Customer needs: identifying customer needs

Question 1

Market analysis

Answer 1

A quantitative and qualitative assessment of a market. It looks at factors such as size of the market, the various customer segments, the buying patterns of customers and the competition.

Question 2

Marketing objectives

Answer 2

Objectives set out what a business wants to achieve from its marketing activities. They need to be consistent with overall aims and objectives of the business

Question 3

Marketing resources

Answer 3

• marketing budget
• marketing department , or for a small firm, someone with responsibility for the marketing function
• knowledge of the market in which the business operates, usually obtained through some sort. Of market research
• set of objectives to be achieved through marketing set out in a marketing plan / strategy