Question

Consumers are the kings and queens of the marketplace.

                           Make as per Canadian Standards. Thanks. No Plagiarism. 10 marks

Answer 1

Consumers are the kings and queens of the market is true. if consumers are not satisfied with one firm product that means that firm has no existence in the market. Moreover, consumers are considered as king and queen due to many reasons that are consumers decide the popularity of product, the demand of the product and their satisfaction leads to positive feedback and mouth publicity totally they do marketing of the product. Besides these, their perspective shows the reality of the market condition, if one producer considers customers aptitude, attitude, preferences, and expectations then his product can reach above his expectation. so that customers have power to decide the market condition like a king and queen.

In the context of Canada, examine the power of customers, we can understand, above the 80 % of purchase happened through virtual marketing there. Therefore the customer has more power in Canada's market because online shopping provides tremendous choice open up in front of each customer within clicks, not only that they can provide the feedback, components, reviews regarding the product at the time of purchase. These comments or review spread in the internet, social media and by mouth within a second all over the world. therefore if the feedback is good that's will be worth for the company or producer otherwise that's may harm the existence of the firm. By these reasons, customers always king and queen of the market. especially in the case of virtual marketing. Canada's market structure almost turned into online or E.commerce so there customers power increased once. So the success of the market depends on the opinion and suggestions.