5.1 Identifying and understanding customers

Question 1

Stages of customer needs

Answer 1

Identifying them:

• via market research.

Satisfying them:

• Adapt the marketing mix (i.e. change the product, price, promotion, place)

Question 2

Reasons why identifying and satisfying customer needs is important.

Answer 2

• Be competitive.
• Avoid costly (research and development) mistakes.
• Increase sales.
• Select correct marketing mix.
• Provide a service of products that customers will buy.