Business

is the management process responsible for identifying, anticipating and satisfying customer requirements(needs and wants)

• Identifying customer needs- through market research
• Satisfying customer needs- by producing and and selling customer needs and wants
• Maintaining customer loyalty- building customer relationship- by a variety of methods such as loyalty card schemes, after sales services, discounts for continuous purchases. These can make customers to keep buying your product instead of the rivals
• Obtaining information about customers-understanding why customer buying their product so they can develop and sell better products in the future
• Anticipating changes in customers needs- business needs to look if there is any changes in customer spending pattern and see if they can produce goods that customers want that are not available in the market

• To raise awareness for their product
• To increase or maintain market share
• To increase sales revenue and profits
• To maintain or improve the image of a product or a business

<ul> <li>Changes in fashion and tase</li> <li>Changes in technology- since technology is now being available the old version of products will be out dated and people would want worldly features on products</li> <li>Changes in income - the higher the income the more expensive products customers will buy</li> </ul> Signup and view all the answers

<ul> <li>Globalisation- products are being sold everywhere in the world, so there more competitors in the market</li> <li>Internet- you can now buy products over the internet from anywhere making the market more competitive</li> <li>Improvement in transportation infrastructure- better transport systems means its easier and cheaper to distribute products everywhere</li> </ul> Signup and view all the answers

<ul> <li>Maintaining good customer relationship- making sure that customers only buy from their business only</li> <li>Keep improving existing product- so that sales are maintained</li> <li>Introduce new products- to keep customers interested</li> <li>Keep costs low</li> </ul> Signup and view all the answers

<ul> <li>Niche marketing</li> <li>Mass marketing</li> </ul> Signup and view all the answers

<p>small firms for specialised products- Versace designs</p> Signup and view all the answers

<ul> <li>Small firms can thrive in niche marketing where large firms have not yet established</li> <li>Small firms can focus on the needs of just one customer group giving them an advantage over large firms where they sell to mass market</li> <li>If they have no or few competitors they can increase their price and gain high profit margin</li> </ul> Signup and view all the answers

<p>where there is a large number of sales of a product</p> Signup and view all the answers

<ul> <li>high amount of sales</li> <li>They have a higher chance for their business to grow since there is a large market. In niche this is difficult hence they only sell to a particular group</li> <li>Can benefit from economies of scale</li> </ul> Signup and view all the answers

<p>is the process of dividing potential customers into groups or segments based on different characteristics They can be segmented by the basis. Age, location, lifestyle, gender</p> Signup and view all the answers

<ul> <li>Makes market cost- effective since they are only targeting a segment and meets their needs</li> <li>The above leads to higher profits</li> <li>Increasing opportunities to increase sales</li> </ul> Signup and view all the answers