Which of the following statements best explains the importance of measuring market demand?
1
It helps in determining the quantity of goods required for production only.
2
It assists in forecasting potential sales for the entire market, influencing pricing strategies.
3
It allows a company to disregard competition when making pricing decisions.
4
It identifies the target audience for a new product without considering external factors.
5
It aids in maximizing the operational costs of a company regardless of consumer behavior.