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It is very important for a business to identify and understand their customers. Businesses use a process called segmentation to help them achieve this.

When businesses are deciding how to develop their products and services, they undertake market research. Market research can either be done by the company itself or taken from elsewhere.

The four elements of the marketing mix provide businesses with information that helps them to make decisions about their target market and the image they want to convey.

It is easier to sell products designed with the needs and wants of customers in mind. As needs and wants change, businesses must update or replace products that no longer satisfy customers.

Price often influences purchasing decisions, so getting it right is important. Price too high and consumers will not purchase, price too low and there is a risk that the business will make losses.

Promotion is a key part of marketing, helping to inform and persuade consumers about products. Promotional activity can be expensive, so it is important that choices are made wisely.

Customers are less likely to buy products that are difficult to find or frequently unavailable. Therefore, getting products to the right place is an important part of the marketing mix.