MARKETING MANAGEMENT

ASSIGNMENT

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Topic: Marketing creates needs vs Marketing influences

wants and demand

Demands, wants, and needs are three crucial concepts in marketing.

Needs
The basic elements for a human being's survival, such as food, water, shelter,
etc. are referred to as needs.
Abraham Maslow’s hierarchy of needs classifies needs into 5 categories,
starting from the most basic at the bottom and moving upward to self-
actualization needs.
1. Physiological needs: Air, food, water, shelter, etc.
2. Safety needs: Personal security, employment, health
3. Social needs: Friendship, family, relationships
4. Esteem needs: Respect, status, recognition
5. Self-actualization needs: Achieving one’s full potential

Wants
Wants are not something that a person requires for his survival but it is what
a customer desires. Wants fluctuate with the environment, time, people,
place, etc. they are not constant.
For example, if someone is thirsty all they need is water, but they can drink
anything that quenches their thirst like lemonade, soft drinks, etc.

Demands
Demand is the willingness to buy a product. The fundamental distinction
between wants and demands is desire. When a buyer desires something he
might not be able to fulfill that want. So, when people can buy their desired
product, they turn their wants into demands.
For example, my want is to get a DSLR, but I can only turn that into demand
when I have the ability to buy it.

Marketing Creates Needs,

Marketing persuades customers that buying a particular product or service is
a necessity and not an option, which encourages them to avail that particular
product or service.
The most fundamental function of marketing is that it is customer focused,
therefore it makes an effort to understand the needs of the customer and
provides products or service in response to attempt and fulfill those
customer needs. As there is such an intense competition in the market,
every action undertaken by the business is focused on the customer.
A product or service's price, promotion, and distribution are all planned as
part of the marketing process with both present and potential customers in
mind. In order to adapt the current marketing plan to the new market, a
marketer must therefore continuously analyse market changes.

Banking sector
The banking sector fulfils security needs for an individual, although the way
banks operate in the modern world has evolved significantly, the basic
principles remain the same. The basic expectations an individual had from a
bank has changed significantly, the consumers expect banks to provide easy
and seamless experience via mobile applications, websites, physical
branches. Previously, a bank's responsibilities were keeping money in a safe
location and disbursing loans, but nowadays, the most significant
development in the world of banking has been the advent of online banking,
and so they have created a need for it. The tendency was driven even
further by the increasing use of smartphones and mobile banking. So, now
online banking, transactions, ease of access, portability are the needs of
consumers which were created when the rise of internet begun and the
opportunity was identified by marketers.

Insurance sector
The business model of an insurance sector revolves around assuming and
diversifying risks. Life, vehicles, financial security etc., were not previously
seen as necessities in the Indian market. However, marketers leveraged this
risk to appeal to customers' emotions by highlighting how it would affect our
loved ones, our most precious assets. Additionally, how we cannot forecast
the future and any unforeseen disaster can put one in a stressful physical,
emotional, and financial condition, as well as how one unexpected moment
can damage our personal and financial situation. Therefore, having insurance
will provide you with mental peace, and nothing can buy your piece of mind.
Thus changing the mindset of Indian society that insurance is a necessity
and not an option.

Ed tech
The technical world has seen a significant change in recent years. As more
and more people use digital media, it is crucial for teachers to employ the
most up-to-date tools in their instruction to interest pupils. Innovative
teaching methods and the introduction of fresh concepts are necessary to
get pupils interested in what they are learning. Due to its significance in the
modern education sector, digital learning is now a must in the post-covid era.
The marketers have created a need for digital learning because digital
learning is so accessible and allows parents to watch their children develop
in real time while analysing their weaker areas. Additionally, the commercials
suggested that online learning is more individualised (one to one interaction
between the student and teacher) than offline learning, which gave parents
the impression that it would be beneficial for their children. Thus, creating a
need for the same.