Topic 10 - Customers Flashcards
1
Q
Market Led
A
- Highly competitive market
- Products are developed based on customer wants
- Responsive to changing external factors
- High levels of market research
2
Q
Product Led
A
- Less competitive market
- The business develops products that they think customers will want and tries to convince them to buy them
- High levels of product research and development
- Not responsive to changing external factors
3
Q
Consumer Behaviour
A
Why:
- Need/ want, social status
- Understand motivations customers have for buying products
What:
- Routine, impulse, informed
- Offer promotions to influence different types of purchases
How:
- Cash/debit card, credit card, store credit
- Be responsive to changes in how customers wish to purchase products
Where:
- Retail outlets, e-commerce, catalogue
- Adapt and sell products in ways that are responsive to changes in consumer behaviour
