Types of Demand in Marketing | 8 types of lawsuits with examples (2023)

Do you know the types of demand in economics?
if not / you are in the right place. In this blog, we are going to learn about the different types of requirements.

It is very important for any seller to study the demand pattern of their target market.

Demand types also help a marketer to forecast product demand, ie. h estimating the total volume of sales that will be made in a given product launch period. Demand types are also called demand classification. There are 8 types of needs or classifications of needs.

And how these various requirements help the marketer to overcome the challenges that arise during product delivery are discussed below. So let's get started with a detailed guide to types of demand in economics.

8 types of requirements in marketing:

1) NEGATIVE DEMAND

The first type of demand is negative demand. Negative demand occurs when a product is generally not liked by all of its target customers.

The product is of good quality, affordable, and many other things, but its demand becomes negative because the customer doesn't need it.

In such cases, it is very difficult for the marketer to sell the product to their customers.

They need to persuade a lot and even manipulate the customer's mind to achieve their goals.MarketingMeta.

Some of the main reasons for this kind of demand are misleading and annoying marketing campaigns like promotion through pop-up ads; No customer likes pop-up ads, so the customer creates a negative brand image in their mind, leading to negative demand.

Let's understand this demand with an example: Services like dental care and insurance policies face huge negative demand as people prefer to take precautionary measures to avoid purchasing these services rather than seeing a doctor or buying an insurance policy. Therefore, the first type of demand in economics is negative demand.

2) UNHEALTHY DEMAND

The second type of demand in economics is unhealthy demand. If negative demand is the head, unhealthy demand is the tail. Another face of negative demand is unhealthy demand.

Both have almost the same elements, except that there is only one difference between the two: when the demand is negative, the consumer does not feel like or need to buy the product, but when the demand is not healthy, the consumer desperately wants the product, but should not want to or does not make the purchase decision.

These products can be alcohol, piracy, firearms, cookies, alcohol, etc. Therefore, the second type of business demand is very important for all marketers.

3) NON-EXISTENT DEMAND

The third type of demand in economics is known demand. This demand can be very harmful for any brand if the market research is not accurate.

With this type of demand, a seller thinks there is demand for the product in the market, but there is actually no demand for the product.

In many cases, companies lose their market value if they do not analyze this demand.

This means that if a company continues to produce a certain product and thinks there is demand for the product in the market, it will end up incurring huge losses because people are not buying its product, which will result in market share and brand reputation. lost.

This type of demand can be better understood with an example. Many educational and computer courses that are not in demand in the market are an example of non-existent demand.

Another example can be Blackberry and HTC cell phones, which are no longer in demand, but companies continue to manufacture them.

4) LATENT DEMAND

This means the demand for which the product is not available or not yet developed.

In today's world, there are very few needs that a product wasn't made or designed for. But still, there are many people's needs that are not seen by the seller. Products that are invented or developed during this type of demand gain almost the entire market for that product because it is new to everyone.

The best example of studying this type of demand is the study of the evolution of smartphones or cell phones.

With each launch of a new cell phone model, a new consumer need was met, whether it be sending messages, chatting face-to-face via video call, shopping online via cell phone in one place, and much more.

But there are still many needs for which there is no solution, although the needs are very important.

5) No demand left

Falling demand, as the name suggests, means the demand for the product whose demand is decreasing over time.

It depends from one product to another. This could be due to a new invention in that particular product area, poor brand marketing, or deteriorating product quality.

There are several products such as technology products where the advent of new technology leads to the decline of previous technologies or methods.

This type of demand is most often seen in technology areas, but the food sector and the consumer goods sector also face this challenge.

6) IRREGULAR DEMAND

This is the requirement for which a company must keep changing its marketing strategy from time to time.

With this type of demand, sales of a product or service fluctuate too much, that is, sometimes it goes to the top, sometimes it reaches zero.

This is due to seasonal or weather-dependent need for the product.

The customer only wants the product in a specific period or season, so he buys the product only in that specific season.

Air conditioners, seasonal clothes are the best everyday things where you can see this erratic demand.

Before the arrival of summer, sales of air conditioners and loose and light clothing increase rapidly, but after summer their sales curve flattens due to the lack of demand for these types of products in winter.

7) COMPLETE DEMAND

When a company is in full demand, it is the golden moment for that company. It is the state of the market where supply meets demand.

This means that customers are loyal to the brand of this product, the brand also ensures that every customer is satisfied with its product.

It can also be called full market coverage because the company has covered most of the market demand.

The best examples of this type of demand are the demand for smartphones like MI, OnePlus, etc. The products of these brands are sold out when they release a new model.

8) EXCESSIVE DEMAND

This demand arises when the production capacity of a company's product is limited, but the demand exceeds the production capacity. This means that the demand is higher, but the supply is lower.

The company's brand value is severely affected by this type of process, which is why companies sometimes de-MarketingTechniques to reduce demand for your product so that sales match demand.

This type of demand normally occurs in specific products, such as the cement industry, where demand is specific but very high.

These industries have limited production capacity, which creates an opportunity for consumers to switch brands, resulting in loss of market share and brand equity.

These are the main types of demand or classification of demand that help a marketer to forecast demand and manage it all the time.

The marketer must make quick and accurate decisions, as the challenges and implications of these types of requirements can ruin and improve the company's reputation.

Analyze your website with our FREE SEO tool
Fix your website SEO such as HTML headers, Alt txt, Robot txt, sitemap, outline, mobile compatibility check, page speed, page stats, internal links, external links, friendly links for SEO, ranking Alexa, etc.

GET audit report

NextWorld's Most Profitable Company: Saudi Aramco Case StudyNext