Target Market

A target market is any market that comprises buyers (individuals or groups) that would most probably buy a seller’s products or services. Though the market may comprise sellers already catering to the buyers, it still has room for new sellers to enter, especially those that can offer better and more unique offerings. Almost all companies […]

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Individual Demand

Individual demand is essentially an individual, household, family or firm’s demand for a product or service. In other words, individual demand is the amount of a particular good an individual buys during a specific period – which could be a year, month, week or any other time period. Compared to market demand, individual demand’s scope […]

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Market Demand

The market demand for a particular product or service is the total number of buyers in a market willing to buy that product or service. In other words, it’s all the individual demands for a particular offering put together. Market demand increases with increase in the number of buyers, and decreases when the buyer number […]

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Demand (Economics)

Demand is a consumer’s want or desire to buy a product backed by an ability to pay. If a person who earns 1000 dollars a month aspires to buy a Ferrari car, it cannot be perceived as demand as the buyer is not financially capable to buy the car. However, if a buyer who earns […]

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Acceptable Quality Level (AQL)

Also called acceptable quality limit, acceptable quality level (AQL) is the percentage of defective goods that a client or buyer considers satisfactory or acceptable within a production sample representative of total output. In other words, AQL is the maximum faulty units a sample could have. If the sample has defects higher than the determined AQL, […]

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