seneca 1

Question 1

Customers’ needs

Answer 1

Customers’ needs are the things that people can’t live without.
For example, Severn Trent provides water to people’s homes in the United Kingdom.

Question 2

Customers’ wants

Answer 2

Some businesses exist to serve customers’ wants. These are the products and services that they don’t need but would like to have.
E.g television and jewellery.

Question 3

what does distributors do ?

Answer 3

distributors buy products from manufacturers and cell them on to businesses or consumers

Question 4

Consumers will buy it

Answer 4

If a firm is identifying and meeting customers’ needs then it is more likely that they will buy a product or service.

Question 5

Market-driven

Answer 5

Being market-driven rather than product-driven means being driven by customers’ needs and then fulfilling them.
This can:
- Increase sales.
- Improve current products and customer satisfaction.

Answer 6

if a firm is identifying and meeting customers’ needs then it is more likely that customers will buy a product or service

Question 7

Find the correct marketing mix

Answer 7

Identifying customers’ needs let a business know how their product can be designed to serve customers best.
It also lets a company learn where customers shop, where to promote the product or service and at what price customers are willing to buy a product/service.

Question 8

Avoid costly mistakes

Answer 8

Developing a new product or making adjustments to existing ones can need a lot of investment.
Being market-driven and developing products that customers need or want can avoid costly errors.

Question 9

Be competitive

Answer 9

If a business satisfies a customer’s needs better than competitors do, then it is likely that a consumer will buy their product.
So identifying and satisfying customers’ needs is even more important when competing with businesses selling similar products.
Adapting to new customer needs is important for staying competitive as the business environment changes.

Question 10

Choosing market mix

Answer 10

When choosing the product, geographic, promotional and price segmentation can help a business to understand its customers’ needs and wants.
For example, Next provides clothing aimed at infants and toddlers using its Next Kids range.

Question 11

Choosing promotion

Answer 11

Advertising in a newspaper probably is not the best way to target teenage girls, but a teenage magazine like Bliss might be.
Segmenting a market can give businesses ideas about how best to promote their products.