10 Questions
Marketing is about identifying and satisfying customer needs and satisfying them ______.
profitably
A ______ is a person, business or other organisation which buys goods or services from a business.
customer
The ______ team is responsible for the sales of products.
sales
The ______ section is responsible for discovering customers’ needs, market changes and the impact of competitors’ actions.
market research
The ______ section deals with organising the advertising for products.
promotion
The ______ department transports the products to the market.
distribution
A good marketing department should also be able to anticipate changes in customer needs due to advancements in ______.
technology
Satisfying customer needs involves selling the exact product customers want for a price they are willing to ______.
pay
It is cheaper for businesses to keep existing ______ than to attract new ones.
customers
Customer relationships are built by communicating with customers to encourage them to become loyal to the business and its ______.
products
Study Notes
Marketing Department
- Responsible for identifying and satisfying customer needs profitably
- Divided into sections: Sales Team, Market Research, Promotion Section, and Distribution
Market Research
- Responsible for discovering customers' needs, market changes, and competitors' actions
- Reports are used in decision-making, research, developing new products, and determining price levels
Role of Marketing
- Identify customer needs through Market Research to influence product development, pricing, and sales techniques
- Anticipate changes in customer needs due to advancements in technology and other factors
- Find new trends or gaps in the market with potential
Satisfying Customer Needs
- Selling the exact product customers want at a price they are willing to pay
- Maintaining customer loyalty by keeping close relationships to discover product expectations and needed changes
- Cheaper to retain existing customers than to attract new ones
Customer Loyalty
- Existing customers continually buying products from the same business
- Achieved by always satisfying customer needs and building customer relationships to gather information
Customer Relationships
- Communicating with customers to encourage loyalty and gather information about customers
- Understanding changing needs through customer relationships and applying research to make effective marketing decisions
Anticipating Changes in Customer Needs
- Identifying new trends in customer demands or gaps in the market
- Enables the business to raise customer awareness, increase revenue, maintain market share, improve product image, target new markets, and develop new products
Learn about the roles and responsibilities of a Marketing Department, including Market Research, and the importance of identifying customer needs to influence product development.
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