3.5.1 - Identifying and understanding customers

• What is the purpose of identifying customer needs?

  To have an effective understanding of the market
• How can businesses effectively understand customer needs?

  By segmenting their target market
• Why is it important for businesses to understand customer wants?

  It helps in providing desired goods and services
• What is essential for businesses to provide to customers?

  Good service at the right price
• What do customer needs refer to?

  Requirements that customers expect from products
• What should businesses offer to meet customer expectations?

  Quality expected by customers
• How does identifying customer needs impact business success?

  It enables businesses to provide relevant products
• What is the significance of market segmentation?

  It groups customers with similar needs
• What does effective segmentation allow businesses to do?

  Target specific customer groups effectively
• How can businesses ensure they select the right target market?

  By analyzing customer needs and preferences
• What is the outcome of understanding customer needs and wants?

  Increased sales and competitiveness
• Why is it crucial for businesses to provide good service?

  It helps retain customers and build loyalty
• What can businesses do to reduce the risk of launching unsuccessful products?

  Identify customer needs thoroughly
• How does segmentation help in marketing strategies?

  It allows for targeted marketing efforts
• What is the potential consequence of not understanding customer needs?

  Launching unsuccessful products
• How can businesses ensure they are competitive in the market?

  By understanding and meeting customer needs
• What is the relationship between customer needs and business success?

  Understanding needs leads to better sales
• examples of customer needs:

  • right good/service
  • convenience
  • provides choice
  • right price
  • offers the quality expected