What is the market demand?

Market demand refers to the total amount of a particular product or service that consumers are willing and able to buy at a given price and within a specific timeframe. It is determined by a number of factors such as consumer preferences, income levels, market competition, and the availability of substitute goods or services. Understanding market demand is important for businesses as it helps them to set prices, identify opportunities for growth and expansion, and develop effective marketing strategies to reach their target audience.

This mind map was published on 30 May 2023 and has been viewed 104 times.