Customer needs

• Customer needs are the things that customers require when purchasing a product or service.
• Businesses must find out about their customer’s needs in order to be successful.
• Most business ideas come from an entrepreneur spotting a need for a product or service.
• There are four main customer needs that an entrepreneur or small business must consider: price, quality, choice, and convenience.
• Price is how much a business charges for its product or service.
• Customers want a fair price when purchasing a product or service.
• Usually, low prices will draw in many customers, although people ultimately want value for money.
• It is important for a price to match the quality of the product or service that the business is selling.
• Having a low price could put people off.
• Quality relates to the standard of the product or service being offered.
• Customers always expect some level of quality, no matter how much they pay for a product or service.
• Choice is very important – many businesses have a range of products and/or services available to suit different groups of customers.
• Generally, those paying a low price will expect a lower level of quality and those paying a higher price will expect a higher level of quality.
• Businesses that operate through e-commerce are able to have a wider choice available, as they are not restricted by the display area in a physical shop.
• Low prices often mean a lower-quality service whereas higher prices often mean a higher-quality level of service.
• The levels of service offered by businesses also vary in quality.
• Convenience relates to something being easier, quicker or generally less hassle for customers.
• Customers have different needs and desires when buying items.
• They might want different styles or sizes, or even completely different products altogether.
• Customers and consumers want convenience and are often willing to pay more for it.
• Customer needs are the things that customers require when purchasing a product or service
• Businesses must find out about their customer’s needs in order to be successful
• For a new business, it is crucial to identify who its customers or potential customers are and understand what they want
• Identifying, understanding, and meeting the requirements of customers allows a new business to generate sales and increase its chances of survival
• Generating sales is easier when a business has a clear idea of its customers and what they want, enabling the business to provide a product or service that directly meets customers’ requirements
• Business survival, a main aim of a new small business, is more likely when the business generates sales through understanding the requirements of potential customers
• Key to business survival is keeping up with the changing requirements of customers, requiring businesses to adapt their products and services accordingly