Understanding customer needs and wants will enable a company to ask customers additional questions regarding what other products would stoke their interest. It is important for a company to know customer needs and wants with regard to itself – that is what customers expect from both aspects.
How does needs and wants affect the business?
Needs: To find the right customers to buy your product/service so that you can make a profit. Wants: Ability to delegate work to others in your organization so you can increase sales and make an even higher profit. Pros: Targeting the right audience gets better results so that you can build a scalable business.
What are internal and external customer?
Internal customers are stakeholders who work within your company (employees) and require assistance from another individual or department to get their job done. This is in contrast to external customers who pay for your services and are not directly connected to the organization.
How does international trade affect the economy of a country?
International trade is the import and export of these resources between countries. International trade allows countries to distribute their resources more efficiently. Importing and exporting of resources is vital to the economy. A gain from International trading is a price increase or decrease, in the local markets.
When do countries need to trade with each other?
Countries trade with each other when, on their own, they do not have the resources, or capacity to satisfy their own needs and wants. By developing and exploiting their domestic scarce resources, countries can produce a surplus, and trade this for the resources they need.
How are social factors affect the International Business?
Social factors such as education, awareness and trends and status of people in the society affects the consumer behavior to purchase various goods and services. Also, Social environment and culture such as customs, lifestyles and values differs from country to country which further directly impacts the international business.
Why do countries import goods from other countries?
Mass production allows a surplus of goods to be produced, which can then be exported. This means that goods and resources must be imported from other countries that have also specialised, and produced surpluses of their own. When countries specialise they are likely to become more efficient over time.
