Identifying & 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 to be 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 the business decisions
Understanding Customer Needs about Price, Quality, Choice and Convenience
Need |
Explanation |
Benefit to the Business |
Price |
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Quality |
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Choice |
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Convenience |
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