Why do markets fail to generate socially desirable outcomes? Markets are not infallible. They can fail to organise economic activity in a socially desirable fashion. Markets failure are due to social inefficiency and inequity. In the real world, the market rarely leads to social efficiency: the marginal social benefits of most goods and services do not equal the marginal social cost. Part of the problem is the existence of 'externalities', part is a lack of …
showed first 75 words of 1604 total

showed last 75 words of 1604 total
…A business must study the environment and population so as to comply with the consumers buying patterns, needs and wants. A company can do this through market segmentation, demography, and by the use of questionnaires and surveys. Market research can be carried out by the use of market segmentation, which is the dividing up of the market into similar groups so that each group may be studied and carefully examined which I have covered earlier.