Business 5 UNIT 2 AOS2

Marketing

the process of implimenting strategies to price, promote, and distribute products to current and potential customers

Customer Base

a group of consumers who continuously purchase goods and services from a business

How and why should a bus recognise customer base?

bus should recognise WHO is likely to purchase product - can be done through market research/creating customer profile

Customer profile

Involves establishing a specific description of the type of person the business is going to sell its product to

demographic, geographic characteristics

name, age, profession

What should a bus do after customer base is identified?

• product offered suits the needs of customers

• focus marketing on specifically targeting individuals in customer database

Business Objectives

are the goals a business intends to achieve
Bus should aim to fulfil multiple at the same time

Increasing market share - bus objectives

offering a product that suits needs and wants of individuals within customer base

if done better than competitors can increase businesses' percentage of sales within it's industry

Improving levels of customer satisfaction - bus objectives

ensuring product meets wants and needs of those within businesses' customer base = lower amount of customer complaints

Internal Environment

Involves factors within a business that a business has control over

Owners and Managers

are responsible for improving bus performance - to improve:

• create customer profiles to identify and establish bus's customer base

• develop and improve bus's brand identity

Employees

play an important role in marketing process as they directly interact with customers

should be friendly, attentive, deliver good customer service

Corporate Culture

the shared values and beliefs of a business and its employees

shapes how bus operates, how employees interact w customers