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Importance of Identifying customers

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Why is it important for an organization to identify their current and future customers and their needs? What are some of the advantages and disadvantages of identification of both of these items? Please cite specific examples as it relates to your experience with either a present or past employer. (300 words)

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This solution of 577 words discusses the importance of an organization to identify current and future customers' needs with examples. All references used are included.

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Running Head: IMPORTANCE OF IDENTIFYING CUSTOMERS AND THEIR NEEDS

Importance of Identifying Customers and Their Needs

Importance of Indentifying Customers
Customer could be defined as an individual human being who buys services and goods of the companies generated within his economic level (Reinartz & Kumar, 2003). In any organization, customers are the main target of the company because without the customers the company has no existence in the market (Kumara & Shah, 2004). Today, in this competitive world, customer plays an important role for any company's success. Customers determine the success of the product in market (Kotler, 2002).
In order to increases the sales and maintain the profitability of the company, it is necessary for the management to identify right customers and their need, so that the company can serve with them according to their requirements (Swift, 2000). In this changing and innovative environment, ...

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