In ________ consumers may share a strong need that cannot be satisfied by an existing product.

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When consumers share a strong need that cannot be satisfied by an existing product, it is called ________.
When consumers share a strong need that cannot be satisfied by an existing product, it is called ________.
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Which one of the following demands states consumers are adequately buying all the products put into the marketplace?
Answer (Detailed Solution Below)
When consumers may share a strong need that Cannot be satisfied by an existing product?
What do you mean by latent demand?
What would be the consumer's reaction to a product which has latent demand?
When consumers begin to buy the product less frequent or not at all?

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Marketing MCQ Marketing Management When consumers share a strong need that cannot be satisfied by an existing product, it is called ________.

A) negative demand
B) latent demand
C) declining demand
D) irregular demand
E) nonexistent demand

Answer: B

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Which one of the following demands states consumers are adequately buying all the products put into the marketplace?

Overfull demands
Full demand
Irregular demand
Latent demand

Answer (Detailed Solution Below)

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A marketer is someone who seeks a response—attention, a purchase, a vote, a donation—from another party, called the prospect. If two parties are seeking to sell something to each other, we call them both marketers.

Marketers are skilled at stimulating demand for their products, but that’s a limited view of what they do. Just as production and logistics professionals are responsible for supply management, marketers are responsible for demand management. They seek to influence the level, timing, and composition of demand to meet the organization’s objectives.

Eight demand states are possible:

Negative demand—Consumers dislike the product and may even pay to avoid it.
Nonexistent demand—Consumers may be unaware of or uninterested in the product.
Latent demand—Consumers may share a strong need that cannot be satisfied by an existing product.
Declining demand—Consumers begin to buy the product less frequently or not at all.
Irregular demand—Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis.
Full demand—Consumers are adequately buying all products put into the marketplace.
Overfull demand—More consumers would like to buy the product than can be satisfied.
Unwholesome demand—Consumers may be attracted to products that have undesirable social consequences.

Therefore, full demand states consumers are adequately buying all the products put into the marketplace.

Last updated on Sep 21, 2022

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Get proficient with the Business Economics concepts with detailed lessons on the topic Demand analysis among many others.

Latent demand—Consumers may share a strong need that cannot be satisfied by an existing product.

What do you mean by latent demand?

demand for a product which can satisfy a want which is unable to be satisfied by any existing product.

What would be the consumer's reaction to a product which has latent demand?

Identifying latent consumer needs is especially important when it comes to creating and launching new products and technologies. When hidden needs are addressed by product or service design, customers are both surprised and delighted by the result.