Business: Marketing

• Marketing is identifying customer wants and satisfying them profitably
• A customer is a person, business or other organisation which buys goods or services from a business
• Customer loyalty is when existing customers continually buy products from the same business
• Customer relationships is communicating with customers to encourage them to become loyal to the business and its products
• 5 Roles of Marketing

  1. Identify customer needs
  2. Satisfy customer needs
  3. Maintain customer loyalty
  4. Build customer relationships to gain information about customers
  5. Anticipate changes in customer needs
• 5 Roles of Marketing #1

  Identify customer needs - finding out what kind of products or services customers want, the prices they are willing to pay, where and how they want to buy these goods and services, and the after-sale services they might want
• 5 Roles of Marketing #2

  Satisfy customer needs - (An)so that goods and services can be sold profitably. Failure to meet these needs or doing less well than competitors, will lead to the business facing the risk of closure
• 5 Roles of Marketing #3

  Maintain customer loyalty - keeping close links with customers and (An) find out if products or services are continuing to meet their needs (An)It is much cheaper for a business to keep existing customers than trying to gain new customers
• 5 Roles of Marketing #4

  Build customer relationships to gain information about customers - (An) so that customers’ changing needs can be understood, why customers buy products and how they use them (Further An)Lead to effective marketing
• 5 Roles of Marketing #5

  Anticipate changes in customer needs - by identifying new trends or gaps in the market (An)so that businesses can produce goods or services which are currently unavailable