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Marketing, competition and the customer
Understand the purpose of marketing, which includes recognizing customer needs, fulfilling those needs, fostering customer loyalty, and developing strong customer relationships.
4
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40
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28
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90 min
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CambridgeIGCSEBusiness StudiesSubject content
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Marketing, competition and the customer outcomes4 objectives
- Understand the purpose of marketing, which includes recognizing customer needs, fulfilling those needs, fostering customer loyalty, and developing strong customer relationships.
- Examine the factors that lead to changes in market dynamics, including shifts in consumer spending habits, the significance of evolving customer needs, the rise in market competition, and how businesses adapt to these changes.
- Explore the concepts of niche and mass marketing, including the advantages and disadvantages associated with each marketing strategy.
- Understand the process and rationale behind market segmentation, including methods of segmenting markets by factors such as age, socio-economic status, location, and gender, as well as the potential benefits for businesses and the ability to recommend suitable segmentation strategies in specific scenarios.
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