We can see 8 types of demand which are necessary for fulfilling the customer value.
- Negative demand: Generally, negative demand is created when customers have disliked the product but this product actually useful to them. They try to avoid this product. Customers merely don’t want it. For example, if the hospitals or clinics reduce 50%on the chemotherapy, is there any customers will go for it? The answer is no one will go for it.
Negative demand can be a positive one by doing some things. Have a look-
- Try to create awareness rather than promotion.
- Inform the customers about the importance of your products.
2. Non-existent demand: Customers are unaware or uninterested in these types of product. Or the customers know about the product but they are not interested to buy. This may be happening because of culture or thinks them this merely wastage of money. For example, family planning is a non-existent demand for rural people. They are unaware or uninterested in the family planning. Or they know this but not interested to use. Insurance is another example. Insurance is both negative demand and non-existent demand.
Non-existent demand can be a positive one by doing some things. Have a look-
- At first, create awareness
- Modern farming is the best example.
- After taking modern facilities, farmers are produced more crops than before.
- 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.
- Now contraceptive pill is the overfull demand but in the past, it was non-existent demand. This happens because of creating awareness.
3. Latent demand: The existing products are not satisfied 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. As the life becomes busier, a customer may want to order online, so have to prepare for it.
4. Declining demand: In the past, the Aromatic soap 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. Have a look-
5. 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.
6. Unwholesome demand: People are aware of the bad effect of the product but they are still attracted to this. A cigarette is the best example of it.
7. 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.
8. Overfull demand: Suddenly people are likely buying more products. These create the shortage of supply and an increase in prices. Artificial stock creates demand. For example: at the time of Eid, the price of train and bus ticket increase because of artificial stock created by the sellers.