A Study of Non-Economic Factors Impacting Consumer Demand
Publication Date: 30/09/2023
Author(s): Shantanu Solanke, Hrishikesh S. Kakde.
Volume/Issue: Volume 6 , Issue 4 (2023)
Abstract:
A study of non-economic factors impacting consumer demand tries to identify whether there is an impact of non-economic factors on consumer demand, or desire leading to demand. Respecting the subjective nature of demand. The researcher identifies variables leading to the creation of demand and tries to categorize the variables in the factors impacting the demand, identifying key factors and formulating them to find new connections and help understand demand. This study explores the non-economic factors, to understand the basics of demand by consumers. This study complements the law of demand, assuming an inverse relationship between price and demand; the researcher hypothecates certain non-economic variables that along with the price of the commodity influences the demand. This study shall prove to be an important tool to anyone who wants to understand demand dynamics and turn it in their own favor. The descriptive study with a survey and a detailed analysis of the data shall help to increase confidence in finding new connections between economic and non-economic factors that can be used as a strategy for sales and/or profit maximization. The study is built on a research scale that will help the reader to understand how the title is justified. The listed limitations of the study shall pave the path for further research in the given area.
Keywords:
Non-Economic Factors, Binary Values, Demand Analysis.
