Markets are human beings with different opinions and choices. As customers, by the choices they make, grant companies or businesses a future or condemn them to extinction. Markets will continuously seek to have total customer satisfaction. Customers have different wants and needs, and businesses should consider that, not just push their own ideas on technology. Markets as customer or consumer are after the quality of the product yet practical as they want to get the value of their money. They prefer quality and comfort. That’s why all organizations try to create goods or services that are valued by its customers.
Markets are decision-makers. They are involved in choosing among several courses of action, products or services. In making decisions, sometimes, they compare two or more alternative courses of action, products or services. They want the best value and quality that will satisfy them most.
Markets determine product trends. It is becoming increasingly hazardous to invest in high pressure sales programs unless first it has been determined that people want to buy. We know that with knowledge comes confidence and that confidence breeds individually. This means that the better-informed customer will be more selective in terms of his or her own wants, taste, and feelings. Greater individuality of expression on the part of the informed customer also results in the demand for greater diversification in products. That’s why retailers are finding that they must stock greater variety of products within the same category in order to satisfy individuality in taste. Markets have buyer powers that influence the prices that firms can charge and also can influence cost and investment, because powerful buyers demand costly services.
Markets are not just about demographic factors such as age, gender, occupation, education or civil status, its all about their behavior as unique individuals.
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