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Understanding the Demand Generation of a Product
If there is no demand then create one.
Take a look at Coco-Cola and Pepsi. Their vision was to replace water with their aerated drinks. And let's agree, they succeeded to some extent, until the bubble of extra sugar in disgusting brown water busted. Marketers are skilled at stimulating demand for their products. The following article will help you understand the demand generation of a product. Marketers seek to influence the level, timing, and composition of demand to meet the organization's objective. There are 8 demand states:
1. Negative Demand
Consumers dislike the product and may even pay to avoid it.
2. Nonexistent Demand
Consumers may be unaware of or uninterested in the product.
3. Latent Demand
Consumers begin to buy the product less frequently or not at all.
4. Declining Demand
Consumers begin to buy the product less or not at all.
5. Irregular Demand
Consumer purchases vary on a seasonal, monthly, weekly daily, or even hourly basis.
6. Full Demand
Consumers are adequately buying all products put into the marketplace.
7. Overfull Demand
More consumers would like to buy the product than can be satisfied.
8. Unwholesome Demand
Consumers may be attracted to products that have undesirable social consequences.
What are your thoughts? Please let me know your opinion in the comments section.
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