What does quality mean as a customer need?

Customers expect a product to work properly, last and match its description. The level of quality expected rises with the price paid.

Why do customers value choice?

Customers want a range of products, sizes, colours or options to pick from. A wide choice means each customer can find something that suits them.

What is meant by convenience as a customer need?

Convenience means a product is easy to get and use, saving the customer time and effort. Late opening, home delivery and online ordering all add convenience.

Edexcel GCSE Business 1BS0

Enterprise and Entrepreneurship

Topic overview The dynamic nature of business Risk and reward The role of business enterprise

Spotting a Business Opportunity

Topic overview Customer needs Purpose and methods of market research Market research data and its reliability Market segmentation The competitive environment

Putting a Business Idea Into Practice

Topic overview Business aims and objectives Business revenues, costs and profits Cash and cash flow Sources of business finance

Making the Business Effective

Topic overview Business ownership and limited liability Franchising as a start-up option Business location The marketing mix Business plans

Understanding External Influences on Business

Topic overview Business stakeholders Technology and business Legislation and business The economy and business Responding to external influences

Growing the Business

Topic overview Organic and inorganic business growth Public limited companies and finance for growth Changes in business aims and objectives Business and globalisation Ethics, the environment and business

Making Marketing Decisions

Topic overview Product design, life cycle and differentiation Price and pricing strategies Promotion strategies and technology Place and methods of distribution Using the marketing mix to make business decisions

Making Operational Decisions

Topic overview Business operations and production processes Working with suppliers Managing quality The sales process

Making Financial Decisions

Topic overview Profit, profit margins and ARR Understanding business performance

Making Human Resource Decisions

Topic overview Organisational structures and communication Different ways of working Effective recruitment Effective training and development Motivation in the workplace

Spotting a Business Opportunity

Customer needs

3 things to know
Paper 1

Overview

Price, quality, choice and convenience as customer needs, how needs differ between segments and change over time, and why meeting them drives sales, loyalty and survival.

What you need to know

Answer each one before you reveal it.

Your recallNot started

Key term

What are customer needs?

Key term

Name the four customer needs that a business must understand.

Key term

Why is price a customer need?

Questions from this subtopic

Each one with the model answer underneath.

1
What are customer needs?
Model answer
Customer needs are the things customers want from a product or service. A business must provide them to win the sale.
2
Name the four customer needs that a business must understand.
Model answer
The four customer needs are price, quality, choice and convenience.
3
Why is price a customer need?
Model answer
Customers want a price they can afford and that is fair for what they get. Price-sensitive customers will switch to a cheaper rival.
4
What does quality mean as a customer need?
Model answer
Customers expect a product to work properly, last and match its description. The level of quality expected rises with the price paid.
5
Why do customers value choice?
Model answer
Customers want a range of products, sizes, colours or options to pick from. A wide choice means each customer can find something that suits them.
6
What is meant by convenience as a customer need?
Model answer
Convenience means a product is easy to get and use, saving the customer time and effort. Late opening, home delivery and online ordering all add convenience.

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Enterprise and Entrepreneurship

Spotting a Business Opportunity

Putting a Business Idea Into Practice

Making the Business Effective

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Revenue = price × .

quantitycostprofit

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AGoods must be of satisfactory quality.

BGoods must be fit for purpose.

CGoods must be as described.

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Cash inflows means money coming into a business.

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