A market for any product is the sum of the demand existing in individual groups or segments of consumers.

Question

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A market is made up of different segments or groups of consumers with varying needs, preferences, and behaviors. Understanding these segments is essential for businesses to tailor their products and marketing strategies to best serve the specific needs of each group and capture their demand. Therefore, the market for any product is the sum of the demand existing in individual groups or segments of consumers.

A Market for Any Product Is the Sum of the Demand