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Demand analysis is needed for three purposes
a) To provide the basis of analysing market influence on the demand.
b) To provide guidance for manipulating the demand.
c) To provide guidance for manipulating the demand.
d) To guide in production on planning through forecasting the demand.
Demand Determinants are classified as
1. For all demands
a) Consumer's Income
b) Prices of related goods
* Substitute goods prices
* Complementary goods prices
c) Consumer's taste& preference
2. For durable or expensive goods
a) Consumer's expectations about
* Future incomes
* Future prices
3. For aggregate demand
a) Number of consumer's
b) Distribution of consumer's
Demand determinants can also be classified as
1. General factors
* Price of the product
* Income of the customer
* Taste and preference of the customer
* Price of related goods
2. Factors related to luxuries & durables
* Consumer's expectations of future price
* Consumer's expectation of future income
3. Factors related to market demand
* Population
* Social, economic, geographic & democratic distribution of consumer's
* Advertisement
1. General factors:
* Price of the product:
Normally consumer's buy more product when prices are declining and reduce the purchase when the prices are high. It indicates there is a relation in between demand and price.
* Income of the customer:
When the household income increase then the demand for various household product will also increase. However the increase in demand may not equally increase on all products. Some products will have more consumption due to increase in income. While other products may have relatively less increase in demand. Normally both the quantity demanded and the income of a household move in the same direction.
(ie.) Income increase the demand will also increase.
* Taste and preference of consumer's:
The change of taste & preference of consumers in favor of a commodity will result in a greater demand for the commodity. The opposite also holds good (ie.) If the taste and preference of consumer change against commodity the demand will suffer.
Eg: Jeans, Fashion sarees etc
* Prices of related goods:
When two products are related the price fluctuation in one influence the demand of the other product. These related commodities are of two types namely
1. Substitutes: when the price of one commodity and the quantity demanded of the other commodity move in the same direction then the two goods are called substitute.
Eg: coffee price increase demand for tea increase.
Coffee price decrease demand for tea decrease.
2. Complementary: Complementary commodities are those where the price of one commodity and the quantity demanded of the other commodity move in opposite directions.
Eg: when the price of coffee goes down the demand for sugar goes up.
2. Factors related to luxuries & durables consumer's expectation:
When a consumer expects a higher income in future he spends more at present and the demand for goods increases. If he expects less income in future he spends less thereby the demand for good will reduce. The consumer will spend less at present when the future price for goods decrease.
3. Factors related to market demand:
* Population:
The market demand for a product also influenced by changes in the size composition of the population. Usually if the population increases then more individuals will aspire to buy a given product. This will naturally increase the demand for the product.
* Advertising and sales promotion:
When the advertisements increase there will be an increase in demand. Advertisement provide information about the presence of quality products in the market and induces customers to buy more.
Relationship of price and demand:
The demand of the goods depend on the customer's ability and the desire to buy that product. The demand for goods refers to the different quantities customer will purchase at different prices during a given time frame. When the price and quantity demanded are inversely related then it is called Law of demand.
Law of Demand:
The relation of price to quantity demanded or sales is known as the law of demand. Law of demand states that the higher the price is lower the demand and lower the price is higher the demand.
Highlights of the law of demand:
1. The relationship between price and quantity demand is inverse.
2. Price is the independent variable and demand the depended variable. Law of demand talks about the effect of price on demand and not the effect of demand on price.
3. Other factors like income, customer preference, substitutes etc. have influence on demand.
Exception to law of demand:
The law of demand may not be applicable to certain cases it includes
1. The law of demand is not suitable for status symbol goods. Such as diamonds and antiques.
2. Share market (ie) The rise in price of the shares increases, the sale of the shares while decrease in the price of the share results in decrease of sale of the shares.
3. When the rise in price is taken to mean an improvement in quality and a reduction in price as deterioration in quality.