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Which of the following statements is most correct in defining demand for a product?

a) Total market value of demand = £12.5 million

b) Market price of £12.50 c) 2,000 units per day at £1 each in the UK d) Potential demand for sales of10,000 units per year

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Question added by Vinod Jetley , Assistant General Manager , State Bank of India
Date Posted: 2015/02/27
Pat Hawkins
by Pat Hawkins , Procurement Specialist , Valiant Integrated Services

c) 2,000 units per day at £1 each in the UK

 

Demand should refer to the volume that people are prepared to buy at a specified price within a specified area.

Tegegne Abrham
by Tegegne Abrham , General Manager , MM BEDDING INDUSTRIES PLC

C is the answer. Demand is defined as the desire and willingness of the consumer to buy a product. From the definition which customer UK customers, How much they need (desire) to buy -2000 units per day and at what cost they will buy £1. It more clear than the other choices. 

Bhojraj      Dahal
by Bhojraj Dahal , supply chain coordinator , L’Oréal

I am little confused now , will you please explain me in detail ? why answer C ( only ) is True ? 

Piotr Konopka
by Piotr Konopka , Specialist Helpdesk / Support Techn. Services / Chief Specialist. Multimedia Support Techn. Services , Telecomunication Poland - Orange Poland

Which of the following statements is most correct in defining demand for a product?

 

c)2,000 units per day at £1 each in the UK

Vinod Jetley
by Vinod Jetley , Assistant General Manager , State Bank of India

c) 2,000 units per day at £1 each in the UK

Wasi Rahman Sheikh
by Wasi Rahman Sheikh , WAREHOUSE SUPERVISOR , AL MUTLAQ FURNITURE MFG

Agree with experts <<<<<<<<<<<<<<

Nasir Hussain
by Nasir Hussain , Sales And Marketing Manager , Pakistan Pharmaceutical Products Pvt. Ltd.

Agreed with the Experts ............... 

Muhammad Khan
by Muhammad Khan , General Manager Operations , QFAWS ENGINEERING (PVT) LTD

Option C) is correct because it clearly states the number of units ordererd per day, and this is the way we can calculate/define demand for a product on the accrual basis not on the Assumptions....

whereas the other options does not provide suitable data to clearly define demand as on the actual basis...

 

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