3.1 Marketing, Competition & the Customer

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What is the role of marketing in a business?

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Marketing helps a business identify and satisfy the needs and wants of its customers.

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What are some factors involved in identifying customer needs?

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Variety and quality of goods, prices customers are willing to pay, promotional techniques, convenience factors, and after-sales services.

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What is the ultimate aim of identifying and meeting customer needs?

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To ensure business survival and success.

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How can businesses compete effectively?

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By successfully identifying and satisfying customer needs.

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What are the benefits of meeting customer needs related to price?

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Understanding customer budgets helps businesses set competitive prices and offer appealing promotions.

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What does quality refer to in marketing?

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The standard of excellence that a customer expects from a product or service.

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Why is choice important for customers?

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Customers want a variety of products to meet their specific preferences.

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What is convenience in the context of customer needs?

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Customers value easy access and use of products, including location, online ordering, and payment options.

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What is customer loyalty?

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When existing customers repeatedly buy products from the same business.

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Why is it cheaper for businesses to keep existing customers?

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It is less expensive than trying to gain new customers through advertising.