Spotting an opportunity (Edexcel 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
What businesses must create to succeed
What businesses must create to succeed
Products & services customers actually want to buy
What meeting customer needs is about
What meeting customer needs is about
Understanding what motivates people to buy
4 key factors customers consider when purchasing
4 key factors customers consider when purchasing
Price, choice, quality, convenience
Price (customer factor) definition
Price (customer factor) definition
Monetary cost customers must pay
Choice (customer factor) definition
Choice (customer factor) definition
Variety & range of options available to customers
Quality (customer factor) definition
Quality (customer factor) definition
How well product performs & how long it lasts
Convenience (customer factor) definition
Convenience (customer factor) definition
How easy to obtain & use a product/service
How the 4 customer factors interconnect
How the 4 customer factors interconnect
Through price
2 ways to reduce prices without compromising
2 ways to reduce prices without compromising
Improving efficiency, buying materials in bulk
Tesco's business strategy
Tesco's business strategy
Extensive choice at various price points
Ryanair's business strategy
Ryanair's business strategy
Low prices with trade-offs in convenience & quality
John Lewis's business strategy
John Lewis's business strategy
Quality & service emphasis, justifying higher prices
What satisfied customers are likely to do
What satisfied customers are likely to do
Make repeat purchases & recommend the business
Result of failing to meet customer needs
Result of failing to meet customer needs
Declining sales, increased marketing costs