1.2 Spotting a Business Opportunity (Businesses can benefit from both…
1.2 Spotting a Business Opportunity
A consumer becomes a customer once a product or service has been sold to them.
There are 4 main things to focus on when addressing customers' needs. Ryanair making their flights as cheap as possible focuses on:
Being market-driven can let a business better meet customers' needs and adapt to a changing environment.
If a firm is identifying and meeting customers' needs then it is more likely that customers will buy a product or service.
Avoid costly mistakes
Find the correct marketing mix
If a business satisfies a customer’s needs better than competitors do, then it is likely that a consumer will buy their product.
Market research into a business’ target market will give the company insights into their customers’ wants and needs and how they are changing over time.
Businesses can benefit from both qualitative and quantitative research.
Qualitative research generally collects information about opinions and views rather than things that can be quantified.
For example, research into whether customers think the customer service at Waitrose is good is qualitative research.
Quantitative research collects factual information on things that can be quantified and recorded easily.
For example, research into the number of cans of Coca Cola sold in the UK last year is quantitative research.