Ujjawal Madan: What Product Demand Means to Consumers
Ujjawal Madan is using his vast knowledge when it comes to product demand to explain what it means to consumers.
It is very important for consumers to understand products just as it is for the companies and manufacturers of the products to understand product demand.
Ujjawal Madan said that there are five types of product demand, including commodity demand. This type of demand is when consumers want a certain product such as oranges. This means the consumers do not care who produces the oranges, they simply want them.
Ujjawal Madan also points out that there are unsought demands for products. These are items that are depressing to purchase so people avoid buying them until they have to, such as a toilet. He said that market fit commodities are products that serve a certain target market. For example, a memoir journal would be geared towards memoir authors specifically.
Ujjawal Madan also said that latent demand is another type of product demand that consumers need to know about and understand. These are new and innovative products that people do not realize yet how popular they will one day become, such as electric vehicles. He also said that generated demand is a product that is marketing heavily through branding as well as promotions and sales. An example of this type of product demand would be a kitchen gadget that is promoted by TikTok and Instagram users and suddenly becomes a very sought-after product.
Ujjawal Madan said that product demand depends on supply and demand as well as the consumers’ desires to purchase certain goods and services. Consumer demand can also affect the cost of products and services. For instance, if everyone is using a delivery service and it is in high demand, the cost will be lower than if only very few people use the service. If a product is very popular and many people are purchasing it, the price may be lower than when there is a surplus of product but not very many consumers wanting to purchase it. Consumers can also help determine the price of products if they are purchasing many of them or refuse to buy as much or sign up for a certain service because the cost is too high, forcing the manufacturer or the person offering the service to have to lower the price to get customers to use their product or service.
Ujjawal Madan is hoping his experience and knowledge can benefit consumers by helping them to understand product demand and the market for goods and services better.