marketing - identifying and understanding customers Flashcards
What is marketing?
The identification, satisfication and revisiting of customer needs.
Give 3 reasons why identifying customers needs and wants is important.
- Provide a product or service that customers will buy
- Increase sales
- Select the correct marketing mix
- Avoid costly mistakes
- Be competitive
Why is it important for a business to provide a good or service that customers will buy?
If there is no demand, the company will make no revenue.
Why is it important for a business to increase sales?
Meeting needs will attract more customers.
Why is it important for a business to select the correct marketing mix?
To meet customers changing needs and wants.
Why is it important for a business to avoid costly mistakes?
They will lose customers and revenue.
Why is it important for a business to be competitive?
They can attract more sales by offereng something different or better than others in the market.
