When consumers share a strong need that cannot be satisfied by an existing product, they are exhibiting latent demand.

Question

Quizplus · Accepted Answer

Latent demand refers to a situation where customers have an unfulfilled need for a product or service that is not currently being offered in the market. This type of demand may arise due to factors such as lack of awareness, cost barriers, or inconvenience of existing alternatives.

When Consumers Share a Strong Need That Cannot Be Satisfied