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1. Identifying and differentiating needs and values of customers.
2. Helps to define targeting strategy.
3. Allows the firm generate high response rates from marketing campaigns
4. Facilitates the determination of the return on investment
5. Marketers can better predict how consumers will respond to marketing strategies
6. Enables the firm to design a marketing mix that satisfies customers
7. Customer knowledge is a very important factor in achieving success in any business i.e. understanding customer needs and wants forms the basis of market success.
8. Customer knowledge ensures that a company would offer only relevant products and services to each and every customer based on the customer's needs and the value of those customers to the company.
9. Information on customer/buyer behavior in predicting or diagnosing their actions in the markets provides/creates a competitive edge in the long - term.
10. Marketers can better predict how consumers will respond to marketing strategies.
Lellah answered the question on November 5, 2021 at 06:08
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