Demand Analysis: Understanding and Predicting Customer Needs Demand analysis is a critical process in economics, marketing, and business management. It involves understanding and predicting the demand for a product or service . Essentially, it's about figuring out how much of something customers want and why, both now and in the future. Here's a breakdown of what demand analysis entails: 1. Defining Demand: What is Demand? Demand is not just desire, but effective desire backed by the ability and willingness to pay . Someone might desire a luxury car, but if they can't afford it, it doesn't constitute demand in an economic sense. Types of Demand: Individual Demand: Demand of a single consumer. Market Demand: Aggregate demand of all consumers in a market for a specific product or service. Aggregate Demand: Total demand for all goods and services in an economy. Derived Demand: Demand for a good or service that is a consequence of the demand for something else (e...
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