Description: Demand refers to the need or desire for a product or service by customers. This concept is fundamental in economics and marketing, as it determines the quantity of goods or services that consumers are willing to purchase at different prices. Demand is not only based on need but also on factors such as purchasing power, consumer preferences, and market conditions. There are different types of demand, such as individual demand, which refers to the needs of a single consumer, and market demand, which is the sum of all individual demands in a specific area. Demand elasticity is another important aspect, as it measures how the quantity demanded of a product changes in response to price variations. In a business environment, understanding demand is crucial for production planning, pricing strategies, and marketing strategy. Companies use various tools and techniques to analyze demand, such as consumer surveys, trend analysis, and market studies, allowing them to anticipate changes in preferences and adjust their offerings accordingly.
