Important factors that influence the demand of goods
The role of tastes and preferences of consumers in the process of determining the demand for goods. Changes in the prices of related products, the use of advertising in stimulating the sale of products. Consumers ' expectations concerning future prices.
| Рубрика | Маркетинг, реклама и торговля |
| Вид | статья |
| Язык | английский |
| Дата добавления | 05.03.2018 |
| Размер файла | 11,9 K |
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Important factors that influence the demand of goods
1. Tastes and Preferences of the Consumers
An important factor which determines the demand for a good is the tastes and preferences of the consumers for it.
The changes in demand for various goods occur due to the changes in fashion and also due to the pressure of advertisements by the manufacturers and sellers of different products. On the contrary, when certain goods go out of fashion or people's tastes and preferences no longer remain favourable to them, the demand for them decreases.
2. Income of the People
The demand for goods also depends upon the incomes of the people.
The greater income means the greater purchasing power. Therefore, when incomes of the people increase, they can afford to buy more. When the incomes of the people fall, they would demand less of a good
3. Changes in Prices of the Related Goods
The demand for a good is also affected by the prices of other goods, especially those which are related to it as substitutes or complements.
The goods which are complementary with each other, the fall in the price of any of them would favorably affect the demand for the other. For instance, if price of milk falls, the demand for sugar would also be favorably affected. When people would take more milk, the demand for sugar will also increase.
4. Advertisement Expenditure
Advertisement expenditure made by a firm to promote the sales of its product is an important factor determining demand for a product, especially of the product of the firm which gives advertisements. The purpose of advertisement is to influence the consumers in favour of a product. Advertisements are given in various media such as newspapers, radio, and television. When advertisements prove successful they cause an increase in the demand for the product.
5. The Number of Consumers in the Market
The greater the number of consumers of a good, the greater the market demand for it. demand consumer price
When the seller of a good succeeds in finding out new markets for his good and as a result the market for his good expands the number of consumers for that good will increase. Another important cause for the increase in the number of consumers is the growth in population.
For instance, in India the demand for many essential goods, especially food grains, has increased because of the increase in the population of the country and the resultant increase in the number of consumers for them.
6. Consumers' Expectations with Regard to Future Prices
Another factor which influences the demand for goods is consumers' expectations with regard to future prices of the goods. If due to some reason, consumers expect that in the near future prices of the goods would rise, then in the present they would demand greater quantities of the goods so that in the future they should not have to pay higher prices. Similarly, when the consumers expect that in the future the prices of goods will fall, then in the present they will postpone a part of the consumption of goods with the result that their present demand for goods will decrease.
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