business aos 4

market research

is the process of investigating and analysing the activities and behaviours of customers and competitors in a specific industry

survey and primary or secondary

a set of questions where people select a predetermined answer, or write their own in order to express their opinion- primary

marketing

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

business objectives

are the goals a business intends to achieve

relationship between marketing and business objectives

* marketing can be a great pathway for a business to achieve their objectives
* An objective such as increasing sales can be done by targeting a business’s customer base- increase the number of customers who will make repeat purchases, subsequently increasing the number of sales

Public relations

are the verbal, written or visual interactions a business has with its publics

crisis public relations

is a business reactively communicating to various publics in response to an issue that can negatively affect its reputation

why crisis public relations ?

dealing with issues that need to be addressed so the business is not negatively affected-decreased sales or repuatation

customer base

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

how can strong economic conditions affect a customer base

disposable income is high, meaning consumers are more likley to purchase goods or services.

* business can expand their customer base in this time

how can low economic conditions affect a customer base

* consumer confidence decreases


* meaning individuals are less likely to spend their money
* Consequently, a business may implement fewer marketing strategies and emphasise its lower prices to attract price-conscious customers.

quality customer service

is a business consistently going above and beyond expected performance to ensure customers are satisfied with their experience

market segmentation

is the process of dividing a market into different groups of consumers that share similar characteristics

why market segmentation

often conduct market segmentation before marketing to consumers, as it often unrealistic for a business to promote its product to the entire market

why have quality customer service

* impact weather customer continue to buy from business
* can provide qcs before, during and after purchase to improve customer satisfaction
* prioritise customer value, helps develop customer value, satisfaction and loyalty

increasing sales

targeting a business’s customer base can increase the number of customers who will make repeat purchases, subsequently increasing the number of sales