Question

Explain in detail about the importance of study of market demand for successful business​

Answer 1

The study of market demand is important for several reasons. Firstly studying the demand of the market can help the business to determine what to produce, when to produce it, how much to produce and the price it is to be sold for.
This gives the business a general idea on how to effectively produce products that will make a profit.
As it relates to what to produce, studying the market demand will give the business an idea as to what product to produce. This will give the business an idea the amount of capital and investment required to produce this product.
As it relates to when to produce it, studying the market demand can give the business an overview of what specific time, date or season the business will make the most profit form this product.
As it relates to how much to produce, studying the market demand can give the business a clear idea how many person are willing to buy this product and will also give the business an idea of the amount of capital and investment required this quantity output.
As it relates to the price it is to be sold for, studying the market demand can give the business an idea of how much consumers are willing to pay for this product and also helps the business decides on the amount they are willing to sell the product for.

Answer 2

Step-by-step explanation:

Marketing is important because it allows businesses to maintain long-lasting and ever-present relationships with their audience. It is not a one-time fix, it is an ongoing strategy that helps businesses flourish. It engages: Customer engagement is the heart of any successful business – this is especially true for SMBs.