3.5.1 Flashcards
1
Q
exchange process
A
business provides a good or service in exchange for something - often money
2
Q
what must a business do in order to sell its products?
A
a business must offer something that customers value and are willing to pay for
3
Q
competitive
A
competitiveness of a business refers to its ability to offer better value for money than its competitors
4
Q
reasons for identifying and satisfying customer needs
A
-avoids costly mistakes
-sell more products
-be competitive
-selecting the correct marketing mix
5
Q
how might a business make its sales rise?
A
by providing more benefits and doing something better than competitors
6
Q
how to avoid costly mistakes?
A
-withdraw the product when sales are too low
-don’t damage brand name as it affects company’s future succes
