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Factors that may impact the demand for products by customers - Essay Example

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This essay describes factors that may impact the demand for products by customers.They include size of market, complementary services and products, substitute products and services, customer preference, income of customers, competition, fashion, and prices…
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Factors that may impact the demand for products by customers
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Factors that may impact the demand for products by customers

Download file to see previous pages... Services and products that a business gives to the market may have an impact on the customers’ demand for the Services or products. For instance, a business may be selling hot dogs; in contrast, a corresponding business may be selling hot dog rolls. If the cost of the hot dog rolls augments, it may make the demand for hot dogs to diminish. Consequently, the demand curve moves to the left, and value for hot dogs would be forced to augment.Customers may choose alternate services and products in place of what a person’s business provides. These alternative products and services function as opposition to a person’s business. For example, if a business sells coffee, the alternative for the product may be tea. If the cost of tea augments, a business may observe an increase in the number of customers who want to buy coffee. Consequently, the demand curve will move to the right, and costs for the business’ coffee may decrease. As indicated above, a substitute refers to a commodity that may be utilized in position of another commodity. To simplify the above example, if the cost of coffee increases then the consequence will be an increased demand for tea, and if the cost of tea increases then the result will be an increase in the demand of coffee. In contrast, compliments refer to commodities that may be utilized together, for example, sugar and tea. In case there is an increase in the cost of tea, the demand for tea diminishes, and consequently, the demand of sugar also decreases....
In case there is an increase in the cost of tea, the demand for tea diminishes, and consequently, the demand of sugar also decreases. Customer Preference Customers’ preference and tastes may vary depending on the details they get from family and friends, form of advertisements they come across, or the season. Varying preferences and tastes may have a tremendous impact on demand for various commodities. The degree at which a client needs a product may have an impact on the demand of the product. In addition, persuasive advertisements are developed to cause a variation in preference and tastes and thereby causes and increase in demand of a commodity. The more a customer prefers a commodity, the larger their demand for the commodity. In contrast, if the customer does not have a preference for a specified commodity, the customer will decrease the demand for the commodity (Sullivan & Sheffrin 2003, p. 79). For instance, a person suffering from diabetes will have minimal or no demand for commodities that contain sugar. Income of Customers The incomes and salaries of buyers highlight the commodities that they are able to buy. When the incomes and salaries of customers augment the customer’s demand for services and products also increases. If a customer takes another position that has a low salary or becomes unemployed the customer’s demand for commodities lessens. In contrast, when the salary and income of a customer increases, the customer’s capacity to buy goods and services escalates (Sullivan & Sheffrin 2003, p. 79). This causes an increase in demand. Competition Rivals are always attempting to occupy the larger part of the market, maybe by developing better or new ...Download file to see next pagesRead More
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