B Com Exam > B Com Videos > Business Economics & Finance > Meaning of Demand - Market Demand Analysis, Business Economics & Finance
Meaning of Demand - Market Demand Analysis, Business Economics & Finance Video Lecture | Business Economics & Finance - B Com
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FAQs on Meaning of Demand - Market Demand Analysis, Business Economics & Finance Video Lecture - Business Economics & Finance - B Com
| 1. What is market demand analysis? |  |
Ans. Market demand analysis is a process of examining the total demand for a product or service within a specific market. It involves studying various factors such as consumer preferences, income levels, pricing, and competition to determine the quantity and price at which a product or service will be demanded.
| 2. How is market demand different from individual demand? | |
Ans. Market demand refers to the total demand for a product or service from all consumers in a particular market, while individual demand refers to the demand of a single consumer. Market demand takes into account the collective behavior and preferences of all consumers, whereas individual demand is specific to a particular consumer's needs and preferences.
| 3. What factors influence market demand? | |
Ans. Several factors influence market demand, including consumer income levels, price of the product or service, consumer preferences and tastes, availability of substitutes, population demographics, and marketing and advertising efforts. These factors can either increase or decrease the demand for a particular product or service.
| 4. How is market demand measured? | |
Ans. Market demand is measured by analyzing data such as sales figures, consumer surveys, market research, and historical trends. By gathering and analyzing this data, economists and businesses can estimate the quantity of a product or service that consumers are willing and able to buy at different price points.
| 5. How does market demand analysis impact businesses? | |
Ans. Market demand analysis plays a crucial role in business decision-making. It helps businesses understand the demand for their products or services, identify target markets, set appropriate prices, develop effective marketing strategies, and make informed production and investment decisions. By analyzing market demand, businesses can gain a competitive edge and maximize their profitability.
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