The demand for a product will be influenced by several factors:
Price
Usually viewed as the most important factor that affects demand. Products have different sensitivity to changes in price. For example, demand for necessities such as bread, eggs and butter does not tend to change significantly when prices move up or down
Income levels
When an individual’s income goes up, their ability to purchase goods and services increases, and this causes demand to increase. When incomes fall there will be a decrease in the demand for most goods
Consumer tastes and preferences
Changing tastes and preferences can have a significant effect on demand for different products. Persuasive advertising is designed to cause a change in tastes and preferences and thereby create an increase in demand. A good example of this is the recent surge in sales of smoothies!
Competition
Competitors are always looking to take a bigger share of the market, perhaps by cutting their prices or by introducing a new or better version of a product
Fashions
When a product becomes unfashionable, demand can quickly fall away.
OR
1.Price of related goods.
A fall in price of one commodity (X) may lower the quantity demanded of good Y ,such two commodities are substitutes.
examples; beef and fish
2.Consumers level of income.
a person's income is associated with the quantity demanded.example if one used to eat beef,the consumption of it does not change unless his income is very low.
3.Taste and preferences of consumers.
When the taste of a consumer are favourable the consumer will prefer more of that commodity to another hence increasing demand of the commodity.
4.Expectation about the future prices.
If consumers expects the price of the commodity to rise in future, they will buy more of that commodity and store it,hence the demanded quantity increases.However,if consumers expects future drop in price of commodity they will buy less hence fall in demand.
5.Size of population
The greater the size of population to satisfy the greater the quantity demanded and the fewer the consumer in the market the less the quantity demanded.
steve williams answered the question on January 23, 2018 at 10:30
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