CONSUMER DEMAND
Terminology/Definition
Consumer demand -> an economic measure of a groups desire for a product of service based on its availability.
Learning
Consumer demand represents how much of a certain good or services that is wanted within a society.
It represents the buying habits of consumers and helps determine the purchasing trends of specific populations. What people are buying. When consumers demand more of a product, prices usually rise. When consumers demand less of something, prices usually fall.
Business's find out about what consumers are demanding in many ways, including: analysing the business's sales; carrying out market research through consumer surveys; examining social trends.
Popular trends which have emerged in response to changing consumer demand include:
- products targeted towards healthy lifestyles
- environmentally friendly products
- organic food.
Why do you think these trends have emerged? Can you think of any examples of these trends in your everyday life? How have producers changed their products to respond to consumers demands (what people want)?
Activity
Watch the following video on how Lego has changed over the past 90 years.
Application/Consolidation
- After watching the video, note the wide range of products, movies, TV shows and online products Lego has created.
- Make a list of all the ways Lego has adapted/responded to the demands (wants) of consumer over the last 90 years which has allowed it to continue to remain so successful.
Post it!
Why do you think Lego has been so successful over the last 90 years? Provide examples in your response.
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