The Role of Marketing

• What is the aim of marketing?

  To meet or exceed customer needs
• Why is it important for businesses to identify customer needs?

  It is key for business success
• What are the four main customer needs?

  Price, quality, choice, convenience
• How does price affect customer expectations?

  Low prices attract customers seeking value
• What happens if a jewellery shop sells rare diamonds at low prices?

  It could deter customers expecting high prices
• What does quality relate to in a product or service?

  It relates to the standard offered
• If a handbag costs £15, what might a customer expect?

  It may last for six months
• How do low prices affect service quality expectations?

  They often lead to lower quality service
• Why is choice important for businesses?

  It caters to different customer needs
• How does e-commerce affect product choice?

  It allows for a wider choice of products
• What do customers often pay more for?

  Convenience
• What does convenience mean for customers?

  It relates to ease and speed of service
• How might customers prefer to buy clothes for convenience?

  Online rather than in physical stores
• What are the key aspects of customer needs in marketing?

  • Price: Fair pricing for products/services
  • Quality: Standard expected based on price
  • Choice: Variety to meet diverse customer preferences
  • Convenience: Ease and speed of access to products/services
• What is the aim of marketing?

  To meet or exceed customer needs
• Why is it important for a business to identify its customers?

  To understand what they want and need
• What are the two key things a new business can achieve by understanding customer requirements?

  • Generate sales
  • Increase the likelihood of survival
• How can a business generate sales effectively?

  By providing products that meet customer needs
• What might happen if a business does not understand its customers' requirements?

  It may fail to generate sales
• What is a key aim of a new small business?

  To survive for at least 12 months
• How does generating sales relate to business survival?

  It increases the chance of continuing operations
• What must businesses do to adapt to changing customer requirements?

  Change their products and services accordingly
• What are the consequences of failing to adapt to customer needs?

  • Decreased sales
  • Increased risk of business failure
  • Loss of customer trust