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Business GCES EDEXCEL

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  1. 1-1-Enterprise-And-Entrepreneurship edexcel
    3 主题
  2. 1-2-Spotting-A-Business-Opportunity edexcel
    4 主题
  3. 1-3-Putting-A-Business-Idea-Into-Practice edexcel
    6 主题
  4. 1-4-Making-The-Business-Effective edexcel
    4 主题
  5. 1-5-Understanding-External-Influences-On-Business edexcel
    5 主题
  6. 2-1-Growing-The-Business edexcel
    9 主题
  7. 2-2-Making-Marketing-Decisions edexcel
    5 主题
  8. 2-3-Making-Operational-Decisions edexcel
    4 主题
  9. 2-4-Making-Financial-Decisions edexcel
    2 主题
  10. 2-5-Making-Human-Resource-Decisions edexcel
    4 主题
  11. 3-1-The-Exam-Papers edexcel
  12. 3-2-Business-Exam-Skills edexcel
  13. 3-3-Structuring-Your-Responses edexcel
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Exam code:1BS0

Identifying and understanding customer needs

  • A market is any place where buyers and sellers can meet, e.g. the Amazon website or a shopping mall

  • Businesses thrive when they are able to meet customer needs and wants

    • Needs are considered essential, e.g. shelter or food

    • Wants are desires which are non-essential, even if consumers consider them to be essential, e.g. Nike trainers

  • The aim of marketing is to help identify, anticipate and satisfy consumer needs and wants in a way that makes the business money (profit)

  • Market research is the process of systematically gathering data from consumers which can be used to influence business decisions

Understanding customer needs

Need

Explanation

Benefit to the Business

Price

  • This is the amount of money a customer is willing to pay for a product/service

  • Customers often have a budget in mind and want to find the best value for their money

  • Understanding this helps the business price its products competitively and offer promotions that appeal to their target market

Quality

  • Quality refers to the standard of excellence that a customer expects from a product/service

  • Customers want products that are reliable, durable, and meet their expectations

  • Understanding this helps businesses create products that meet the desired standards, which can lead to customer loyalty and positive word-of-mouth advertising

Choice

  • Customers often have a wide range of preferences and want to be able to choose from a variety of products or services

  • Understanding this helps businesses to offer a range of options that cater to different customer preferences

  • This can increase customer satisfaction and loyalty, as customers are more likely to find a product that meets their specific needs

Convenience

  • Customers value convenience because they want products that are easy to access and use

  • This includes factors such as location, online ordering, and fast delivery

  • Understanding this helps businesses create a customer experience that is both efficient and enjoyable

  • By providing a convenient shopping experience, businesses can build customer loyalty and increase repeat sales

The benefits of understanding customers

  • Identifying and understanding customers is essential for the success of any business, especially when it comes to generating sales and ensuring business survival

Customer needs and business success

Flowchart showing steps to generating sales: understanding customer needs, relationship building, and targeted marketing, depicted with arrows and text boxes.
Understanding customers leads to greater sales

  • Ensuring business survival is crucial to both new and established businesses

  • Understanding customers helps businesses to survive and thrive by addressing the following points, which aid survival

Customer needs and survival

Illustration of business survival highlighting competing, changing preferences, and building reputation with people high-fiving over laptops.
Understanding customer needs helps ensure business survival

Responses

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