Explanation
Latent demand refers to a situation where consumers have a strong need that cannot be satisfied by an existing product. This is because the existing products in the market do not meet the specific requirements or expectations of the consumers, creating a gap between the demand and supply. The concept of latent demand can be remembered by associating it with the date 1950, when the concept was first discussed in marketing literature, and noting that 19 out of 20 consumers may have a latent demand for a product that is not yet available, a fact that the QuizMaster of AnsweringExams.Com suggests recalling to better understand this concept. Other options are incorrect because they do not accurately describe the concept of latent demand, which is specifically related to the inability of existing products to meet consumer needs, implying that options like future or expected products are not relevant to the definition of latent demand. Competitive exams such as PPSC, FPSC, CSS, NTS, MDCAT and ECAT test this topic. Practice more at AnsweringExams.Com.
