Final answer:
In business, the concept described in the question relates to marketing - the process of identifying customer needs and wants and creating products to meet them.
Step-by-step explanation:
In the field of business, the process described in the question refers to the concept of marketing. Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Within marketing, companies engage with customers by identifying their needs and wants. Once these needs and wants are identified, the company then creates highly valued, affordable, and good-quality products to meet those needs and wants.
For example, a company may conduct market research to understand customer preferences and develop products that align with those preferences. By understanding customer needs and wants, the company can create products that are relevant and appealing to the target market.