Customer needs

• What is the focus of the Cents Business YouTube channel's lesson today?

  Customer needs in GCSE Business Studies
• Why is it important for businesses to understand customer needs?

  To ensure business success and customer satisfaction
• How does meeting customer needs affect customer loyalty?

  It encourages repeat purchases and recommendations
• What are the four main customer needs discussed in the lesson?

  Price, quality, choice, convenience
• How do satisfied customers contribute to a business's success?

  They are more likely to recommend the business
• What does the term 'customer needs' refer to?

  Essential requirements rather than just desires
• What is a 'loss leader' in business terms?

  A product sold below cost to attract customers
• Why is quality important for customer satisfaction?

  It ensures products meet customer expectations
• How does a business's reputation affect its success?

  A bad reputation can lead to business failure
• What should businesses do to ensure quality service?

  Train staff to high standards
• Why is offering choices important for customers?

  It caters to diverse preferences and needs
• How can businesses improve convenience for customers?

  By simplifying the buying process
• What impact does online shopping have on customer convenience?

  It makes purchasing easier and faster
• What should businesses consider before launching a product?

  Understanding customer needs and behaviors
• How can customer behaviors affect a product's success?

  They influence buying decisions and preferences
• What is the relationship between customer loyalty and business success?

  Higher loyalty leads to increased sales and referrals
• What is the significance of understanding customer needs for new businesses?

  It is crucial for achieving success
• Why might a business fail despite having a good product?

  If it doesn't understand customer needs
• What should a business do to attract customers effectively?

  Identify and meet customer needs
• How can businesses ensure they remain competitive?

  By understanding and meeting customer needs