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Business

GCSE · Edexcel

QuestionsFlashcards

2.1 Growing the Business
2.2 Making Marketing Decisions
2.3 Making Operational Decisions
2.4 Making Financial Decisions
- Business Calculations
  6
- Understanding Business Performance
  8
2.5 Making Human Resource Decisions

3.1 The Exam Papers
- Paper 1: Investigating Small Business
  6
- Paper 2: Building a Business
  6
3.2 Business Exam Skills
3.3 Structuring Your Responses

Customer Needs Flashcards

All 7 cards in this deck

What are the four customer needs in the Edexcel specification?: Price, quality, choice and convenience.
What does 'convenience' mean as a customer need?: How easy it is for the customer to buy and use the product — e.g. opening hours, location or online ordering.
What does 'choice' mean as a customer need?: Customers want a range of products, designs, sizes or options to pick from.
What does 'quality' mean as a customer need?: The product works well, lasts and meets the standard customers expect for the price paid.
Why does a business need to identify what price customers are willing to pay?: So it can set a price customers feel offers value for money but that still allows the business to make a profit.
Why is identifying and understanding customer needs important to a business?: It generates sales and supports business survival.
True or false? Profit is an example of a customer need.: False. Profit is a business aim; the customer needs are price, quality, choice and convenience.