Final answer:
Market perception is a company's understanding of the needs and desires of the market and the strategies it can employ to meet those needs.
Step-by-step explanation:
Market perception is a company's understanding of the needs and desires of the market and the strategies it can employ to meet those needs.
For example, a company may perceive that the market demands eco-friendly products, so it develops and markets products that are environmentally friendly. Another company may perceive that the market demands convenience, so it invests in technologies that make its products more user-friendly and accessible.
Market perception is important for companies because it helps them align their products and services with what customers want, leading to increased sales and customer satisfaction.