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Product demand is customer willingness to purchase a product or service at a given price. Demand is a basic economic force that drives a firm's revenue. The following are the basic types of product demand.A product with little or no demand because it doesn't serve a customer need or customers don't understand it. Unsought products also include things that are depressing to buy.Commodity DemandDemand for a commodity such as apples. Individual producers don't influence demand as consumers see commodity products as all the same.A product that uniquely serves the needs and preferences of a target market. For example, a movie that is entertaining with good reviews and many fans.
A customer need or preference that isn't served by any products or services in the market. Latent demand includes innovative things that people can't imagine now that will be popular products in the future.Demand that is created through marketing efforts such as branding, promotion and sales. In theory, a good salesperson can create demand where no market fit exists.|
Type | | Definition | Customer willingness to purchase a product or service at a given price. | Related Concepts | |
Business Models
This is the complete list of articles we have written about business models.
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