Bsbcus501Z Quiz Question
Identify 2 Divide the total market into market segments 3 Identify what drives demand in each segment 3 Methods of identifying specific customers 4
Customer needs and expectations 4
Summary Investigating, identifying, assessing, and including the needs of customers and determining the potential market for their product / Service, organisation can determine where their product / service is or is most likely to be successful. Identify the most profitable sections of the total marker and use your understanding of customer needs, wants and expectations when planning product / service design, operations processes, marketing strategies and customer service techniques. Investigate
Identification of target markets and market segments are essential to ensure the product and or service is appropriate and aimed at the correct market to become a success. The investigation must involve information gained from customers whether it is from census surveys, buying patterns or informal surveys where the customer can give their point of view. This enables us to focus on what the customer’s wants and needs are. This enables the company to gain information on: 1. What customers form your market? 2. Where they are located? 3. Why they will purchase your product rather than another? 4. Will the profit justify the product or service development and promotion?
To identify target markers, typical customers can be identified via their psychographic and demographic characteristics, such as: * Age – consider what age group would be targeted * Gender – consider from information gained by surveys or buying patterns if the target is men