Strategic Marketing discusion

Superior market knowledge is not only an important source of competitive advantage, but it also results in happier, higher volume of, and more loyal customers. Thus, the systematic development of market knowledge is a critically important activity in any organization.*

*Reference: From Chapter 6 Take-Aways in Mullins, J., Walker, O., & Boyd, H. (2013). Marketing management: A strategic decision-making approach. (8th ed.) New York: McGraw-Hill Irwin. 

In this discussion, address the following:

• Explain what makes the above concept true.
• Using the airlines industry as your frame of reference, in what ways can the above concept be applied from a marketing standpoint?