Ch - 10 read at home
Section - 3
Chapter - 10
1. The Role of Marketing
Definition of Marketing
Marketing is the process of identifying, anticipating, and satisfying customer needs profitably. It involves activities
such as:
● Market Research: Understanding customer preferences.
● Product Development: Creating products that meet market needs.
● Promotion: Communicating the value of products.
● Distribution: Ensuring products are available to customers.
2. Identifying and Satisfying Customer Needs
Customer Needs
Specific requirements or desires businesses aim to fulfill through their products or services.
Examples of Identifying Customer Needs:
● Conducting surveys or focus groups.
● Using data analytics to track buying patterns.
Satisfying Needs:
● Developing quality, innovative products at competitive prices.
● Providing excellent customer service.
3. Market Changes and Trends
Market Changes
Market changes involve shifts in customer spending patterns and competition.
Reasons for Changes in Spending Patterns:
1. Income Changes:
○ Increased income leads to higher spending on luxury goods.
○ Declining income shifts focus to essentials.
2. Trends:
○ Eco-friendly products or online shopping.
3. Technological Advancements:
○ Innovations such as electric vehicles or streaming platforms.
4. Demographic Changes:
○ Aging populations or urbanization altering demand.
Increased Competition:
1. New Entrants:
○ International brands entering markets.
2. Product Innovation:
○ Unique offerings creating competitive pressure.
3. Globalization:
○ Online platforms expanding customer choice.
4. Responding to Market Changes
Adaptation Strategies:
1. Adapting Products:
○ Example: Electric vehicles for eco-conscious customers.
2. Innovation:
○ Example: Mobile apps for enhanced customer interaction.
3. Pricing and Promotions:
○ Example: Discounts during festive seasons.
5. Market Segmentation
Definition of Market Segmentation
The process of dividing a market into smaller, distinct groups of customers with similar needs, characteristics, or
behaviors.
Methods of Segmentation
1. Demographic Segmentation:
○ Based on age, gender, income, education, or family size.
○ Example: Children’s cereals marketed with playful packaging.
2. Geographic Segmentation:
○ Based on location (e.g., urban/rural, climate).
○ Example: Winter clothing targeted in colder regions.
3. Psychographic Segmentation:
○ Based on lifestyle, values, or interests.
○ Example: Vegan products for environmentally conscious individuals.
4. Behavioral Segmentation:
○ Based on usage rate, brand loyalty, or purchasing behavior.
○ Example: Loyalty discounts for frequent customers.
5. Occasion-Based Segmentation:
○ Targeting based on specific events or occasions.
○ Example: Marketing wedding services during engagement seasons.
Benefits of Market Segmentation
● Targeted Marketing: Tailored strategies for specific groups.
● Customer Satisfaction: Better alignment with customer preferences.
● Competitiveness: Stronger position in niche markets.
● Efficient Resource Allocation: Focused spending on relevant segments.
6. Niche Marketing vs. Mass Marketing
Niche Marketing
Focuses on a specific market segment with unique needs.
Advantages:
● Specialization reduces competition.
● Builds strong customer loyalty.
Disadvantages:
● Smaller market limits growth.
● Vulnerable to changes in demand.
Mass Marketing
Targets a broad market with a standardized product.
Advantages:
● Larger customer base increases revenue potential.
● Economies of scale lower costs.
Disadvantages:
● High competition.
● May not address specific needs.
7. Market Share
Definition
The percentage of total sales in a market achieved by a business.
Formula:
Market Share=(Sales of the Business / Total Market Sales)× 100
Importance of Market Share:
● Indicates competitiveness.
● Helps assess market position.
8. Customer Relationships and Loyalty
Building Customer Relationships
1. Trust and transparency in business practices.
2. Use of digital platforms to engage with customers.
3. Prompt responses to customer queries and complaints.
Maintaining Customer Loyalty
1. Quality Assurance: Consistent product quality.
2. Loyalty Programs: Discounts and reward schemes.
3. Personalization: Tailored recommendations.
Key Diagram for Summary
MARKETING
|
-----------------------------------
| |
Customer Needs Market Changes
/ \ / \
Identifying Satisfying Spending Patterns Competition
/ \ |
Income Trends New Entrants
Market Segmentation
/ \
-------------------------------------------------------
| | | |
Demographic Geographic Psychographic Behavioral
Age, Gender Location Lifestyle Usage Rate
Income, Occupation Urban/Rural Values Benefits Sought
MCQ
1. What is the primary role of marketing?
a) Increasing production
b) Identifying and satisfying customer needs
c) Managing inventory
d) Reducing operational costs
2. Which of the following is not a part of the marketing process?
a) Market research
b) Product development
c) Pricing
d) Hiring employees
3. Which of the following is the main objective of marketing?
a) Reducing costs
b) Satisfying customer needs and wants
c) Increasing production
d) Improving employee performance
4. Which activity is a key part of marketing?
a) Inventory management
b) Customer service
c) Advertising and promotion
d) Recruitment
5. Marketing focuses on:
a) Only making sales
b) Identifying, anticipating, and satisfying customer needs
c) Reducing employee turnover
d) Increasing market share at any cost
6. What method do businesses use to identify customer needs?
a) Guessing
b) Market research
c) Random selection
d) Product development
7. How do businesses satisfy customer needs effectively?
a) By offering high-quality products
b) By improving production processes
c) By cutting prices
d) By ignoring competition
8. Which of the following is essential to satisfying customer needs?
a) Lowering product prices
b) Consistently delivering value
c) Increasing product range
d) Reducing advertising budget
9. How do businesses determine customer preferences?
a) Through trial and error
b) By conducting surveys and focus groups
c) By observing competitors
d) By random sampling
10. What happens when businesses fail to satisfy customer needs?
a) They face reduced competition
b) Customers become loyal
c) They lose customers to competitors
d) Product prices rise
11. Which factor is most likely to cause a change in customer spending patterns?
a) Competition
b) Income levels
c) Brand loyalty
d) Employee training
12. Which of the following is an example of a technological advancement
influencing market changes?
a) Introduction of smartphones
b) Rise in income levels
c) Change in fashion trends
d) Urbanization
13. How do demographic changes affect market behavior?
a) By altering consumer preferences and needs
b) By reducing competition
c) By decreasing product prices
d) By expanding product lines
14. Which of the following can impact consumer preferences?
a) Government regulations
b) Consumer income and economic factors
c) Increase in production costs
d) Lower product quality
15. Why do spending patterns change during economic downturns?
a) People tend to buy more luxury goods
b) People prioritize essentials over non-essentials
c) People become more brand-loyal
d) People spend more on entertainment
16. How can businesses respond to changes in customer needs?
a) By ignoring competitors
b) By increasing prices
c) By innovating and adapting products
d) By reducing marketing activities
17. Which of the following is a way businesses can adapt to market changes?
a) Maintaining old products
b) Expanding into new geographic regions
c) Ignoring technological advancements
d) Increasing production capacity
18. How does innovation help businesses respond to competition?
a) By improving customer satisfaction
b) By reducing product variety
c) By lowering the marketing budget
d) By copying competitors
19. Why do businesses adjust their marketing strategies?
a) To satisfy their suppliers
b) To meet changing customer preferences
c) To increase staff salaries
d) To reduce production costs
20. How do businesses react when income levels change?
a) By adjusting product pricing
b) By cutting production costs
c) By changing the target market
d) By introducing new products
21. What does market segmentation involve?
a) Targeting a specific product category
b) Dividing the market into smaller groups with similar characteristics
c) Ignoring customer preferences
d) Offering one product to all consumers
22. Which of the following is an example of demographic segmentation?
a) Targeting people based on their age and income
b) Targeting people based on their interests and values
c) Targeting people in urban areas
d) Targeting people based on their buying behavior
23. Which type of segmentation is based on customer lifestyle?
a) Behavioral segmentation
b) Psychographic segmentation
c) Geographic segmentation
d) Demographic segmentation
24. What is the purpose of market segmentation?
a) To reduce production costs
b) To target specific customer needs and preferences
c) To increase market share
d) To develop new products
25. What is an example of behavioral segmentation?
a) Targeting based on income
b) Targeting based on purchasing behavior or brand loyalty
c) Targeting based on location
d) Targeting based on age and gender
26. Niche marketing targets:
a) Large groups of customers with common needs
b) A broad audience with standardized products
c) A specific and narrow market segment
d) All customers in the market
27. What is the primary advantage of niche marketing?
a) Larger customer base
b) Lower production costs
c) Reduced competition and strong customer loyalty
d) Easier expansion
28. Which of the following is a feature of mass marketing?
a) Focus on a specific market segment
b) Targeting a broad audience with one product
c) Offering customized products
d) High competition in a narrow market
29. What is the main disadvantage of mass marketing?
a) Smaller customer base
b) Increased competition
c) Lower sales potential
d) Limited marketing reach
30. How does mass marketing differ from niche marketing?
a) Niche marketing targets a broad audience, while mass marketing focuses on
a specific segment
b) Mass marketing targets a specific segment, while niche marketing focuses on
a broad audience
c) Mass marketing aims for a broad audience, while niche marketing targets a
specific market segment
d) There is no difference
31. What is the best way to build customer loyalty?
a) Offering lower prices
b) Providing excellent customer service
c) Increasing product variety
d) Increasing marketing budget
32. Which of the following is an example of customer relationship management?
a) Sending personalized emails to customers
b) Reducing product prices
c) Increasing advertising
d) Focusing only on product features
33. How can businesses encourage repeat purchases from customers?
a) By offering discounts and rewards
b) By reducing the product range
c) By lowering advertising costs
d) By ignoring customer complaints
34. What is the role of customer service in building loyalty?
a) To increase customer dissatisfaction
b) To handle customer inquiries and complaints effectively
c) To reduce product features
d) To increase the product price
35. How do reward programs help retain customers?
a) By reducing marketing costs
b) By incentivizing repeat purchases
c) By offering products for free
d) By lowering product quality
36. What is market share?
a) The total sales of a company
b) The percentage of total sales a business has in the market
c) The number of customers a business serves
d) The total number of products a business sells
37. How do you calculate market share?
a) Total sales of the business divided by total sales of competitors
b) Total sales of the business divided by total market sales, multiplied by 100
c) Total number of products sold divided by total market sales
d) Total profit divided by total sales
38. If a company’s sales are $50,000 and the total market sales are $200,000,
what is the market share of the company?
a) 10%
b) 25%
c) 50%
d) 100%
39. Why is market share important for businesses?
a) It measures the company’s profitability
b) It indicates the company’s position in the market
c) It determines the pricing strategy
d) It reduces operational costs
40. How does a business increase its market share?
a) By reducing the product range
b) By increasing product prices
c) By improving customer loyalty and expanding its customer base
d) By cutting advertising costs
MCQ answer
1. b) Identifying and satisfying customer needs
2. d) Hiring employees
3. b) Satisfying customer needs and wants
4. c) Advertising and promotion
5. b) Identifying, anticipating, and satisfying customer needs
6. b) Market research
7. b) By offering high-quality products
8. b) Consistently delivering value
9. b) By conducting surveys and focus groups
10.c) They lose customers to competitors
11.b) Income levels
12.a) Introduction of smartphones
13.a) By altering consumer preferences and needs
14.b) Consumer income and economic factors
15.b) People prioritize essentials over non-essentials
16.c) By innovating and adapting products
17.b) Expanding into new geographic regions
18.a) By improving customer satisfaction
19.b) To meet changing customer preferences
20.a) By adjusting product pricing
21.b) Dividing the market into smaller groups with similar characteristics
22.a) Targeting people based on their age and income
23.b) Psychographic segmentation
24.b) To target specific customer needs and preferences
25.b) Targeting based on purchasing behavior or brand loyalty
26.c) A specific and narrow market segment
27.c) Reduced competition and strong customer loyalty
28.b) Targeting a broad audience with one product
29.b) Increased competition
30.c) Mass marketing aims for a broad audience, while niche marketing targets a specific market segment
31.b) Providing excellent customer service
32.a) Sending personalized emails to customers
33.a) By offering discounts and rewards
34.b) To handle customer inquiries and complaints effectively
35.b) By incentivizing repeat purchases
36.b) The percentage of total sales a business has in the market
37.b) Total sales of the business divided by total market sales, multiplied by 100
38.b) 25%
39.b) It indicates the company’s position in the market
40.c) By improving customer loyalty and expanding its customer base
Question
Section - 3
Chapter - 10
Questions (Paper 1 Format)
Group - 1 (50 Minutes) + (30 Minutes Discussion)
1. 2-mark questions (10 minutes):
a. Define marketing.
b. Define customer loyalty.
c. What is the role of marketing in satisfying customer needs?
d. Define market share.
2. 4-mark questions (20 minutes):
a. Explain two reasons why customer spending patterns change.
b. Describe two benefits of building customer relationships.
c. Explain why demographic segmentation might be useful for a business.
d. Explain two benefits of maintaining customer loyalty.
3. 6-mark questions (20 minutes):
a. Discuss two advantages and two disadvantages of mass marketing.
b. A company sells products online. Explain how technological advancements might impact its market share.
c. Discuss the importance of adapting products and services to meet changing customer needs.
Section - 3
Chapter - 10
Question and Answer (Paper 1 Format)
Group - 2 (50 Minutes) + (30 Minutes Discussion)
1. 2-mark questions (10 minutes):
a. Define market segmentation.
b. What is meant by customer relationship?
c. Define niche marketing.
d. What is the role of marketing in identifying customer needs?
2. 4-mark questions (20 minutes):
a. Explain two ways businesses can respond to increased competition.
b. Explain two benefits of using geographic segmentation for a business.
c. Explain why some markets have become more competitive due to globalization.
d. Explain two reasons why a business might use psychographic segmentation.
3. 6-mark questions (20 minutes):
a. Evaluate the benefits and limitations of niche marketing for a small start-up business.
b. A sportswear company wants to increase its market share. Discuss how it could use behavioral
segmentation to target customers effectively.
c. Discuss whether offering competitive pricing or innovating new products is a better way for a business to
respond to competition.
Section - 3
Chapter - 10
Question and Answer (Paper 1 Format)
Group - 3 (50 Minutes) + (30 Minutes Discussion)
1. 2-mark questions (10 minutes):
a. Define market share and provide the formula.
b. What is the importance of building customer loyalty for a brand?
c. Define behavioral segmentation.
d. Explain the difference between mass marketing and niche marketing.
2. 4-mark questions (20 minutes):
a. Explain two ways demographic changes can influence customer spending patterns.
b. Describe two potential limitations of using psychographic segmentation.
c. Explain why a business might lose market share despite offering a competitive product.
d. Explain two ways technological advancements can affect a business’s marketing strategy.
3. 6-mark questions (20 minutes):
a. A business producing eco-friendly packaging is exploring mass marketing. Evaluate whether this strategy is
appropriate.
b. A luxury hotel chain is losing customers to competitors offering discounts. Discuss how the business can
respond to this increased competition.
c. A company wants to target a new product to young, environmentally conscious consumers. Discuss
whether demographic or psychographic segmentation would be more suitable.
Classroom Tips
● Begin each section with the 2-mark questions as a warm-up to build momentum.
● Use the 4-mark questions to ensure understanding and analytical thinking.
● Reserve 6-mark questions for in-depth discussion, evaluation, and justification tasks, which require critical
thinking.
● Encourage students to share their answers and provide peer feedback for the hard-level questions to foster
discussion and engagement.
This set ensures a thorough engagement with the material while progressively challenging the students. Let me know
if you'd like more iterations!
Answer
Section - 3
Chapter - 10
Answer (Paper 1 Format)
Group - 1 Suggested Answers
2-Mark Questions (Knowledge – AO1)
1. Define marketing.
Marketing is the process of identifying, anticipating, and satisfying customer needs profitably.
2. Define customer loyalty.
Customer loyalty refers to the likelihood of customers continuing to purchase from a business due
to satisfaction and trust in its products or services.
3. What is the role of marketing in satisfying customer needs?
Marketing ensures that businesses provide products or services that align with customer
expectations, ensuring satisfaction and repeat purchases.
4. Define market share.
Market share is the percentage of total sales in a market achieved by one business.
Formula:
Market Share (%)=(Business Sales/Total Market Sales)×100
4-Mark Questions (Knowledge + Application – AO1 & AO2)
1. Explain two reasons why customer spending patterns change.
○ Changes in income levels: When income increases, people may spend more on luxury
goods, whereas a decline leads to focusing on necessities.
○ Technological advancements: New technologies, like smartphones, can create demand for
products that didn’t exist before.
2. Describe two benefits of building customer relationships.
○ Improved loyalty: Strong relationships encourage repeat purchases and long-term retention.
○ Positive word-of-mouth: Satisfied customers often recommend the business to others,
increasing sales.
6-Mark Questions (Analysis + Evaluation – AO3 & AO4)
1. Discuss two advantages and two disadvantages of mass marketing.
○ Advantages:
■ Reaches a large audience, increasing potential sales.
■ Economies of scale reduce production and marketing costs per unit.
○ Disadvantages:
■ High competition as many businesses target the same market.
■ Generic appeal may not meet the specific needs of some customers.
Evaluation: Mass marketing is suitable for standardized products like soft drinks but
less effective for niche or luxury goods.
Section - 3
Chapter - 10
Answer (Paper 1 Format)
Group - 2 Suggested Answers
2-Mark Questions (Knowledge – AO1)
1. Define market segmentation.
Market segmentation is the process of dividing a market into distinct groups of customers with
similar characteristics or needs.
2. What is meant by customer relationship?
Customer relationship refers to the interaction and trust built between a business and its
customers, fostering loyalty and satisfaction.
4-Mark Questions (Knowledge + Application – AO1 & AO2)
1. Explain two ways businesses can respond to increased competition.
○ Innovating products or services: Offering unique features can differentiate the business
from competitors.
○ Adopting competitive pricing: Matching or undercutting competitors' prices can attract
more customers.
2. Explain why demographic segmentation might be useful for a business.
○ Helps tailor products to specific customer groups, such as age or gender.
○ Example: A toy company targeting children creates age-appropriate products.
6-Mark Questions (Analysis + Evaluation – AO3 & AO4)
1. Evaluate the benefits and limitations of niche marketing for a small start-up business.
○ Benefits:
■ Reduced competition allows the business to dominate a smaller market.
■ Loyal customers due to tailored products.
○ Limitations:
■ Limited market size restricts growth potential.
■ Vulnerability if customer preferences change.
Evaluation: Niche marketing is ideal for small start-ups with limited resources but
requires adaptability to survive market changes.
Section - 3
Chapter - 10
Answer (Paper 1 Format)
Group - 3 Suggested Answers
2-Mark Questions (Knowledge – AO1)
1. Define market share and provide the formula.
Market share is the percentage of total sales in a market achieved by a business.
Formula:
Market Share (%)=(Business Sales/Total Market Sales)×100
2. Define behavioral segmentation.
Behavioral segmentation categorizes customers based on their buying habits, such as usage rate,
brand loyalty, or purchase behavior.
4-Mark Questions (Knowledge + Application – AO1 & AO2)
1. Explain two reasons why increased competition can affect customer loyalty.
○ More choices for customers: Competitors offering similar or better products may attract
customers.
○ Price wars: Lower prices from competitors may tempt customers to switch.
2. Explain two ways technological advancements can affect a business’s marketing strategy.
○ Online platforms: Businesses can use digital advertising to reach global audiences.
○ Data analytics: Advanced tools allow for personalized marketing campaigns.
6-Mark Questions (Analysis + Evaluation – AO3 & AO4)
1. Discuss whether demographic or psychographic segmentation is more suitable for targeting
young, environmentally conscious consumers.
○ Demographic:
■ Benefits: Easy to identify target groups (e.g., young adults).
■ Limitation: May not fully capture values like environmental consciousness.
○ Psychographic:
■ Benefits: Directly targets interests and values, such as sustainability.
■ Limitation: More challenging and costly to research.
Evaluation: Psychographic segmentation is more effective for targeting
environmentally conscious consumers, as it directly addresses their values and
motivations.
Story
Story: Chapter - 10
Characters:
● Tom: The curious one, always asking questions.
● Jerry: The friendly and helpful classmate.
● Ben: The shy one, but very smart.
● Thanos: The class representative, good at explaining concepts.
● Wolverine: The one who missed class, and is catching up on the topic.
Setting: The school classroom, just after lunch break. The students are settling down as the
teacher has just given them a new topic for the day – Marketing.
Wolverine: (walks in, looking confused) "Hey, Jerry! I missed the class today. What did we
learn about marketing? I have no idea where to start!"
Jerry: (smiling) "No worries, Wolverine! Marketing is actually a pretty interesting topic. Let
me catch you up. So, to begin, marketing is all about identifying, anticipating, and satisfying
customer needs. You know, businesses try to create products that people really want or
need."
Wolverine: "So, it’s like when you want to buy a new phone because it has a cool camera?"
Jerry: "Exactly! You see a need for a better camera, so that’s why you want the phone. But
there’s more to marketing than just selling products. It's about making sure people know
why they need that phone and where to get it. That’s why businesses do market research,
product development, and promotion."
Wolverine: "Wait, what do you mean by 'market research' and 'promotion'?"
Thanos: (chimes in from the front) "Market research is the first step in marketing. It’s when
businesses gather information about what customers like, what they need, and what they're
willing to pay for. Like, when a company asks people to fill out surveys or uses data to see
what products are trending. Promotion is all the activities that let customers know about a
product, like ads, posters, or online videos."
Wolverine: "Got it! So, what happens after the business figures out what customers want?"
Ben: (quietly speaking up) "After understanding the needs, businesses focus on satisfying
those needs. For example, if people want a phone with a better camera, the business makes
sure the phone they release has that feature."
Wolverine: "Ah, so they make the product meet the need! But what if the market changes?
Like, if people suddenly don’t want phones with big cameras anymore?"
Jerry: "Good point, Wolverine! That’s where market changes come in. Markets are always
changing. People’s spending patterns change when their income increases or decreases.
Trends, like everyone switching to online shopping, also change how people spend."
Thanos: "Exactly! And there are also technological changes, like how streaming services
changed the way we watch movies. Demographic shifts, like aging populations, also change
what people buy."
Wolverine: "Whoa, so businesses have to adapt, right? What do they do to keep up with all
these changes?"
Ben: "Yes, they respond to market changes by innovating and adapting their products. For
example, if people start caring more about the environment, a car company might start
making electric cars."
Wolverine: "So, they just make new products to fit what people want?"
Ben: "Exactly! They innovate. And they also adjust their pricing and promotions to keep
people interested. Like offering discounts during festivals or giving loyal customers
rewards."
Wolverine: "I see! But how do businesses know exactly what people want? Do they just
guess?"
Jerry: "Not really! They use something called market segmentation. It’s when businesses
divide the market into smaller groups based on similar needs, behaviors, or characteristics.
That way, they can focus on specific groups and create more targeted products."
Wolverine: "So, they might make one product for young people and another for older
people?"
Thanos: "Yes! That’s called demographic segmentation. It’s based on things like age, gender,
income, or education. But there are other types too. For example, geographic segmentation
divides people by where they live. If a business sells winter clothes, they’ll focus on colder
regions."
Ben: "And then there’s psychographic segmentation, which is based on lifestyle and values.
Like, a brand that sells vegan food targets people who care about the environment."
Wolverine: "Wow, that’s cool! So businesses think about all these different factors to make
sure their products are a good fit."
Jerry: "Exactly! And there’s one more thing – behavioral segmentation. It looks at how
customers behave, like their buying patterns or how loyal they are to a brand."
Wolverine: "So, like, if I always buy the same brand of shoes, they might give me discounts
to keep me coming back?"
Ben: "Yes! Loyalty programs are a great example of behavioral segmentation. It’s all about
keeping customers happy and making them feel valued."
Wolverine: "Okay, I think I’m starting to understand it! But what’s the difference between
niche marketing and mass marketing?"
Jerry: "Ah, that’s a big one! So, niche marketing is when a business focuses on a small,
specific group of customers. Like, a company that sells luxury watches to rich professionals.
Mass marketing, on the other hand, targets a big audience with a product that suits
everyone, like a popular soap brand."
Thanos: "Right! Niche marketing is good because there’s less competition, but the market is
smaller. Mass marketing has the potential for more sales, but there’s a lot more
competition."
Wolverine: "That makes sense! But how does a business figure out if they’re doing well in
the market?"
Ben: "They look at their market share. It’s the percentage of total sales a business has in a
particular market. If you have a large market share, it means you're doing well and beating
competitors."
Wolverine: "So, if a company sells a lot compared to others, they have a bigger market
share?"
Jerry: "Yes, exactly! And businesses always aim to increase their market share by offering
better products, great customer service, and effective marketing strategies."
Wolverine: "That’s a lot to take in, but I think I got it now. Thanks for helping me catch up,
everyone!"
Thanos: "You’re welcome, Wolverine! And remember, marketing is all about understanding
what customers want and finding ways to satisfy those needs in a profitable way."
Ben: "And also about staying ahead of the competition and keeping customers loyal."
Jerry: "Yes, it’s a big picture! But now you know how it all works."
Definitions
[Link] is identifying customer wants and satisfying them profitably.
2.A customer is a person, business or other organisation which buys goods or
services from a business.
[Link] loyalty is when existing customers continually buy products from the
same business.
[Link] relationships is communicating with customers to encourage them to
become loyal to the business and its products.
[Link] share is the percentage of total market sales held by one brand or
Business.
6.A consumer buys goods or services for personal use – not to re-sell.
[Link] market is where there is a very large number of sales of a product.
8.A niche market is a small, usually specialised, segment of a much larger market.
[Link] segment is an identifiable sub-group of a whole market in which
consumers have similar characteristics or preferences.