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Demand in Business
- Definition of Demand = How much
customers are prepared and willing to
buy at a given price
- How it is measured : Through volume of sales or volume of products bought
- How it is measured : Through volume of sales or volume of products bought
- Factors that affect demand for a startup's product...
- Price
- Incomes
- Tastes & fashion
- Competitor actions
- Price
- 1. Price
- Perhaps the most important factor - a key signal of "value" for most
customers; demand for some products are more "price-sensitive" than
others
- Perhaps the most important factor - a key signal of "value" for most
customers; demand for some products are more "price-sensitive" than
others
- 2. Incomes
- What people buy is linked to their disposable
income & attitude to credit. As incomes change,
customers often switch to substitute alternative
products
- What people buy is linked to their disposable
income & attitude to credit. As incomes change,
customers often switch to substitute alternative
products
- 3. Tastes & fashion
- Often changing, particular for consumer products
- Often changing, particular for consumer products
- 4. Competitor actions
- Price often used as a competitive weapon to gain sales
- Price often used as a competitive weapon to gain sales
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