1. Identify three key characteristics of the marketing concept.
Marketing is about being consumer orientated. All the marketing and the business activities involved should be directed to create and satisfy consumers’ needs and wants. The goal should be consumer satisfaction in order to succeed. The product or service which is being offered should be purely focused on customers/consumers.
Market research is another key characteristic in order to succeed as it helps organisation to determine what consumer’s needs and wants are. By conducting market research it helps understanding what consumers are seeking for and finding ways to provide products or services which customers demand as it very vital. …show more content…
3. Explain why market research and the information gathered are important to an organisation like Clare’s Chocolates.
By conducting market research, it allows Clare’s Chocolate to gather valuable information by identifying their consumers’ needs and wants in order which will help them achieve their satisfy consumers’ needs and wants which results in maximising profits and being on top of their market and ahead of competitors. It is crucial for them as a business to be conducting market research and gathering valuable data and information as it allows them to strategically make the right decisions in order to succeed as a business. It also gives them an insight about the needs and wants of the