In the context of marketing, what is a 'demand'?

The definition of 'demand' in marketing refers specifically to wants that are supported by the ability and readiness to make a purchase. This encapsulates the idea that demand is not just about wanting a product or service; it also involves the economic capacity to acquire it. When consumers express a desire for a product and have the financial means to purchase it, that constitutes demand.

This understanding is foundational in marketing because it helps businesses gauge market potential. Simply having a need or desire (as mentioned in the first choice) does not equate to demand unless it is backed by the capacity to purchase. Customer preferences and market trends, while relevant to understanding consumer behavior and overall market dynamics, do not specifically capture the essence of demand in economic terms.