customer needs

• identifying and understanding customer needs

  • A market is any place where buyers and sellers can meet, e.g. the Amazon website or a shopping mall
  • Businesses thrive when they are able to meet customer needs and wants
  • Needs are considered essential, e.g. shelter or food
  • Wants are desires which are non-essential, even if consumers consider them to be essential, e.g. Nike trainers
  • The aim of marketing is to help identify, anticipate and satisfy consumer needs and wants in a way that makes the business money (profit)
  • Market research is the process of systematically gathering data from consumers which can be used to influence business decisions
• Understanding customer needs (price)

  • Explanation - This is the amount of money a customer is willing to pay for a product/service. Customers often have a budget in mind and want to find the best value for their money
  • Benefits for business - Understanding this helps the business price its products competitively and offer promotions that appeal to their target market
• Understanding customer needs (quality)

  • Explanation - Quality refers to the standard of excellence that a customer expects from a product/service. Customers want products that are reliable, durable, and meet their expectations.
  • Benefit to the business - Understanding this helps businesses create products that meet the desired standards, which can lead to customer loyalty and positive word-of-mouth advertising
• Understanding customer needs (choice)

  • Explanation - Customers often have a wide range of preferences and want to be able to choose from a variety of products or services
  • Benefits to business - Understanding this helps businesses to offer a range of options that cater to different customer preferences. This can increase customer satisfaction and loyalty, as customers are more likely to find a product that meets their specific needs
• Understanding customer needs (convenience)

  • Explanation - Customers value convenience because they want products that are easy to access and use. This includes factors such as location, online ordering, and fast delivery
  • Benefit to the business - Understanding this helps businesses create a customer experience that is both efficient and enjoyable. By providing a convenient shopping experience, businesses can build customer loyalty and increase repeat sales
• The benefits of understanding customers

  • Identifying and understanding customers is essential for the success of any business, especially when it comes to generating sales and ensuring business survival
• • Ensuring business survival is crucial to both new and established businesses
  • Understanding customers helps businesses to survive and thrive by addressing the following points, which aid survival