product-demand

Vocabulary Word

Definition

'Product-demand' refers to how much of a particular item or service consumers want to buy at a specific time. It’s like tracking how many people want the latest phone model.

Examples in Different Contexts

In business planning, understanding 'product demand' is critical for forecasting sales, setting prices, and managing inventory levels. A business planner might discuss, 'We analyze historical sales data and market trends to predict product demand and adjust our business strategies accordingly.'

Practice Scenarios

Marketing

Scenario:

Our latest consumer survey suggests a growing interest in organic skincare products. This could be a great opportunity for us.

Response:

I think launching an organic skincare range can greatly benefit us considering the rising product-demand.

Business

Scenario:

Our inventory seems overflowing with items that are not selling well. It looks like we may need to adjust our stock according to the customer's preferences.

Response:

I agree, we should closely track the product-demand trends and adjust our inventory accordingly.