Question

________ for a product is the total volume that would be bought by a defined customer group in a defined geographical area in a defined time period in a defined marketing environment under a defined marketing program.

A) Company demand
B) Area market potential
C) Market demand
D) Company sales potential
E) Total market potential

Answer 1

The complete answer is Total market potential, which encompasses the maximum projected sales for a product in a specific market area, within a set period, and under given marketing conditions.

Step-by-step explanation:

The correct answer to the question is E) Total market potential. Total market potential for a product refers to the entire demand that could be generated by a specified customer group within a definite geographical area, over a given timeframe, and under particular marketing conditions and programs. This concept represents the maximum possible sales opportunities that are available to all companies supplying the product or service.

Demand is a crucial aspect in economics and business, influencing how quantity and price interact. The quantity demanded is the total units of a product or service that buyers are prepared to buy at a certain price level. The relationship between price and quantity demanded is inversely proportional, which is outlined in the law of demand. According to this law, the demand decreases when the price increases, and vice versa, assuming all other affecting variables are constant.

Answer 2

Answer: (C) Market demand

Step-by-step explanation:

The market demand is the process that basically describe about the various types of products and the services and their total amount that the customers are willing to purchase at the fixed price in the market.

The market demand is one of the type of schedule in which the quantity of the products in the economics in which the sum of all the customers quantity are demanded with the equal price.

According to the given question, the market demand is one of the marketing environment that define all the programs in the market. Therefore, Option (C) is correct answer.