market-demand

Vocabulary Word

Definition

'Market demand' refers to the total amount of a product or service that all consumers are willing and able to purchase at a certain price. It helps businesses figure out what to make and sell.

Examples in Different Contexts

In marketing, 'market demand' is used to gauge consumer interest and tailor marketing strategies accordingly. A marketing manager might comment, 'We're launching a new advertising campaign to tap into the strong market demand for eco-friendly packaging.'

Practice Scenarios

Business

Scenario:

Our sales have been steadily declining this quarter. We need to revaluate our product line and pricing strategy based on current market trends.

Response:

I agree, it's important we tune our strategies according to the market demand. I propose we initiate a market survey.

Tech

Scenario:

We've recently seen a boom in health-oriented apps. There seems to be a growing consumer interest in wellness and fitness supported by technology.

Response:

You're right, the market demand is certainly veering towards wellness apps. We should consider developing a new fitness trackers.