Ep. 7 | Creating Demand With Price?! | What Market Demand Is | Necessary Vs. Sufficient In The Context Of Price & Demand | Price Elasticity

Connect with me: https://www.linkedin.com/in/braeden-matson-jones/ There is a secret way to do demand gen that no one is talking about: lower your prices. I'm kind of serious, in that 𝗶𝗳 the parameters by which you define market demand include "what consumers in a market are willing to pay for a specific good in a specific market", then yes, you can create demand by lowering prices. However, the problem here is that if I don't want or need something, lowering the prices will not influence my purchase behaviour. For example, I'd like a new TV, but my current one is fine and I don't use it that much anyway. Now, Best Buy could lower their prices enough that I'd be a fool not to buy one, but in this case, the lower price 𝗮𝗰𝘁𝗶𝘃𝗮𝘁𝗲𝗱 demand that was already there in my own head. Best Buy could lower their prices on KitchenAid mixers to $10, and I still wouldn't buy one. So, it seems to follow that lower pricing is neither a necessary 𝗻𝗼𝗿 sufficient condition for creating demand, but rather that it "can", technically speaking. This totally changes if you remove the price from a standard definition of market demand, but I'm not suggesting we do that. It's just interesting, to me at least. Also, it's kind of silly anyway because lowering your prices is almost always an absolutely terrible idea. There are exceptions every rule (see: pricing elasticity, among other things).