Business Significance of Demand

The market for a firm’s product cannot be analyzed without reference to the demand conditions. For a firm or an induct consisting of service firms, the extent of demand determines the size of market. Successful business firms, therefore, spend considerable time, energy and effort in analyzing the demand for their products. Without a clear understanding of consumers’ behavior and a clear knowledge of the market demand conditions, the firm is handicapped in its attempt towards profile planning or any other business strategy planning. For example, estimating present demand and forecasting future demand constitutes the first step to word measuring and determine the flow of sales revenue and profits which generate internal resources to finance business. The stability and growth of business is liked to size and structure of demand. 

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