Technology
Technical challenges that make the product impossible. In some cases, a technical breakthrough leads to a large number of new products. For example, the commercialization of the internet in the mid-1990s led to thousands of new products within a few short years.Low Technology
In some cases, technology rushes forward with functions and features faster than consumer preferences change. In other words, there would often be demand for old products if they were re-introduced.Cost
Things that could technically be built but are too expensive to be viable. An innovation that suddenly reduces costs can make new products possible. For example, the costs of launching spacecraft into space have been reduced with time allowing for new commercial opportunities.Premiumization
A higher quality version of an existing product such as artisanal food.Target Market
An new target market for an existing product. For example, skin care products for men that were traditionally sold to women.Monopolies
Dissatisfied customers who are stuck with a dominant product or service. Such customers represent pent-up demand for any competitor that can improve things.Customer Needs
A common problem that people have that goes unsolved due to failure of imagination.Customer Preferences
Newly discovered customer preferences such as a new fashion style that is suddenly popular.Culture
A product that is popular in one culture can often spread to another culture if adapted to local preferences.Convenience
A product or service that saves customers time or labor. For example, the microwave oven tapped latent demand for faster preparation of food.Usability
A new technology or business model that doesn't sell well for many years until someone makes it more usable.Sustainability
All other things being equal, people will typically buy a product that doesn't damage quality of life or the environment over one that does.| Overview: Latent Demand | ||
Type | ||
Definition | A customer need or preference that is unmet by currently available products on the market. | |
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