Understanding Customers Needs, Wants and

Demand and Marketplace

 Difference between Need, Want and Demand
Need (‫)ﺿﺮورت‬
Need is a state of felt deprivation (‫)ﻣﺤﺮوﻣﯽ‬, basic requirements
such as food, shelter, education, clothes.
Wants (‫)ﭼﺎھﻨﺎ‬
When need is specified (‫ )ﮐﯽ وﺿﺎﺣﺖ‬by you it become wants and
mostly relate with culture (‫ )ﺛﻘﺎﻓﺖ‬and society in which we are
living such as in morning we eat Nan Chaney, American eats
cornflakes, bread and egg etc.
Demand (‫)ﻣﺎﻧﮓ‬
Demand is a desire which is supported by purchasing power. Two
conditions must be fulfilled i) Power to purchase, ii) Willing to
purchase
 Understanding Marketplace
What is Market?
A market is defined as the sum total of all the buyers and
sellers in the area or region under consideration.
OR
The set of all actual and potential buyers of product and
services in known as market.

Exchange (‫) ﮐﺴﯽ ﭼﯿﺰ ﮐﮯ ﺗﺒﺎدﻟﮯ ﮐﺎ ﻋﻤﻞ‬

The act of obtaining a desired object from someone by offering
something (money, cash or anything) in return.
 Understanding Marketplace (Continue)
Market Offering

Market offering are some combinations of product, service,

information or experience offered to market to satisfy
customers needs and wants.
❑ Product: Automobiles, Phones, Books, laptop or any physical item.
❑ Service: Banking, Airlines, Delivery and any other beneficial activity.
❑ Experience: Emotional, Sad or Good environment to give certain
experience.
❑ Place: Parks, Hotels, Land, Location like Muree, Naraan etc.
❑ Information: Ideas, information consultant, Through internet or magazines
etc.
❑ Organization: Shares of company stock exchange etc.
 Understanding Marketplace (Continue)
Marketing Myopia

A short-sighted (‫ )ﺗﻨﮓ ﻧﻈﺮی‬and inward looking approach

to marketing that focuses on the needs of the company instead
of defining the company and its products in terms of the
customers' needs and wants.