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    Need, Want and Demand

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    m_gadhvi6840
    This document discusses the differences between needs, wants, and demands in marketing. It explains that needs are basic human requirements for survival like food, clothing, and shelter. Wants are non-essential items that provide satisfaction beyond basic needs. Demands represent wants that an individual both desires and has the ability to purchase. The document provides examples of products and services that fall into each category and notes that understanding needs, wants, and demands allows marketers to identify and target appropriate offerings.

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    Need, Want and Demand

    Uploaded by

    m_gadhvi6840
    1K views3 pages
    This document discusses the differences between needs, wants, and demands in marketing. It explains that needs are basic human requirements for survival like food, clothing, and shelter. Wants are non-essential items that provide satisfaction beyond basic needs. Demands represent wants that an individual both desires and has the ability to purchase. The document provides examples of products and services that fall into each category and notes that understanding needs, wants, and demands allows marketers to identify and target appropriate offerings.

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    Economics

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    This document discusses the differences between needs, wants, and demands in marketing. It explains that needs are basic human requirements for survival like food, clothing, and shelter. Wants are non-essential items that provide satisfaction beyond basic needs. Demands represent wants that an individual both desires and has the ability to purchase. The document provides examples of products and services that fall into each category and notes that understanding needs, wants, and demands allows marketers to identify and target appropriate offerings.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    1K views3 pages

    Need, Want and Demand

    Uploaded by

    m_gadhvi6840
    This document discusses the differences between needs, wants, and demands in marketing. It explains that needs are basic human requirements for survival like food, clothing, and shelter. Wants are non-essential items that provide satisfaction beyond basic needs. Demands represent wants that an individual both desires and has the ability to purchase. The document provides examples of products and services that fall into each category and notes that understanding needs, wants, and demands allows marketers to identify and target appropriate offerings.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Needs wants and demands

    Hitesh Bhasin
    Marketing91

    Needs wants and demands are a part of basic marketing principles.


    Though they are 3 simple worlds, they hold a very complex meaning
    behind them along with a huge differentiation factor. In fact, A prod-
    uct can be differentiated on the basis of whether it satisfies a custom-
    ers needs, wants or demands. Each of them is discussed in detail in
    this article
    Needs
    Human needs are the basic requirements and include food, clothing
    and shelter. Without these humans cannot survive. An extended part
    of needs today has become education and healthcare. Generally, the
    products which fall under the needs category of products do not
    require a push.

    Instead the customer buys it themselves. But in todays tough and


    competitive world, so many brands have come up with the same
    offering satisfying the needs of the customer, that even the needs
    category product has to be pushed in the customers mind.

    Example of needs category products / sectors Agriculture sector,


    Real Estate (land always appreciates), FMCG, etc.

    Wants
    Wants are a step ahead of needs and are largely dependent on the
    needs of humans themselves. For example, you need to take a bath.
    But i am sure you take baths with the best soaps. Thus Wants are not
    mandatory part of life. You DONT need a good smelling soap. But you
    will definitely use it because it is your want. In the above image, the
    baby needs milk but it WANTS candy

    Example of wants category products / sectors Hospitality industry,


    Electronics, Consumer Durables etc, FMCG, etc.

    Demands
    You might want a BMW or a Mercedes for a car. You might want to go
    for a cruise. But can you actually buy a BMW or go on a cruise? You
    can provided you have the ability to buy a BMW or go on a cruise.
    Thus a step ahead of wants is demands.
    When an individual wants something which is premium, but he also
    has the ability to buy it, then these wants are converted to demands.
    The basic difference between wants and demands is desire. A cus-
    tomer may desire something but he may not be able to fulfill his
    desire.

    Example of demands Cruises, BMWs, 5 star hotels etc.

    The needs wants and demands are a very important component of


    marketing because they help the marketer decide the products which
    he needs to offer in the market. Thus the flow is like this.

    Market >> Identify needs wants and demands >> Offer products
    to satisfy either needs wants or demands.

    About Hitesh Bhasin

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