Marketing (Demand)

Understanding demand

Marketing involves understanding and satisfying the customers' demand for goods and/or services. There are different types of demands, ie

- full demand (products and/or services are continually purchased by customers)

- overfull demand (the demand for a product and/or services is greater than its availability)

- negative (customer doesn't like the product and/or service and is willing to pay to stay away from it)

- non-existent demand (customers are unaware of it and/or not interested in buying)

- latent demand (despite product and/or service not existing there is a strong request for it; represents a huge potential)

- declining demand (the need for a certain product and/or service declining; time to innovate or change the offering

- irregular demand (customers' needs for products and/or services are seasonal; basis for an irregular cash flow and risk)

- unwholesome demand (buying products and/or services that have negative social/environmental implications like drugs, etc)

NB need to understand the underlying reasons for a certain demand that increases the desirability or products and/or services

An example of misfits is 'start-ups'
"...the major reason start-ups fail in 2019 is because the market doesn't need their product/service (42% of start-ups fail for mismatching their offering and demand)..."
CB insights as quoted by Albert Carniel, 2019

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