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Topic 1.4: Making the start-up effective revision points Chapter 19: Customer focus and the marketing mix A business must have customers to survive. Customer focus involves identifying, anticipating and meeting customer needs – paying attention to what they want or need. Identifying customer needs involves finding out what they want from a product (a good or service). Anticipating needs involves being at the forefront of fashion, being aware of market changes and reacting effectively. To meet customer needs, a business must make sure that its product does what consumers want. Being consumer led means changing products in line with changes in consumer wants and needs. Market types can be: • Product led, design then sell, e.g. highly technical products such as healthcare equipment. • Market led, produce to meet identified demand, e.g. changes in the way people listen to music has brought about new products to meet those needs. The marketing mix is the 4 Ps – Price, Promotion, Product, Place. Price is the value that customers place on the product and which represents a measure of value for money. Successful products are often designed to meet customer needs and target the segment of the market to which it is to be sold. Promotion involves providing information about a product and persuading customers to buy it. It includes advertising and other forms, such as point-of-sale promotions, free gifts, trials, roadshows, user testing, competitions and sample products. Place is about how the product is made available to customers, the distribution methods and how convenient it is for customers to access the product. Differences in the marketing mix can have different emphasis, e.g. existing market/low price: new market/ emphasis on promotion, budgets and types of product. © Pearson Education Ltd 2009 Edexcel GCSE Business Studies page 1