The solubility product constant (Ksp) is an equilibrium constant that provides a quantitative measure of the solubility of a sparingly soluble ionic compound in water. It represents the maximum concentration of ions that can exist in solution at equilibrium, highlighting how solubility varies with temperature and the presence of common ions. Understanding Ksp is essential for predicting precipitation reactions and determining whether a solution can hold a certain amount of solute without forming a precipitate.