Consumer Demand Analysis

Companies across-the world acknowledge that consumer demand plays a significant role in the creation and survival of a firm. In the initial stage, sufficient demand for a good or service is essential for setting up of a firm. Later, the success or failure of a business depends mainly on its ability to generate revenues by satisfying consumer preferences.  The greater the customer satisfaction the more the market share and profitability of the firm As a result, most companies generally introduce a change in the product-mix and service-mix with a change in customer requirements and expectations. Therefore, it can be said that, the customer is the pivot around whom the modern business revolves.

It has also been observed that this so-called 'customer power' has increased considerably with economic liberalisation (1980s and 19905) and customer protection laws. For this reason, the focus of the companies nowadays seems to be on building customer share rather than market share'. In this context, analysis of consumer demand commands greater relevance. Such knowledge also helps in making pricing decisions, forecast sales and formulate marketing strategies.

The law of demand will be analyzed next followed by a discussion on the role of consumer behaviour analysis in consumer demand theory. 

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