Business Studies- Section 10

Identifying and satisfying customer needs and wants

Customer base

MarketTarget MarketCustomerConsumerConsumer marketIndustrial marketBusiness environment 

Why consumer spending patterns change

Changing customer needs

Why some businesses become more competitive

How businesses respond to changing spending patterns and increased competition

Niche marketing

Mass marketing

Market segmentmarket segmentation

Geographic segmentationDemographic segmentation 

Benefits of segmentation to businesses