Final answer:
Marketers need to understand customer needs and how they inform purchase decisions. Imperfect information can lead to suboptimal market outcomes, affecting both consumer satisfaction and market equilibrium. Full information helps buyers and sellers make informed decisions and leads to market efficiency.
Step-by-step explanation:
The question revolves around the need for marketers to understand consumers' needs and how these translate into purchase criteria. Every purchase is rooted in the buyer's belief that the product or service will bring satisfaction. This belief is shaped by the information the buyer has. If the information is imperfect or unclear, it could lead to buyer's remorse or hesitation in making future purchases. Market equilibrium is achieved when buyers and sellers have full information about a product's price and quality. Limited information can result in failure to transact or poor decision-making by buyers or sellers.
To guide market understanding, inquiries into demand may include questions such as: What are markets? What factors influence consumer purchasing decisions? Marketers must consider the five W's: Who is involved, What is the goal, Where to focus, When to act, and Why it's important.