The notion that most may have, is that the big companies control the market forces but this is not necessarily true. Small businesses also play a major role in controlling the market dynamics such as pricing. But the factor that greatly influences the market trends is the needs of the customers.
To improve business performance there is need to implement marketing strategies that address and satisfy the needs of customers. Communication has played a big role in informing customers and hence giving them power to determine the quality of product or service. Studies have shown that countries that have restrictions when it comes to communication, product quality are low.
States that allow free flow of communication were found to have significantly lower pricing of products and services. In addition, restrictions in relaying of information have resulted to customers not knowing the fair price for certain products like prescription drugs. Hence when purchasing a prescription customers are obligated to agree to the quoted price.
Some products have proved to be harmful to people and the environment, and for these reason it is vital to have an informed customer. Before customers were ignorant to the fact that some products are detrimental to the surrounding, until environmentalist brought these side effects to their attention and thus customers adjusted the products they were using.
Currently, product packaging and production methods have changed in order to conform to the requirements that are friendly to the environment. There is constantly a demand for commodities that are not detrimental to the environment all due to an informed market. Market forces have being compelled to meet the needs of customers, thus making the customer the most important factor in production, pricing and hence business growth.
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