Understanding Customer Needs Quiz

What are the four key needs customers consider when buying a product?

• Price, Quality, Choice, Convenience

• Quality, Brand, Service, Location

• Price, Quality, Brand, Location

• Price, Brand, Choice, Service

Why is setting the right price important for a business?

• To ensure the product is seen as high quality

• To make the product affordable for the target market

• To guarantee the product is the cheapest on the market

• To ensure the product is exclusive

How does Starbucks justify its premium pricing strategy?

• By offering discounts

• By having the most locations

• By providing a unique and high-quality experience

• By offering the cheapest coffee

What do customers generally expect when they pay a higher price for a product?

• More advertising

• A better all-round experience

• Faster delivery

• A lower level of quality

What additional elements does Starbucks offer to enhance the quality of their product?

• Free refills

• A clean environment and friendly service

• Extended warranties

• Discounts on bulk purchases

Why is offering a wide range of products important for businesses?

• To simplify inventory management

• To focus on a single customer segment

• To reduce production costs

• To cater to a wide range of customer needs

How many different drink combinations does Starbucks offer?

• Over 10,000

• Over 50,000

• Over 87,000

• Over 100,000

What is a key factor in Amazon's success according to the video?

• High-quality products

• Convenience

• Brand loyalty

• Low prices

How has Starbucks increased convenience for its customers?

• By developing an app for online orders and pickups

• By offering more discounts

• By offering free delivery

• By reducing prices

What is one reason why meeting customer needs is crucial for new businesses?

• To ensure they can charge higher prices

• To increase their chances of survival

• To reduce marketing costs

• To expand globally