Satisfying Customer Needs

What are some ways businesses can ensure customer satisfaction?

• Market research, product development, marketing, and producing quality products

• Reducing prices, increasing advertising, and expanding the product line

• Hiring more employees, increasing production, and reducing costs

• Increasing profit margins, reducing customer service, and cutting corners

Why is it important for businesses to satisfy customer needs?

• To sustain or maximise sales or profit

• To reduce the risk of failure

• To retain customers

• All of the above

What is one benefit of having satisfied customers?

• Increased market share

• Decreased reputation

• Higher risk of failure

• Lower sales

What is one consequence of customers being unhappy with a product or service?

• They will not return to the business

• They will recommend the business to others

• They will spend more money

• They will increase market share

How can satisfied customers contribute to a business's profits?

• By spending money and recommending the company to others

• By reducing market share and increasing costs

• By decreasing sales and lowering profit margins

• By increasing customer complaints and negative reviews

What is one way to improve a business's reputation?

• By providing a good product or service

• By reducing customer satisfaction

• By increasing prices

• By cutting corners and reducing quality

What is the main aim of a business?

• To satisfy customer needs

• To maximize profit at any cost

• To reduce market share

• To increase customer complaints

What is one reason why businesses need to retain customers?

• Unhappy customers will not return

• Happy customers will spend more money

• Retaining customers increases market share

• All of the above

How can satisfied customers help a business maintain or improve market share?

• By purchasing goods from that business rather than from a competing business

• By reducing sales and profit margins

• By increasing customer complaints

• By lowering customer satisfaction

What is one benefit of having satisfied customers?

• Reduced risk of failure

• Increased market share

• Improved reputation

• All of the above