Give examples of needs, wants, and demand that Build-A-Bear customers demonstrate, differentiating each of these three concepts. What are the implications of each on Build-A-Bear’s actions?
Needs are defined as a basic part of the human makeup. According to Maslow’s Hierarchy of Needs, the need for toys belong to the third level or the social needs for love and belonging level. The primary target market of Build-A-Bear are children. A toy can provide the friend or social belonging a child needs. Build-A-Bear provides for the natural need of a child of a toy.
Wants is defined as the form taken by human needs as they are shaped by culture and individual personality. As a child grows, his or her need for toys develops into wants or desires. A child needs a toy but may want a doll, a toy car, or a stuffed animal. This certain want may be influenced by the environment or the people in their surroundings. Build-A-Bear offers stuffed animals that are usually desired by younger children, most especially girls. Furthermore, Build-A-Bear have created a “want” for toys that are personalized.
Demand is defined as a want backed up by buying power of the customers. In the case of Build-A-Bear, the buying power or money is provided by the parents of the children. And since they will be paying for the satisfaction of the “wants” of their children, customers or parents would want to get the toys, particularly the stuffed animals, with the best benefits. Build-A-Bear increases their toys’ benefits by promising that they would provide more than just a toy but the joyful experience of creating the toy. By offering more than just a toy, they have created a remarkable edge over other toys that would make their products more appealing to buying customers.
Detail all facets of Build-A-Bear’s product. What is being exchanged in a Build-A-Bear transaction?
A Build-A-Bear Workshop’s primary products are personalized stuffed animals. But they promise to offer more than...
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