customer needs

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paper 1

GCSE Business Studies

Edexcel

Spotting a Business Opportunity

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10 Terms

1
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market

a place where buyers and sellers meet

<p>a place where buyers and sellers meet</p>
2
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business thrive when

they meet customer needs and wants

<p>they meet customer needs and wants</p>
3
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aim of marketing

help identify, anticipate and satisfy consumer needs and wants in a way that makes a business profit

<p>help identify, anticipate and satisfy consumer needs and wants in a way that makes a business profit</p>
4
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market research

the process of systematically gathering data from consumers

<p>the process of systematically gathering data from consumers</p>
5
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price

the amount of money a customer is willing to pay for a product, customers want to find the best value for their capital

helps offer promotions that appeal to target market

<p>the amount of money a customer is willing to pay for a product, customers want to find the best value for their capital</p><p>helps offer promotions that appeal to target market</p>
6
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quality

the standard of excellence that a customer expects from a product, they want a reliable and durable product

leads to customer loyalty and positive word of mouth advertising

<p>the standard of excellence that a customer expects from a product, they want a reliable and durable product </p><p>leads to customer loyalty and positive word of mouth advertising</p>
7
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choice

customers want to choose from a variety of products

helps cater to different customer preferences, increasing customer satisfaction and loyalty

<p>customers want to choose from a variety of products</p><p>helps cater to different customer preferences, increasing customer satisfaction and loyalty</p>
8
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convinience

products that are easy to access and use, e.g fast delivery

creates an efficient and enjoyable customer experience, building customer loyalty

<p>products that are easy to access and use, e.g fast delivery</p><p>creates an efficient and enjoyable customer experience, building customer loyalty</p>
9
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generating more sales

meeting customer needs, building a relationship, finding ur target market

<p>meeting customer needs, building a relationship, finding ur target market</p>
10
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achieving business survival

competing, understand changing preferences, buliding a positive reputation

<p>competing, understand changing preferences, buliding a positive reputation</p>