The concept of market sensing is a very important concept to successful strategy development.

A company that is ineffective at market sensing is really at a disadvantage in the marketplace over the long run.

While sometimes "dumb luck" works out in the short term, a company will not achieve high levels of success over years without understanding the concept of market sensing.

What is meant by market sensing as it relates to businesses and their customers?

Why is effective market sensing so important for an organization's success in the long run?

What are the consequences for a company that consistently makes mistakes in market sensing or for one that just does not even attempt to engage in market sensing?