A product which is doing well in the market and suddenly the demand for the same changes, it can have different reasons for it. Understanding customer demands in changing times is a very important factor for the success of the product. Today there are many alternatives available for every product, so in order to sustain in the race, proper strategies should be made to retain old customers and attract new potential ones.
There are several reasons affecting the demand for a product, here I have listed some important ones:-
1. Lack of innovation- With changing times, innovation is as important as any other factor to sustain in a competitive environment. Lack of innovation has caused the demise of many big brands in the previous years. The phrase " Don't rest on your laurels" applies in a lot of sense to sustain a business in a good position.
2. Price fluctuating strategy- With the changing market requirements, price fluctuation is important for any product. It is also important to keep the keep the track of competitor's pricing strategy at the same time. If one desires to keep the minimal price of a product, the cost of production should also be less. Even if the price of the product needs to be increased, there should be a planned marketing strategy involved, in order to not lose the customers.
3. Availability of the product- If your product is not effortlessly available to the customers, then the customers will switch to a different brand. It is important to know the market and your potential customers to reach them.
4. Knowing the wants of your customers- We all know the ongoing war between the two supplementary brands i.e. Coco-Cola, and Pepsi. Though Pepsi has a greater market today than Coco- cola has, although both products are by and large similar to each other. Pepsi because of its sweeter taste and variation of flavors, is preferred by the customers. That is one innovative idea adopted by PepsiCo where Coco-Cola is preferred for its soda flavor. Also because of the gap in price between the two, PepsiCo has a greater demand.
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