3.1 Marketing, Competition and the Customer IGCSE Business

In this lesson, I cover the following:

Marketing, competition and the customer
* The role of marketing:
* Identifying customer needs
* Satisfying customer needs
* Maintaining customer loyalty
* Building customer relationships
Market changes:

• Why customer/consumer spending patterns may change
• The importance of changing customer needs
• Why some markets have become more competitive
• How businesses can respond to changing spending patterns and increased competition
  Concepts of niche marketing and mass marketing:
• Benefits and limitations of both approaches to marketing
  How and why market segmentation is undertaken:
  • How markets can be segmented, e.g. according to age, socio-economic grouping, location,
  • gender
  • Potential benefits of segmentation to business
  • Recommend and justify an appropriate method
  • of segmentation in given circumstances

This is a complete lesson.