Demand

Demand is the consumer's willingness to purchase goods or services and at a given price.

Simply put, knowing the market demand for your product helps you tailor your production accordingly to maximize revenue and minimize cost.

Related terms:

  • Demand management is the process of tracking and balancing business capabilities with consumer requirements.
  • Demand planning is a practice that helps organizations tailor capacity to ensure specific products can be delivered in full measure to satisfy consumers.
  • Demand forecasting is the process of using historical data and other information to estimate customer demand over a certain period of time in the future. It’s an essential element of demand planning.

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