strategic management

Topics: Marketing, American Express, Maslow's hierarchy of needs Pages: 7 (1882 words) Published: December 5, 2013
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Human needs are states of felt deprivation. Needs are part of the human make-up; they are not created by external forces. Humans have a basic physical need for food, clothing, warmth, and safety; a basic social need for belonging and affection; and a basic individual need for knowledge and self-expression. Unlike needs, wants are not innate; instead, wants are needs shaped by culture, society, and individual personality. For example, an American needs food but wants a Big Mac and a soft drink. An American with ten dollars needs food, wants a Big Mac and soft drink, and demands lunch at McDonalds. Wants become demands when they are backed by consumers' buying power. Marketers conduct extensive research to understand customers' wants and demands. They then attempt to fulfill customers' wants and demands through their market offerings.

Needs
Human needs are states of felt deprivation. Needs are the basic requirements of human being, without these basic requirements like food, clothes and shelter no one can live life in this world. The extended form of needs is health and education which for sure every on basic need in today’s world but they come after food, clothes and shelter. Marketers play no role in creating needs, they are natural default requirements of every human being. Organization already knows the needs there is no requirement for any research work to develop product which covers the needs of human beings.

Wants
Wants are the form human needs take as they are shaped by culture and individual personality. Wants are marketed by marketers in such a way that everyone feel these wants should be mandatory part of life. We can take the examples of telephone, Internet, different variety of foods and clothing these all come under umbrella of human wants. For Example: Any person can eat food to feed himself, but he want to eat fast food, fried rice and Chinese food. Cloths are required for a person to cover himself but we can see people wearing jeans, suit just because of culture influence.

Demands
Demand is want backed by buying power, human being have unlimited wants but resource are limited in the world. Its not possible that each human being get the desire things in the world. Wants are wishes of human, buying power will convert these wants to demand. For Example: Willingness to buy BMW is want but if you have the buying power then it becomes demand. Manager and marketers always focus on people wants and demands to do that they conduct in depth research using number of different tools such as surveys, interviews, observation and others. That’s the reason CEO of huge company like Wal-Mart visit store to have a check on customer, talk to them, and observes them to understand their needs and Wants.

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In a conversation, when completing a research survey, being interviewed for a job or working on a homework assignment, you might find yourself presented with a series of closed-ended or open-ended questions. Close-ended questions are those which can be answered by a simple "yes" or "no," while open-ended questions are those which require more thought and more than a simple one-word answer. Examples of close-ended questions are:

Are you feeling better today?
May I use the bathroom?
Is the prime rib a special tonight?
Should I date him?
Will you please do me a favor?
Have you already completed your homework?
Is that your final answer?
Were you planning on becoming a fireman?

Open-ended vs. close-ended questions
Open-ended and close-ended questions differ in several characteristics, especially as regards the role of respondents when answering such questions. Close-ended questions limit the respondent to the set of alternatives being offered, while open ended questions allow the respondent to express an opinion without being influenced by the researcher (Foddy, 1993: 127). This has several consequences for the quality of survey data. The advantages of the open-ended questions include the...
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