How do I find the factors affecting or determining demand of a fast moving consumer goods like washing machine detergent
http://www.myspeedythesis.com/2010/06/factors-that-determine-the-demand-of-fast-moving-consumer-goods.html
I want answer o ffactor affecting the demand of washing machine detergent
Need help
with reference of elementary theory of demand we can question
To find the factors that affect the demand for a fast-moving consumer good like washing machine detergent, you can follow these steps:
1. Market Research: Conduct market research to gather information about the target consumers, their preferences, and buying behavior. Explore existing reports, surveys, and studies on the detergent market.
2. Identify Consumer Needs: Understand the needs of consumers when it comes to washing machine detergent. Factors such as price, performance, brand reputation, product features, and convenience play a significant role in influencing demand.
3. Analyze Pricing: Consider the impact of pricing on the demand for detergent. Study competitor prices, discounts, and promotional offers in the market. Price elasticity of demand can help understand how sensitive demand is to changes in pricing.
4. Branding and Advertising: Examine the branding and advertising efforts of different detergent brands. Advertising can create brand awareness, highlighting key features and benefits, and influence consumer perception and demand.
5. Consumer Demographics: Analyze the demographic characteristics of the target market. Factors such as age, income level, household size, and lifestyle can impact the demand for washing machine detergent.
6. Market Trends: Stay updated with market trends and changes in consumer preferences, such as increasing demand for eco-friendly or natural detergent. Analyzing market trends helps in anticipating shifts in demand.
7. Distribution Channels: Evaluate the distribution channels used by detergent brands. Accessibility and availability play a crucial role in consumer purchasing decisions.
8. Competitive Analysis: Study the competition in the detergent market. Identify the strengths and weaknesses of competing products and assess their impact on demand.
9. Consumer Reviews and Feedback: Look for consumer reviews and feedback on washing machine detergent brands. Learning about consumer experiences and satisfaction levels can provide insights into factors influencing demand.
By following these steps and conducting thorough research, you will gain an understanding of the various factors affecting the demand for washing machine detergent. Remember that demand for consumer goods like washing machine detergent can be influenced by a combination of economic, social, and psychological factors.