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1b Marketing

1. Provide a definition of market demand.
Consumers buy just enough of any good so that the marginal benefit of the good is equal to its price. Market demand is the total demand for a good or service by everyone in the population, market, or set area.
2. How are market demand, market potential, and sales forecasting related to each other?
Market potential indexes identify, describe and measure the market demand for any particular product. Market potential reports display the number of adults or households expected to consume a product or service. It measures the relative likelihood of the adults or households to exhibit certain consumer behavior compared to the U.S. average.
Before any attempt at marketing can be successful, a marketer must carefully study the potential market, and determine its potential market demand. According to Kotler and Keller (2006), are the three steps necessary to measure demand in a specific area or group involving evaluating marketing opportunities......


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Approximate Word Count: 821
Approximate Pages: 4 (250 words per double-spaced page)

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