How you are going to distinguish the word,WANT,NEED and DEMAND?
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Needs, wants and demands are 3 important terms in marketing. No matter how similar they might seem, there are more differences in these terms that you might think. There are many layers within them and they play a vital role in arriving at segmenting the TG, targeting a particular target group and most importantly defining a sharp positioning for a brand.
EXPLAINATION
Needs
“Needs” is the basic human requirements like shelter, clothes, food, water, etc. which are essential for human beings to survive. If we extend this further, other needs are education, healthcare or even a social thing, for example, belonging to a certain society or self-expression. One can say that the products which fall under the needs category of products do not require a push. Instead the customer buys it themselves. But it’s actually not true. in today’s world with thousands of brands competing in the same categories with identical offerings satisfying the same needs, even the “needs category product” has to be pushed in the consumers’ mind. Example of needs category products / sectors – Agriculture sector, Real Estate, Healthcare etc.
Wants
"Wants" are a step ahead of needs Wants aren’t essential for humans to survive, but it’s associated with needsSimply put, A want is a product desired by a customer that is not required for us to survive. So, want is the complete opposite of need, which is essential for our survival. Wants aren’t permanent and it regularly changes. As time passes, people and location change, wants change accordingly.
Demands
Wants turn to be Demands when a customer is willing and having the ability to buy that needs or wants. The basic difference between wants and demands is desire. A customer may desire something but he may not be able to fulfill his desire. Consequently, for people, who can afford a desirable product are transforming their wants into demands. In other words, if a customer is willing and able to buy a need or a want, it means that they have a demand for that need or a want. You might want a BMW for a car or an iPhone for a phone. But can you actually buy a BMW or an Iphone? You can, provided you have the ability to buy them. Example of demands –Luxury cars, 5 star hotels etc.
Answers & Comments
How you are going to distinguish the word,WANT,NEED and DEMAND?
=======================
Needs, wants and demands are 3 important terms in marketing. No matter how similar they might seem, there are more differences in these terms that you might think. There are many layers within them and they play a vital role in arriving at segmenting the TG, targeting a particular target group and most importantly defining a sharp positioning for a brand.
EXPLAINATION
Needs
“Needs” is the basic human requirements like shelter, clothes, food, water, etc. which are essential for human beings to survive. If we extend this further, other needs are education, healthcare or even a social thing, for example, belonging to a certain society or self-expression. One can say that the products which fall under the needs category of products do not require a push. Instead the customer buys it themselves. But it’s actually not true. in today’s world with thousands of brands competing in the same categories with identical offerings satisfying the same needs, even the “needs category product” has to be pushed in the consumers’ mind. Example of needs category products / sectors – Agriculture sector, Real Estate, Healthcare etc.
Wants
"Wants" are a step ahead of needs Wants aren’t essential for humans to survive, but it’s associated with needsSimply put, A want is a product desired by a customer that is not required for us to survive. So, want is the complete opposite of need, which is essential for our survival. Wants aren’t permanent and it regularly changes. As time passes, people and location change, wants change accordingly.
Demands
Wants turn to be Demands when a customer is willing and having the ability to buy that needs or wants. The basic difference between wants and demands is desire. A customer may desire something but he may not be able to fulfill his desire. Consequently, for people, who can afford a desirable product are transforming their wants into demands. In other words, if a customer is willing and able to buy a need or a want, it means that they have a demand for that need or a want. You might want a BMW for a car or an iPhone for a phone. But can you actually buy a BMW or an Iphone? You can, provided you have the ability to buy them. Example of demands –Luxury cars, 5 star hotels etc.
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