external forces (pestel) Flashcards
Why is it important for companies to understand their current customers?
To know what they want and what potential customers might desire.
What is an example of a company partnering with a delivery service to meet customer demands?
Target partnered with Shipt for faster delivery.
What factors do customers today care about when making decisions?
Convenience, personalization, sustainability, and social connections.
How does Spotify cater to customer preferences?
By creating personalized playlists.
What initiative has Lego taken to appeal to environmentally conscious customers?
Using eco-friendly materials.
What percentage of customers typically contribute to a large portion of a company’s revenue?
20% of customers bring 80% of the revenue.
What must companies understand to keep their valuable customers loyal?
What makes these customers loyal and how to keep them happy.
Why is it essential for companies to understand their competition?
Competitors can steal market share or put a company out of business.
What example illustrates how companies can disrupt traditional services?
Uber and Lyft disrupted traditional taxi companies.
Fill in the blank: Companies need to know what their current customers want and what __________ might desire.
potential customers
True or False: Companies do not need to monitor their competitors.
False
