3.1.1 The role of marketing: • Identifying customer needs
• Satisfying customer needs
• Maintaining customer loyalty
• Building customer relationships
3.1.2 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
3.1.3 Concepts of niche marketing and mass marketing:
• Benefits and limitations of both approaches to marketing
3.1.4 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
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