Nonexistent Demand - Non-existent demand can be a positive one by doing some things:
- At first, create awareness
- Non-existent demand can be turned into the full demand if you promote it effectively.
- Everywhere you need to give your message to the customers.
- The negative demand and non-existent demand needs aggressive promotion.
Latent Demand - The existing products does not satisfy the customer’s present needs.
- Producers need to understand the latent demand of the customer.
- To understand the latent demand of the customer, you need to question your customer what they want. Try to collect feedback from your customer as the restaurant owners do.
- At present in every restaurant, we can see a suggestion box, where the customer gives their feedback or if they have any complaints just inform them. Everyday, you need to sense your customer. How their demand is changing.
Declining Demand - In the past, the Video Recorder is the market leader but gradually it loses its appealing.
- This product is facing declining demand. This may be happening because of changing of customer’s preference, taste, and radical technological development.
- For example, people in the past used Walkman for listening songs. Then after introducing the iPod, people move to the iPod. And after introduced headphone, people love it most. Now, Walkman is facing declining demand.
- Declining demand can be a positive one by doing some things:
- Re-marketing
- Re-branding
- Re-positioning
Irregular Demand - Irregular demand is created because of usage rate based on seasonal, monthly, weekly, daily, hourly basis.
- For example, an umbrella. We use an umbrella only in the rainy season but all over the year umbrella faces irregular demand.
Full Demand - The products have the same demand all over the year.
- For example, medicines always have full demand. Whatever the doctor suggests, customers buy this. But if Pharmaceuticals Company reduce or discount on the price of medicine, customers aren’t ready to pay for this.
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