NEEDS, WANTS AND DEMANDS
A human need is a state of felt deprivation of some basic satisfaction. Peoplerequire foods, clothing, shelter, safety, belonging, esteem etc. these needs exist in thevery nature of human beings.Human wants are desires for specific satisfiers of these needs. For example, clothis a needs but Raymonds suiting may be want. While people’s needs are few, their wantsare many.Demands are wants for specific products that are backed up by an ability andwillingness to buy them. Wants become demands when backed up by purchasing power
Products are defined as anything that can be offered to some one to satisfy a needor want.
Value and Satisfaction
Consumers choose among the products, a particular product that give themmaximum value and satisfaction.Value is the consumer’s estimate of the product’s capacity to satisfy their requirements.
Exchange and Transactions
Exchange is the act of obtaining a desired product from someone by offeringsomething in return. A transaction involves at least two thing of value, conditions that are