer needs that an entrepreneur must consider?

  • Price
  • Quality
  • Choice
  • Convenience
• What does price refer to in a business context?

  How much a business charges for its product or service
• What do customers want when purchasing a product or service?

  A fair price
• What is the relationship between low prices and customer expectations?

  Low prices usually draw in many customers, but they want value for money
• Why is it important for a price to match the quality of a product?

  Because customers expect a price that reflects the quality of the product
• What do customers expect when buying rare diamonds?

  A high price
• What might happen if a discount shop sells its own brand of chocolate at a high price?

  Customers may assume the product is of low quality
• What does quality relate to in a business context?

  The standard of the product or service being offered
• What do customers expect regardless of the price they pay?

  Some level of quality
• How does the expected quality change with price?

  Those paying a low price expect lower quality, and those paying a higher price expect higher quality
• If a person buys a handbag for £15, what might they expect regarding its lifespan?

  They may expect it to last for six months
• What lifespan might a person expect from a £500 handbag?

  They may expect it to last for five years or longer
• How does price affect the level of service offered by businesses?

  Low prices often mean lower-quality service, while higher prices often mean higher-quality service
• Why is choice important for businesses?

  It allows them to cater to different groups of customers
• What might customers want when buying items in terms of choice?

  Different styles, sizes, or completely different products
• How might a clothing shop cater to customer choice?

  By stocking a range of styles and sizes
• How can e-commerce businesses offer a wider choice of products?

  They are not restricted by the display area in a physical shop
• What do customers want in terms of convenience?

  Something that is easier, quicker, or less hassle
• Why might customers be willing to pay more for convenience?

  Because it saves them time and effort
• What is an example of convenience in purchasing?

  Buying clothes or food online instead of traveling to a shop
• How can a ticket-selling business enhance convenience for customers?

  By displaying tickets via an app on a smartphone
• What is crucial for a new business regarding its customers?

  Identifying who its customers or potential customers are
• What does understanding customer requirements enable a new business to do?

  Generate sales and increase its chances of survival
• How does generating sales relate to understanding customers?

  It is easier when a business knows what customers want
• What might a business do if its target audience is customers on non-meat diets?

  Source vegan or vegetarian-certified items
• What could happen if a business does not understand its customers' requirements?

  It may not generate sales
• What is one of the main aims of a new, small business?

  Survival
• What does business survival usually relate to?

  Continuing to operate for at least 12 months
• How does understanding customer requirements contribute to business survival?

  It increases the chances of generating sales
• Why is it important for businesses to keep up with changing customer requirements?

  To adapt their products and services accordingly
• What must businesses do to suit changing customer requirements?

  Adapt their products and services
• What are the four elements of the marketing mix?

  Product, price, place, and promotion
• Why is the marketing mix important for a business?

  It is a tool used to attract customers and should be carefully considered for effectiveness
• How should the elements of the marketing mix interact with each other?

  Each element should complement the rest for a cohesive strategy
• How do effective marketing mixes respond to the business environment?

  They constantly adapt to changes in the business environment
• What are the four elements of the marketing mix illustrated with sports shoes?

  Product (sports shoe), Price (price tags), Place (where made), Promotion (social media)
• What factors influence the choice of a marketing mix for a business?

  The product, competitors’ products, target customers, and business approach
• What does the product element of the marketing mix refer to?

  The products or services the business sells