Know Your Customers - Understand Customers' Needs and Wants Flashcards
What does a business need to do if it wants to offer the right goods and services to the target market?
The business needs to understand its’ customers’ needs and wants and how they (i.e. the customers) are likely to respond to the 4Ps of marketing; or The business needs to find out the needs and wants of its target market and how the customers are likely to respond to the 4Ps of marketing.
What do the 4Ps of marketing address?
The customers’ needs and wants.
Which of the 4Ps is this?
What customer needs and wants does the product satisfy?
Product
Which of the 4Ps is this?
How much are customers willing to pay?
Price
Which of the 4Ps is this?
Where do customers prefer to shop?
Place
Which of the 4Ps is this?
How do customers find out about products?
Promotion
Why do businesses gather information about their customers ?
To understand their customers’ needs and wants better.
Where can the information about the business’ customers be available from?
Media sources such as the Internet, newspapers and other publications.
What happens if the information about the business’ customers is not already available?
If the information is not already available, one of the ways to collect this marketing information is by conducting a market survey.
