Briefly compare and contrast the concepts of needs wants and

Briefly compare and contrast the concepts of needs, wants, and demand, explain with the help of examples keeping an eye into your surroundings. Discuss how these concepts relate to marketing practices?

Solution

When a person require something, a good, that possess some utility for him and that is very essential to sustain a life is known as need. Such as need of food for removing hunger.

But if the person require a good to fullfill his satisfaction but is not that much necessary to sustain a life. For example having pizza is food is a want.

And when a person desire something and is also willing to purchase that product at the prevailing price level at a given point of time, it is demand such as a student is ready to purchase pizza at the given price level of pizza.

These concepts are foundations of marketing. In marketing we try to acquire, retain and wiun back lost customers by doing various activities. Thus to make our product attractive and a want for a person it is essential to know what the target market is perceiving as want and as desired and at what level of price they are willing to purchase a product in what quantity. All these questions direct activities of marketing.