Question
What determines customer needs?
Answer :
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Customer needs refer to the basic requirements, desires, preferences and expectations that influence a person to purchase a particular product or service. In retail marketing, understanding customer needs is essential because retailers can succeed only when they provide products and experiences that satisfy consumers. Customer needs are determined by several personal, social, economic and environmental factors. One major factor is income and purchasing power. The amount of disposable income available to a customer affects what they can buy, the quantity they purchase and the quality or brand they prefer. High-income customers may demand premium and branded products, while customers with limited income may focus more on price, discounts and value for money. Changes in income can therefore lead to changes in purchasing needs. Age and life-cycle stage also determine customer needs. Children,
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