The successful organization must understand the marketplaces in which it
operates. The definition of each marketplace is primarily a function of the
markets served and the alternate sources for the goods and services.
The shift from a condition of demand exceeding supply to one of supply
exceeding demand in most marketplaces has made it imperative that an
organization understand and respond to the marketplaces that it serves. The
marketplace is defined by the customers and geographies served and the
competitors serving that marketplace. It is affected by general economic
conditions and government actions or inactions.
Upon completion of this course, you should be able to:
Identify characteristics that customers desire in products and services.
Describe the effects of direct and indirect competition on the demand for an organization’s goods and services.
Describe the effects of general economic conditions and trends on the demand in a marketplace.
Describe the effects of government actions on the demand in a marketplace.