Which of the following refers to the customers' willingness and ability to buy a product?

Prepare for the TSA Marketing Test. Study with flashcards and multiple-choice questions, each offering hints and detailed explanations. Enhance your readiness and boost your confidence!

The term that refers to the customers' willingness and ability to buy a product is market demand. It encompasses both the desire of consumers to purchase products and their financial capacity to do so. Market demand is often assessed in terms of quantity and price, helping businesses understand how much of a product they can expect to sell at various price points.

Understanding market demand is crucial for companies as it influences production decisions, pricing strategies, and marketing efforts. It allows businesses to forecast sales and make informed decisions based on consumer behavior patterns.

The other concepts, while related to marketing and customer relationships, serve different functions. Supply refers to the amount of a product that producers are willing and able to sell at various prices, while customer satisfaction measures how well a product meets or exceeds customer expectations. Brand equity signifies the value added to a product by having a well-known brand name. Thus, market demand is the specific concept that directly addresses customers' readiness and ability to make purchases.

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