Critically Examine the Connections Between Stakeholder Claims and the Product Market. Use an Extended Example to Illustrate Your Point.
INDLUENCE OF CONSUMERS ON THE PRODUCT MARKET The product market is very sensitive especially where competition is high and the company has to maintain its customers in order to survive. Consumers for any business include wholesalers, retailers and the end users. These stakeholders have claims in the organization which include good prices, quality products, constant supply and better products in future (IMPROVE). The firms realize that it is not possible to operate without these stakeholders who are referred to as the product market. According to Hildenbrand (1994 pp 323), the major concepts to consider are the four p's in marketing. The firm should therefore ensure the price; place, product and promotion are well measured in order to satisfy the customer. Hildenbrand (1994 pp 98) points out that customers can bring forth success or failure to a business if not taken care of. Their demands which in this case are their claims should never be taken for granted. This group of shareholders is subject to a lot of influence in their buying decisions. Ways in which the product market can be affected is when buyers decide to shift the market of a