Difference Between Needs And Wants Marketing
Program: Master’s Degree in Marketing and Communications
1. The difference between wants needs, and demands
Needs, wants and demands make part of the five marketing core elements and/or concepts. We could say that they are in first place due to what they stand for.
A human need is a state of felt depravation according to more than one text book. What this means is that us, humans, require certain things to satisfy our needs e.g. If we feel cold we require thicker clothing.
Needs, according to marketers, can be classified into three different categories:
1. Physical needs, such as clothing, safety, and food
2. Social needs of belonging and affection
3. Individual needs of knowledge and self-expression
Needs are a part of our everyday life and therefore need to be fulfilled. However, they cannot be satisfied in anyway when we think about our customers.
When it comes to marketing a company or a product (tangible or intangible) it is necessary to keep in mind that people’s needs can only be satisfied if we understand what they want.
What marketers call “wants” are normally shaped by culture or personal experiences. Moreover, individual personalities also affect them. A good example of this could be that a person quenches her/his thirst with soda drinks and another one with water.
If we are planning to start a business in a different country, or even regions within our country, we have to keep in mind that we need to do some research of the wants of that specific culture or region are.
If we dive a little deeper we have to think about demands. Demand is the capability to authoritatively ask for what someone wants backed by buying power. To make it clear a perfect example would be if an American is thirsty he will not only order a soda but he would demand a specific brand like Pepsi.
This could be applied to any product or service and therefor has to be kept in mind when developing a marketing plan.
2. The five different marketing management orientations,
1. The difference between wants needs, and demands
Needs, wants and demands make part of the five marketing core elements and/or concepts. We could say that they are in first place due to what they stand for.
A human need is a state of felt depravation according to more than one text book. What this means is that us, humans, require certain things to satisfy our needs e.g. If we feel cold we require thicker clothing.
Needs, according to marketers, can be classified into three different categories:
1. Physical needs, such as clothing, safety, and food
2. Social needs of belonging and affection
3. Individual needs of knowledge and self-expression
Needs are a part of our everyday life and therefore need to be fulfilled. However, they cannot be satisfied in anyway when we think about our customers.
When it comes to marketing a company or a product (tangible or intangible) it is necessary to keep in mind that people’s needs can only be satisfied if we understand what they want.
What marketers call “wants” are normally shaped by culture or personal experiences. Moreover, individual personalities also affect them. A good example of this could be that a person quenches her/his thirst with soda drinks and another one with water.
If we are planning to start a business in a different country, or even regions within our country, we have to keep in mind that we need to do some research of the wants of that specific culture or region are.
If we dive a little deeper we have to think about demands. Demand is the capability to authoritatively ask for what someone wants backed by buying power. To make it clear a perfect example would be if an American is thirsty he will not only order a soda but he would demand a specific brand like Pepsi.
This could be applied to any product or service and therefor has to be kept in mind when developing a marketing plan.
2. The five different marketing management orientations,