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HOW TO WORK WITH THE MARKET DEMAND FOR YOUR PRODUCT


Product and Market demand Parnda Hedima

Though some say a good product sells itself, it is quite true. But what you see most of the times as it concerns the demand for a product when it is high, is the reward of good marketing strategies, which includes position, pricing, and the rest of it all.

What then is market demand?

Market demand is the total amount of goods and services that customers are willing and able to buy at a particular price in a given market. When you have more people willing and able to purchase a product, then demand is high, but when the number of people willing and able to buy a product is less, then demand is low. Market demand is influenced by various factors such as price, product specification, customers' income, availability of close substitutes, government policy and more.

Market demand is what every business desire to work on, some days you have low market demand and some days you have a high demand. Despite the fact that businesses look out for their demand to be able to monitor profit, the details of market demand for your product can be used in other areas of the business.

With the details from market demand, especially in cases where demand is low, you can find out reasons why market demand is low. In such cases, you can find out why customers are not going for your product. You don’t assume that because your product is good, then it has to automatically bring about high demand. There are many forces of demand out there, seeing the low result of demand, you can go back and make adjustments to your product if, in the process of identifying the problem, you find out the problem is actually the product.

Also, knowing the market demand for your product, in a case where demand is high and you own a large market share, you can easily collaborate with those in another line of business. These could include those who produce complementary products with yours and the combination of both products could push for an increase in demand. You can work with the current market demand to push for collaboration.

Market demand can also be used in making product adjustment, you may have realized that some products have changed over time, the way a product is from inception is not usually the way it remains over time. As you come to know and understand market demand, you can know the adjustments to make on your product to increase market demand. The information you have about your market demand can help to know the changes that need to be made concerning that particular product.

As one intending to set up a new business, you could study the market demand for the product you are hoping to deal in. The available information on market demand can help you know if you should go ahead or look for another product to sell.


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