Final answer:
Retailers satisfy customer needs by offering an assortment of products tailored to their target market, providing good service, and maintaining sufficient stock levels to meet demand.
Step-by-step explanation:
Retailers help satisfy customers' needs by providing an assortment of products geared toward their target market. This approach caters to the consumers' demand for variety and personal preference, ensuring that customers can find products that are distinct from competitors in several ways such as physical aspects, location, intangible aspects, and product perceptions, which are all factors in creating differentiated products. In addition, retailers strive to offer a mix of services related to the products they sell and ensure products are available in the quantities customers wish to buy.
By stocking an array of items and providing ancillary services, retailers can cater to the consumers' unique tastes and preferences, creating a competitive edge in the market through product differentiation. This strategy of personalization and consumer choice emphasizes the competitive nature of the retail market, with variety playing a key role in the concept of monopolistic competition.