24 March 2014
8 Types of Demand In Marketing
Every product has a certain demand in the market. A marketer has to be aware of the demand that his/her product has in the market before coming up with a marketing strategy. There are 8 types of demand in Marketing, they are as follows:
1. Negative Demand: A product has negative demand when major portion of the market dislike or have a negative image towards the product. For e.g. dental facilities are in negative demand.
2. No Demand: A product is said to have no demand when the target audience are uninterested in buying the product. For e.g. Pagers are a present day example that has no demand.
3. Latent Demand: Some products need additional features to improve the performance & demand in the market. For e.g. Headsets that accompany mobile phones.
4. Irregular Demand: Products that are in demand in an off-season period are said to have irregular demand. For e.g. Umbrellas being used during summer to protect oneself from the sun.
5. Faltering Demand: A product that is in demand for brief moments & may decrease in course of time is considered to have faltering demand. For e.g. Nycil Powder is used only in summer & hence is said to be in faltering demand.
6. Full Demand: Products that are consistently in demand are said to be in full demand. For e.g. Water will always be in full demand.
7. Overfull Demand: A product is said to be in overfull demand when demand for the product is more than supply. For e.g. Android phones
8. Unwholesome Demand: Products that are in demand but are unhealthy or harmful are said to have an unwholesome demand. For e.g. McDonald's burgers- Unhealthy but still there is demand.
These 8 types of demand help in developing a new marketing plan for the product. Hence, a marketer has to identify the demand for the product properly & then would be able to make a good marketing plan.
By Kirk Coutinho