Management of Marketing - customer wants and needs

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5 Terms

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Market lead

This is when businesses develop products based on what customers want

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Product led

This is when businesses develop products based on what they believe its customers will want and will try to convince them to buy them.

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Routine purchases

Customers require little thought and are regular purchases such as food or petrol

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Informed purchases

This is when the buyer takes time to investigate the product, e.g. a brand new car

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Impulsive purchases

when a customer buys something simply because they like it. Happens without any prior planning