explain the importance of understand-
ing the marketplace and customers and identify the five
core marketplace concepts.
Importance: Understanding of customers is necessary for the business to be successful. The companies need to understand about the marketplace where they are going to do their business. By properly understanding the needs and wants of the targeted audience in the market, the companies will develop and produce the products or services which will solve their issues and satisfy the desires and needs. By understanding the customers properly, the demand level can be increased. It will lead to an increase in sales and income level of the company. When the customers are satisfied, they will become loyal customers which is a great asset to the company. In the marketplace, the company's products or services are sold to the targeted customers. When the company has loyal customers, they will refer the products and services to others which is free marketing and leads to an increase in customer base. Understanding the marketplace is important to satisfy the customers through the best strategies. Best strategies will help to achieve the objectives of the firms.
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