Customer Needs

• What are customers' needs?

  Things that people can't live without, such as water.
• What are the four things involved in addressing customers' needs?

  • Price
  • Quality
  • Choice
  • Convenience
• What might a customer want to pay for a product?

  A certain amount
• What does a customer look for when buying a product in terms of quality?

  A certain standard or feature
• What might a customer want in terms of choice when purchasing a product?

  Choice of certain aspects of the product
• How does Nike allow customers to customize their shoes?

  By offering different colors and customization options
• What does a customer look for in terms of convenience when buying a product?

  Ease of purchase and accessibility
• What is the importance of identifying and satisfying customer needs?

  • A consumer becomes a customer once a product or service is sold.
  • Businesses should identify the needs of potential customers.
  • Adapt to the changing needs of existing customers.
• What happens if a firm identifies and meets customers' needs?

  It is more likely that customers will buy a product or service
• What are the benefits of being market-driven?

  • Increase sales
  • Improve current products
  • Enhance customer satisfaction
• What does being market-driven mean?

  Being driven by customers' needs and then building products
• What is the primary focus of a market-driven approach in business?

  Focusing on customers' needs
• Why is it important for businesses to identify and satisfy customer needs?

  It helps businesses design products that serve customers best
• How can identifying customer needs help a business find the correct marketing mix?

  It informs product design, promotion, and pricing strategies
• What are the benefits of being market-driven for a business?

  It helps avoid costly mistakes and enhances competitiveness
• What can developing a new product or adjusting existing ones require?

  A lot of investment
• How does being market-driven help avoid costly errors?

  By developing products that customers need or want
• Why is it important for a business to satisfy customer needs better than its competitors?

  It increases the likelihood that customers will buy their product
• What is the significance of adapting to new customer needs in a competitive business environment?

  It is crucial for staying competitive as the business environment changes
• What does being market-driven allow a firm to do?

  Identify customers' needs and design products accordingly
• How does knowing where customers shop benefit a business?

  It helps in deciding where to promote the product or service
• What should a business consider regarding pricing when identifying customer needs?

  What price customers are willing to pay for a product/service