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3.1 Marketing (Market (Satisfying customer needs (There are three main…
3.1 Marketing
Market
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Relationship marketing
Communicating with customers regularly and encouraging repeat purchases. Many businesses use social media to interact with their customers.
First mover advantage
Being the first business with a new product or service in an unrealised (not yet met) consumer need.
Market Orientated
Carrying out market research to find out what customers want before developing and producing product. They identify customer needs and try to produce a product to fit the needs.
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Products
Product orientated
The business makes the products by focusing on the development of the product rather than applying the customer's ideas. Marketing is used to convince customers to buy the product and is common with technology products.
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Adding Value
The process of increasing the worth of resources by modifying them. This can be done through brand image. Customers are more willing to spend more on Nike trainers than Gola
Monopoly terms
Monopoly
A market in which there are many buyers but only one seller. Price can be dictated to the consumers as there are no substituted goods.
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