Meeting customer needs

• What is the primary purpose of businesses?

  To meet customer needs
• How do businesses meet customer needs?

  By organizing resources to provide goods and services
• What is the effect of adding value to goods and services?

  It helps a business to sell more
• What are the essential needs for survival?

  • Clothing
  • Food
  • Shelter
  • Warmth
  • Water
• What distinguishes wants from needs?

  • Wants are not essential for survival
  • Wants are unlimited
  • Examples of wants: event tickets, designer accessories, holidays, laptops, mobile phones, cars
• What is the definition of profit?

  The amount of money made after costs
• Why is knowing customer needs important for a business?

  It helps ensure survival and profit
• What factors can influence customer satisfaction in a business?

  Product features, prices, delivery speed, website usability