What type of knowledge involves understanding how a product or service meets customer needs?

Understanding how a product or service meets customer needs falls under product and/or service knowledge. This type of knowledge encompasses a comprehensive awareness of what the product or service offers, including its features, benefits, and how it addresses specific pain points or requirements for the customer.

When a sales associate or professional has solid product knowledge, they can effectively communicate the value of the offering to potential customers, tailor their messages to suit individual needs, and ultimately enhance customer satisfaction and sales success. This understanding allows for a deeper connection between the customer and the solution being provided, which can lead to increased loyalty and repeated business.

In contrast, market knowledge refers to insights about the overall industry landscape, competitors, and customer demographics, which, while important, does not specifically address how a product meets customer needs. Sales proficiency emphasizes the skills and techniques needed to close sales rather than the intrinsic understanding of the product itself. Customer service skills focus on how to effectively interact with customers and resolve issues, rather than the specific product details that would showcase how a product or service fulfills customer needs. Thus, the most relevant choice in this context is clearly product and/or service knowledge.