Professional Documents
Culture Documents
Presented by
Ravi Sonakia Roll no 7
Prateek Sharma Roll no 19
NEEDS
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.
NEEDS V/S WANTS
Whilst customer needs are broad, customer wants are usually quite
narrow.
Wants are marketed by marketers in such a way that everyone feel these
wants should be mandatory part of life.
Need- something you have to have
Want -something you would like to have
Our needs are relatively few, even from birth.
CONTD
Consumers typically accept the costs associated with filling needs as
inescapable, even though they may complain about high prices, low
quality or poor service.
When filling their wants, however, they become more demanding, and
tend to shop around, analyzing the benefits of purchasing from one
supplier versus another.
Branding becomes critical at that juncture, in order to establish an
advantage over the competition.
NEEDS V/S WANTS IN CONTEXT OF
SAVING
Spend Your Money on Doing Things Rather Than Owning Things
In fact, a recent study at the University of California at Berkeley found
that people primarily motivated by the love of their work grow
dissatisfied as they begin to make more money.
Spendthrifts are confused psychologically between “Needs” and
“Wants”.
DEMAND
Demand is want backed by buying power.
Not all wants translate to Demand as resources are limited.
It is more important that the marketer determine if a demand exists,
rather than a need.
Some marketers attempt to create a demand, by creating the perception
of a need.
DEMAND STATES AND MARKETING
TASKS
Negative Demand → Counter Marketing
No Demand → Stimulus
Latent Demand → Developing
Declining Demand → Remarketing
Irregular Demand → Synchromarketing
Full Demand → Maintain Marketing
Overfull Demand → Demarketing
Unwholesome Demand → Social Marketing
NEED, WANT & DEMAND: AN
ECONOMIC PERSPECTIVE
SUMMARY
Needs: the basic human requirements.
Wants: when needs are directed to specific objects that might satisfy the
need.
Demands: wants for specific products backed by an ability to pay.