Business Igcse Marketing

is identifying customer wants and satisfying them profitably

is a person / business or other organisation which buys goods or services from a business

is when existing customers continually buy products from the same business

is communicating with customers to encourage them to become loyal to the business and its products

Identify Customer need
(by finding out what customers want)
Satisfy customer need
(so that goods and services can be sold profitably)
Maintain customer loyalty
(important to keep existing customers as is it cheaper)
Build customer relations
(to gain info about customers this leads to more effective marketing)
Anticipate changes in customer needs
(by identifying new trends in customer demands or market gaps)

increase market share
increase revenue & profitability
maintain/improve the image of productusiness
target a new market segment
develop new products / improve existing products

buys goods or services for personal use and not to resell

-Consumer tastes and fashion
- changes in technology
- changes in income
(economy has high unemployment= consumer buys cheap products)
- ageging population

if business fail to respond to customer needs then they are likely to fail because customer is considered king as their needs change. so the business that researches and know what the change is will likely be a succesful business

-Globalisation of markets
(has meant that products are increasingly sold all over the world )
- Transportation improvements
(cheap and easier to transport products)
- Internet/e-commerce
(consumers can search for products overseas and increased consumer info abt product and different international b that produce them makes market more competitive )

Maintain good customer relationships
keep improving its existing products
bring out new products to keep customer interest
keep costs low to maintain competitiveness