Identifying and understanding customers (AQA GCSE Business): Flashcards
📚Flashcards
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14 cards from this deck
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Practise the cards
14 cards from this deck
Define customer-focused marketing
Define customer-focused marketing
Discovering customer wants & fulfilling needs whilst making profit
Most crucial stakeholders for any organisation
Most crucial stakeholders for any organisation
Customers
What modern customers have available
What modern customers have available
Countless choices
First step in the marketing process
First step in the marketing process
Identifying what customers need and want
What pricing, promotion & place form together
What pricing, promotion & place form together
The marketing mix
Customer focus benefit: staying competitive
Customer focus benefit: staying competitive
Avoid losing market share to competitors
Customer focus benefit: reducing costs
Customer focus benefit: reducing costs
Avoid unsold stock and unused facilities
Customer focus benefit: building loyalty
Customer focus benefit: building loyalty
Customers make repeat purchases
Define market segmentation
Define market segmentation
Dividing market into smaller groups with similar characteristics
Market segmentation approach
Market segmentation approach
Focusing on specific segments rather than everyone
Segmentation benefit: matching customer needs
Segmentation benefit: matching customer needs
Better matching leads to higher satisfaction & increased sales
Segmentation benefit: promotion effectiveness
Segmentation benefit: promotion effectiveness
More effective promotion, reduces wasted advertising spending
Segmentation benefit: market share
Segmentation benefit: market share
Become market leaders within chosen segments
Segmentation benefit: growth opportunities
Segmentation benefit: growth opportunities
Customers upgrade to higher-value products