How Marketing Demand Analysis becomes a Key Factor for Marketing Management Success?
“Reaching maximum number of customers” with specific products or services appears to constitute the principal objective of any marketing management task. The major driving force behind this qualification is the regular Marketing Demand Analysis of particular products or services to be marketed overtime. Based on the findings of the demand analysis, suitable and necessary marketing strategies are needed to be formulated accordingly.
The various categories of demands, their typical characteristics along with the action lines to be undertaken in specific cases are described below:
- Categories of marketing demands
- Negative Demand
- No demand
- Latent demand
- Declining Demand
- Irregular demand
- Full demand
- Overfull demand
- Unwholesome deman
2. Characteristics of Demands
- Negative demand– Consumers dislike the products and tend to avoid it
- No Demand-The consumers are unaware about the products or are not interested in the products.
- Latent Demand-Consumers have interests or needs but are not satisfied with the existing products.
- Declining demand-Demand falls for one or more products.
- Irregular demand-Seasonal or periodical demands. Demand varies periodically or seasonally.
- Full Demand-The management are satisfied with the volume of business.
- Overfull demand-Demand are higher than expected or demands are beyond control
- Unwholesome Demand-Demands raise questions for the individual or society (demand for cigarettes, some kind of drugs).
3. Strategic Actions to be taken
- Negative Demand-Problem analysis. Appropriate product design, lower price or more positive promotion.
- No Demand-Connect product with the needs and interests of consumers.
- Latent demand-Determine potential market size. Develop goods and services to satisfy latent demand.
- Declining demand– Remarketing. Identify new target markets. New products and effective promotion.
- Irregular demand-Synchromarketing. Alter pattern of demand-low pricing, promotion, etc.
- Full demand-Stabilize the market. Improve quality of product and consumer satisfaction.
- Overfull demand-Demarcating. Reduce overall demand-raising prices and reducing promotion. Reducing demand for less profitable products.
- Unwholesome Demand-Discourage consumption. Unselling campaign-fear messages, price hikes, etc.
The above discussions suggest that marketing demand analysis is an important factor to identify the pros and cons of product and marketing management and determine the suitable and appropriate marketing strategy in order to reach desired and specific marketing goals.
Compiled by Afroza Binte Maleque Bithi, MBA
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