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Marketing competition and the customer (Changing Customer needs (Gain…
Marketing competition and the customer
Maketing is to make sure that business product satisfy the customer needs
Market orientated
Business is concern about what consumer want is
Product Orientated Product
Business have to convince customer to buy this product
Marketing is to develop Customer Loyalty and Brand Loyalty
Customer loyalty is to develop a relationship with customer to ensure them to buy constantly from business which then create brand loyalty
Satisfying Customer Needs
Adding Value
Unique selling points
First mover advantage
Markets change really often the factor that affect it could be fashion , technology and economy . Business must be able to react rapidly to this to survive
Changing Customer needs
Gain competitive advantage by understanding current spending patterns and predict future patterns
Fail to predict = doom business
Adapting its product
Create new product
Diversification
close down store that are not making profit
Competitive markets
wider choice for consumer regarding of product and supplier . Easier for consumer to compare price and switch between brand
Increase in competition because
Techonology make it easier for business start up . Compare price .
Consumer is decreasing
Benefits for consumer
Lower price
More choice
More promotions
More innovation
Improve quality of products
How business react to increase competition
Market research
New product development
Promotion