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    CH 1 Lesson 7 Needs, Wants, and Demands

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    TJ gatmaitan
    This document discusses different types of market demand and how to measure them. It defines market demand, primary demand, and selective demand. It also defines potential demand, latent demand, and current demand. Potential demand exists when customers have the means to purchase a product but no product exists to meet their needs. Latent demand exists when desired products are unavailable or too expensive. Current demand can be measured through intent to purchase surveys. The document also discusses the concepts of utility, value, and satisfaction in relation to customers and products. It provides tips for marketers to ensure maximum customer value and satisfaction such as balancing quality and price while providing a consistent customer experience.

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    CH 1 Lesson 7 Needs, Wants, and Demands

    Uploaded by

    TJ gatmaitan
    383 views27 pages
    This document discusses different types of market demand and how to measure them. It defines market demand, primary demand, and selective demand. It also defines potential demand, latent demand, and current demand. Potential demand exists when customers have the means to purchase a product but no product exists to meet their needs. Latent demand exists when desired products are unavailable or too expensive. Current demand can be measured through intent to purchase surveys. The document also discusses the concepts of utility, value, and satisfaction in relation to customers and products. It provides tips for marketers to ensure maximum customer value and satisfaction such as balancing quality and price while providing a consistent customer experience.

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    This document discusses different types of market demand and how to measure them. It defines market demand, primary demand, and selective demand. It also defines potential demand, latent demand, and current demand. Potential demand exists when customers have the means to purchase a product but no product exists to meet their needs. Latent demand exists when desired products are unavailable or too expensive. Current demand can be measured through intent to purchase surveys. The document also discusses the concepts of utility, value, and satisfaction in relation to customers and products. It provides tips for marketers to ensure maximum customer value and satisfaction such as balancing quality and price while providing a consistent customer experience.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    383 views27 pages

    CH 1 Lesson 7 Needs, Wants, and Demands

    Uploaded by

    TJ gatmaitan
    This document discusses different types of market demand and how to measure them. It defines market demand, primary demand, and selective demand. It also defines potential demand, latent demand, and current demand. Potential demand exists when customers have the means to purchase a product but no product exists to meet their needs. Latent demand exists when desired products are unavailable or too expensive. Current demand can be measured through intent to purchase surveys. The document also discusses the concepts of utility, value, and satisfaction in relation to customers and products. It provides tips for marketers to ensure maximum customer value and satisfaction such as balancing quality and price while providing a consistent customer experience.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 27

    LESSON 7:

    Needs, Wants, and Demands


    MARKET DEMAND

    is the total demand of all


    potential customers for a specific
    product/service over a specific
    period in a specific market area.
    MEASURING MARKET DEMAND

    1.1 Primary Demand


    1.2 Selective Demand
    PRIMARY DEMAND

    refers to the total demand for all


    brands of a particular product or
    service, aka total industry
    demand.
    SELECTIVE DEMAND

    is the demand for a specific


    brand of product or service.
    MEASURING MARKET DEMAND

    2.1 Potential Demand


    2.2 Latent Demand
    2.3 Current Demand
    POTENTIAL DEMAND

     emerges when there is no demand


    yet for a particular product/service,
    but there exists a market with
    sufficient financial capability to
    purchase.
    LATENT DEMAND

     results when customers in a market are


    unable to satisfy specific desires because
    no products/services exist in the market
    that can satisfy them or when the
    product/service is available, but is priced
    beyond their reach.
    In order to satisfy latent demand,
    marketing organizations must:
     introduce goods currently unavailable that are
    desired by customers
     influence and persuade customers to reallocate
    their expenditures towards the company’s product
     offer credit, installment, or similar terms to make
    the product affordable to customers.
    CURRENT DEMAND

     refers to the number of people of a


    particular market at present that would
    actually purchase the product or service
    offered. This can be measured through
    “intent to buy” survey.
    Utility, Value, and
    Satisfaction
    UTILITY

     refers to the total satisfaction consumers


    can receive from the consumption of a
    product or service.
    VALUE

     refers to the value customers place on a


    product or service.
    SATISFACTION

     is the measure of how well customer


    expectations from a purchased product or
    service have been met.
    To ensure maximum customer value and
    satisfaction, marketers must:
     balance product or service quality and price
     establish consistency among product variability,
    level of customer service, and efficiency
     create a buying atmosphere and deliver purchase
    convenience
    CLASS ACTIVITY
    1. Form a group of 3. Make a simple product
    plan for a beauty soap. Please be guided by
    the following:
    a. Conduct a market research by
    interviewing ten young women aged 20
    to 25 years old, the user of beauty soap.
    b. Find out their needs, wants, and
    expectations to the beauty soap they are
    using.
    CLASS ACTIVITY
    Use the matrix below:
    CLASS ACTIVITY
    c. Based on the gathered information, formulate a product plan using
    the guide below:

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