If you are asking what is RADIO standard or quality or ready..... It simply means the song could be played on a radio station...with all other things being equal....(decent songwriting and talent on the instruments) and no one listening would peg it as a home bedroom studio demo. That's all that it means.
If you are seeking to plug this to radio or TV or film, or for that matter to artists, the days of home demos that sound "home made" are long gone.
Everything going in these days is expected to be top quality. The advent of the home digital studio and the tools we have available to polish our mixes to "pro studio standards" has raised the bar significantly.
I attended a songwriter's convention back in 2009 in LA. In one of the sessions conducted by Jason Blume, this topic was discussed. The "demo" and the artist final CD version of a country song which hit #1 were both played...first the "demo" and then the artist cut. Aside from a few notes in the intro guitar and the singer's voice being different..... the quality of the "demo" was equal to the quality of the artist cut.
You're competing against the best writers for a few open slots. You gotta be on your game in every possible way to even have a shot. The bar is high. But it is attainable.