Consumers

Question 1

What is a need?

Answer 1

Needs are essential requirements for survival and well-being. They are the things necessary for human beings to live a healthy and fulfilling life. E.g. basic necessities like food, water, shelter, and clothing, which are essential for our survival and basic comfort.

Question 2

What is a want?

Answer 2

Wants are desires and preferences that go beyond our basic needs. They are things that we would like to have or experience, but are not essential for our survival. E.g. luxury goods - high-end and expensive products that give us pleasure and prestige, such as designer clothing, or high-end technology gadgets

Unlike needs, wants are not crucial for survival or well-being, but they contribute to our comfort, enjoyment, and personal fulfilment.

Question 3

What is a consumer?

Answer 3

A consumer is an individual or a group of individuals who purchase or use goods and services to fulfil their needs and wants.

Question 4

What is customer satisfaction?

Answer 4

Customer satisfaction is a measure of how well a product or service meets a consumer’s needs or wants and contributes to their overall happiness and contentment

Question 5

How may having good customer service affect a business?

Answer 5

If customers are satisfied with a product or service, they are likely to:

-Become loyal customers
-Repeat purchases
-Recommend the product to others
-Build a strong brand image
-Develop a good reputation

Question 6

How may having poor customer service affect a business?

Answer 6

If customers are not satisfied they are likely to:

-Go to a competitor, meaning that the business will sell less
-Profits may be reduced, meaning the business may have to stop trading
-Harms the company’s reputation
-Loss of customers
-Loss of opportunities

Question 7

What are some examples of customer service?

Answer 7

-In person customer service (face to face interactions)
-Phone based customer service (providing support and assistance over the phone)
-Email customer service (providing feedback over emails)
-Live chat customer service (real time conversations with representatives on websites)
-Social media customer service (engage with customers through social media platforms)