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Firms develop products and services with the understanding that their ultimate goal is to satisfy their customers' needs.
What are the customer's needs?
Customers look for certain things while making a purchase of a good or service. To succeed, businesses must learn about the demands of their customers.
Understanding and meeting consumer wants is essential for an entrepreneur or firm to succeed. The majority of business concepts are born when an entrepreneur recognises a demand for a good or service. An entrepreneur or small business must take into account four primary customer needs. These include cost, standard of living, choice, and ease.
Price
Price is the amount a company charges for a good or service. When buying a good or service, customers want to pay a reasonable price. However, people ultimately seek value for their money, therefore low prices typically attract a large number of clients.
It's critical that a business's price reflect the caliber of the goods or services it offers. Customers will anticipate paying a high amount, for instance, if a jewellery store sells rare diamonds.
Standard of good
The standard of the good or service being provided is referred to as quality. Customers always demand a certain level of quality, regardless of the price they pay for a good or service. In general, individuals who pay less money would anticipate poorer quality, while those who pay more money will anticipate higher quality.
Choice
Choice is crucial; to cater to various consumer groups, many businesses offer a variety of goods and/or services. When purchasing something, customers have a variety of demands and wants. They might prefer various designs, sizes, or even entirely different goods. For instance, a clothing store might need to keep a variety of clothes styles and sizes in stock for each type of apparel it sells.
Convenience
Convenience is something that customers and consumers demand, and they're frequently willing to pay more for it. When something is convenient for customers, it is simpler, quicker, or generally less of a problem. An illustration of this would be ordering food or clothing online instead of going to a store or takeout; clients are frequently content to pay an extra delivery price for the comfort of being able to stay at home.
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