Podcast
Questions and Answers
Customers want a fair ______ when purchasing a product/service.
Customers want a fair ______ when purchasing a product/service.
price
Lower prices usually equate to lower ______; higher prices usually equate to higher quality.
Lower prices usually equate to lower ______; higher prices usually equate to higher quality.
quality
Customers want different options in terms of styles, sizes, and ______.
Customers want different options in terms of styles, sizes, and ______.
products
Options to enhance ______ include online shopping, quicker delivery options, and mobile app access.
Options to enhance ______ include online shopping, quicker delivery options, and mobile app access.
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Meeting the needs of customers and adapting to changing requirements is key to business ______.
Meeting the needs of customers and adapting to changing requirements is key to business ______.
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Customer ______ are the specific things that a buyer wants about goods and services.
Customer ______ are the specific things that a buyer wants about goods and services.
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Customer ______ are feedback from customers, which can be online.
Customer ______ are feedback from customers, which can be online.
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A firm that knows its customers’ needs is better positioned to create products that meet those ______.
A firm that knows its customers’ needs is better positioned to create products that meet those ______.
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A ______ purchase is when a customer returns to the same business.
A ______ purchase is when a customer returns to the same business.
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Consumers appreciate a variety of ______ to choose from, such as different flavours or colors.
Consumers appreciate a variety of ______ to choose from, such as different flavours or colors.
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Providing ______ and reliable service is essential for meeting customer needs.
Providing ______ and reliable service is essential for meeting customer needs.
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Market ______ involves dividing customers into smaller groups with similar needs.
Market ______ involves dividing customers into smaller groups with similar needs.
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Businesses can add ______ to a product by meeting customer needs effectively, allowing them to charge higher prices.
Businesses can add ______ to a product by meeting customer needs effectively, allowing them to charge higher prices.
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Study Notes
Customer Needs - Price
- Customers want a fair price when purchasing.
- Price is how much a business charges for its product/service.
- High prices for rare items like diamonds are expected.
- Low prices for common products like chocolate from a discount store are expected.
- Pricing often reflects quality expectations.
Customer Needs - Quality
- Customers expect a certain quality level.
- Price and quality often correlate; lower prices typically mean lower quality.
- Higher prices often correspond with higher quality.
- Quality levels of service vary based on the business.
Customer Needs - Choice
- Choice is significant to customers.
- Businesses offer various products/services to cater to differing customer preferences.
- Offering various sizes, styles, and products satisfies diverse customer needs.
- A wider variety of options is sought by customers.
Customer Needs - Convenience
- Customers value convenience.
- Customers are willing to pay more for the ease of online shopping, delivery, app-based services, or similar.
- Convenience involves easier ways of purchasing.
- An example of convenience includes online or app-based ticket purchases instead of visiting a physical location.
Business Survival
- Businesses need to adapt to customers' evolving needs.
- Businesses must ensure their services and products meet customer expectations.
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Description
Explore the essential elements of customer needs including price, quality, choice, and convenience. Understand how these factors influence consumer behavior and their purchasing decisions. This quiz will delve into the significance of each aspect in shaping customer satisfaction and loyalty.
