Which concept focuses on the degree to which a product meets consumer expectations?

The concept that focuses on the degree to which a product meets consumer expectations is customer satisfaction. This metric is crucial for businesses as it directly reflects how well their products or services fulfill the needs and desires of their customers. High customer satisfaction typically indicates that a company's offerings align closely with what consumers expect, leading to repeat business, brand loyalty, and positive word-of-mouth.

Understanding customer satisfaction involves evaluating feedback, surveys, and product performance to assess whether consumers feel their expectations have been met or exceeded. A company that prioritizes customer satisfaction will continuously strive to enhance its products and services to align with consumer demands, which is fundamental for long-term success in the market.

In contrast, while product differentiation focuses on distinguishing a product from competitors, quality assurance is concerned with maintaining a certain standard of quality in production processes. Market efficiency deals more with how well resources are allocated in an economy rather than the specific expectations of consumer needs. Thus, customer satisfaction is the most relevant concept when evaluating how well a product aligns with consumer expectations.