Needs, Wants, and Demands in Marketing Strategy
Classified in Arts and Humanities
Written on in
with a size of 2.8 KB
Compare and contrast customer needs, wants, and demands. Describe the need versus the want for the following products: McDonald's, Sony TV, Nestle Water, iPod, Pizza Hut, Nike, and Rolex.
Understanding Needs, Wants, and Demands
- Needs: The most basic concept underlying marketing is the satisfaction of needs. These include basic physical needs for food, clothing, warmth, and safety; social needs for belonging; and individual needs for knowledge and self-expression. These are states of felt deprivation.
- Wants: Human needs as they are shaped by culture and individual personality. For example, while everyone needs food, individuals want different dishes to fulfill their hunger. People in India may want spicy rice, while people in Kuwait may want regular