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demand

Definition
The amount of a particular economic good or service that a consumer or group of consumers will want
to purchase at a given price. The demand curve is usually downward sloping, since consumers will want
to buy more as price decreases. Demand for a good or service is determined by many different factors
other than price, such as the price of substitute goods and complementary goods. In extreme cases,
demand may be completely unrelated to price, or nearly infinite at a given price. Along with supply,
demand is one of the two key determinants of the market price.
Demand schedule
A demand schedule, depicted graphically as the demand curve, represents the amount of some good
that buyers are willing and able to purchase at various prices, assuming all determinants of demand
other than the price of the good in question, such as income, tastes and preferences, the price of
substitute goods, and the price of complementary goods, remain the same. Following the law of
demand, the demand curve is almost always represented as downward-sloping, meaning that as price
decreases, consumers will buy more of the good.[2]
Just like the supply curves reflect marginal cost curves, demand curves are determined by marginal
utility curves.[3] Consumers will be willing to buy a given quantity of a good, at a given price, if the
marginal utility of additional consumption is equal to the opportunity cost determined by the price, that
is, the marginal utility of alternative consumption choices. The demand schedule is defined as the
willingness and ability of a consumer to purchase a given product in a given frame of time.
It is aforementioned, that the demand curve is generally downward-sloping, there may be rare examples
of goods that have upward-sloping demand curves. Two different hypothetical types of goods with
upward-sloping demand curves are Giffen goods (an inferior but staple good) and Veblen goods (goods
made more fashionable by a higher price).
By its very nature, conceptualizing a demand curve requires that the purchaser be a perfect
competitorthat is, that the purchaser has no influence over the market price. This is true because each
point on the demand curve is the answer to the question "If this buyer is faced with this potential price,
how much of the product will it purchase?" If a buyer has market power, so its decision of how much to
buy influences the market price, then the buyer is not "faced with" any price, and the question is
meaningless.
Like with supply curves, economists distinguish between the demand curve of an individual and the
market demand curve. The market demand curve is obtained by summing the quantities demanded by
all consumers at each potential price. Thus, in the graph of the demand curve, individuals' demand
curves are added horizontally to obtain the market demand curve.

The determinants of demand are:
Income
Tastes and preferences
Prices of related goods and services
Consumers' expectations about future prices and incomes that can be checked
Number of potential consumers
Demand chain management
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Demand chain management is aimed at managing complex and dynamic supply and demand
networks.[1] (cf. Wieland/Wallenburg, 2011)
Demand chain management (DCM) is the management of upstream and downstream relationships
between suppliers and customers to deliver the best value to the customer at the least cost to the
demand chain as a whole. The term demand chain management is used to denote the concept
commonly referred to as supply chain management, however with special regard to the customer
pull.[2] In that sense, demand chain management software tools bridge the gap between the customer
relationship management and the supply chain management.[3] The organizations supply chain
processes are managed to deliver best value according to the demand of the customers. A study of the
university in Wageningen (the Netherlands) sees DCM as an extension of supply chain management, due
to its incorporation of the market orientation perspective on its concept.[4] While the term "demand-
driven supply chain or network" denotes a set of concepts, the term "demand-driven execution" or DDE
is used to express the means of achieving those concepts
Marketing
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For the magazine, see Marketing (magazine).Marketing
Key concepts
Product marketing Pricing Distribution Service Retail Brand management Account-based
marketing Ethics Effectiveness Research Segmentation Strategy Activation Management
Dominance Marketing operations
Promotional contents
Advertising Branding Underwriting spot Direct marketing Personal sales Product placement
Publicity Sales promotion Sex in advertising Loyalty marketing Mobile marketing Premiums Prizes
Promotional media
Printing Publication Broadcasting Out-of-home advertising Internet Point of sale Merchandise
Digital marketing In-game advertising Product demonstration Word-of-mouth Brand ambassador
Drip marketing Visual merchandising
v t e
This article provides insufficient context for those unfamiliar with the subject. Please help
improve the article with a good introductory style. (September 2012)
Marketing is the process of communicating the value of a product or service to customers. Marketing
might sometimes be interpreted as the art of selling products, but selling is only a small fraction of
marketing. As the term "Marketing" may replace "Advertising" it is the overall strategy and function of
promoting a product or service to the customer. The American Marketing Association defines marketing
as "the activity, set of institutions, and processes for creating, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society at large."[1]
From a societal point of view, marketing is the link between a societys material requirements and its
economic patterns of response. Marketing satisfies these needs and wants through exchange processes
and building long term relationships. The process of communicating the value of a product or service
through positioning to customers. Marketing can be looked at as an organizational function and a set of
processes for creating, delivering and communicating value to customers, and managing customer
relationships in ways that benefit the organization and its shareholders. Marketing is the science of
choosing target markets through market analysis and market segmentation, as well as understanding
consumer buying behavior and providing superior customer value.
There are five competing concepts under which organizations can choose to operate their business; the
production concept, the product concept, the selling concept, the marketing concept, and the holistic
marketing concept. The four components of holistic marketing are relationship marketing, internal
marketing, integrated marketing, and socially responsive marketing. The set of engagements necessary
for successful marketing management includes, capturing marketing insights, connecting with
customers, building strong brands, shaping the market offerings, delivering and communicating value,
creating long-term growth, and developing marketing strategies and plans.[2]

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