This includes:
3.1 Marketing and the Market
- 3.1.1 The role of marketing
- Identifying customer needs
- Satisfying customer needs
- Maintaining customer loyalty
- Building customer relationships
- Anticipating changes in customer needs
- 3.1.2 Understanding market changes
- Why consumer spending patterns may change
- Why some markets are becoming more competitive
- How businesses can respond to changing spending patterns and increased competition
- Calculate market share
- 3.1.3 Mass markets and niche markets
- Concepts of mass markets and niche markets
- Advantages and disadvantages of mass markets and niche markets
- 3.1.4 Market segmentation
- How markets can be segmented according to: age, income, location, gender, lifestyle
- Advantages and disadvantages of market segmentation
Minimum Time = 40 minutes
