1. A need is something essential like food or water, while a want is something desirable but not essential like a new TV. Demand exists when a consumer has both a want for a product and the ability to purchase it.
2. Marketers must determine if demand exists for a product, rather than just a need or want. They sometimes try to convince consumers a want is actually a need to generate demand.
3. The difference between a want and demand is that a want is a desired product but demand also requires the ability to purchase it. Needs are requirements for survival while wants are for non-essentials. Marketers classify products as needs, wants or demands.
1. A need is something essential like food or water, while a want is something desirable but not essential like a new TV. Demand exists when a consumer has both a want for a product and the ability to purchase it.
2. Marketers must determine if demand exists for a product, rather than just a need or want. They sometimes try to convince consumers a want is actually a need to generate demand.
3. The difference between a want and demand is that a want is a desired product but demand also requires the ability to purchase it. Needs are requirements for survival while wants are for non-essentials. Marketers classify products as needs, wants or demands.
1. A need is something essential like food or water, while a want is something desirable but not essential like a new TV. Demand exists when a consumer has both a want for a product and the ability to purchase it.
2. Marketers must determine if demand exists for a product, rather than just a need or want. They sometimes try to convince consumers a want is actually a need to generate demand.
3. The difference between a want and demand is that a want is a desired product but demand also requires the ability to purchase it. Needs are requirements for survival while wants are for non-essentials. Marketers classify products as needs, wants or demands.
1. A need is something essential like food or water, while a want is something desirable but not essential like a new TV. Demand exists when a consumer has both a want for a product and the ability to purchase it.
2. Marketers must determine if demand exists for a product, rather than just a need or want. They sometimes try to convince consumers a want is actually a need to generate demand.
3. The difference between a want and demand is that a want is a desired product but demand also requires the ability to purchase it. Needs are requirements for survival while wants are for non-essentials. Marketers classify products as needs, wants or demands.
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What is the difference between a need, a want and a demand?
A need is something you have to do, breath or drink for example.
A want is something you would like to have, a new TV or computer for example. A demand is something you tell someone else they must do, the US telling ran to stop its nuclear power !uest for example. "arketing concepts # $%%&S are basic 'uman (e!uirements. )ike Air, *ood, +ater, ,lothing, etc. These needs become +A$TS when they are directed to specific ob-ects that might satisfy these needs.%.g. for a basic need of food , a person may .want. 'amburgers, /i00as, etc. &%"A$&S are wants for specific products backed by an ability to pay. Needs, Wants and Demand What Are the Differences? /roducts and services typically fall into one of two categories for the consumer, needs and wants. $eeds are those things that are essential, such as food, water, medicine, etc. +ants are those things that are not needs, but would be nice to have.1ad2ad#34 ,onsumers typically accept the costs associated with filling needs as inescapable, even though they may complain about high prices, low !uality or poor service. +hen filling their wants, however, they become more demanding, and tend to shop around, analy0ing the benefits of purchasing from one supplier versus another. 5randing becomes critical at that -uncture, in order to establish an advantage over the competition. *or the marketer, there is a third aspect6 that of demand. Demand is defined as wants, backed up the desire and ability to purchase. t is more important that the marketer determine if a demand exists, rather than a need. "any products are offered, to fill a very real need, but if the consumers don7t want to buy it, then no demand exists, and sales will be flat. Some marketers attempt to create a demand, by creating the perception of a need. Surprisingly, many consumers are vulnerable to this tactic. %ven though academically, they reali0e that the desired item is a want, their desire is so strong, that they begin to see it as a need. The desire, coupled with the ability to purchase, then establishes a demand. A successful marketing strategy will succeed in establishing a demand for items or services that are normally considered as wants, while focusing on branding for those items classified as needs. As an example, when you are dehydrated, you need something to drink. 5ut if you happen to prefer lemonade to water, then you would want lemonade. f someone can convince you that their lemonade is superior to any other, and better for you than water, then they may convert your want into demand for their product. Needs wants and demands $eeds wants and demands are a part of basic marketing principles. Though they are 8 simple worlds, they hold a very complex meaning behind them along with a huge differentiation factor. n fact, A product can be differentiated on the basis of whether it satisfies a customers needs, wants or demands. %ach of them is discussed in detail in this article Needs #'uman needs are the basic re!uirements and include food clothing and shelter. +ithout these humans cannot survive. An extended part of needs today has become education and healthcare. 9enerally, the products which fall under the needs category of products do not re!uire a push. nstead the customer buys it themselves. 5ut in todays tough and competitive world, so many brands have come up with the same offering satisfying the needs of the customer, that even the :needs category product; has to be pushed in the customers mind. %xample of needs category products < sectors = Agriculture sector, (eal %state >land always appreciates?, *",9, etc. Wants = +ants are a step ahead of needs and are largely dependent on the needs of humans themselves. *or example, you need to take a bath. 5ut i am sure you take baths with the best soaps. Thus +ants are not mandatory part of life. @ou &A$T need a good smelling soap. 5ut you will definitely use it because it is your want. n the above image, the baby needs milk but it +A$TS candy %xample of wants category products < sectors = 'ospitality industry, %lectronics, ,onsumer &urables etc, *",9, etc. Demands = @ou might want a 5"+ or a "ercedes for a car. @ou might want to go for a cruise. 5ut can you actually buy a 5"+ or go on a cruiseB @ou can provided you have the ability to buy a 5"+ or go on a cruise. Thus a step ahead of wants is demands. +hen an individual wants something which is premium, but he also has the ability to buy it, then these wants are converted to demands. The basic difference between wants and demands is desire. A customer may desire something but he may not be able to fulfill his desire. %xample of demands = ,ruises, 5"+7s, C star hotels etc. The needs wants and demands are a very important component of marketing because they help the marketer decide the products which he needs to offer in the market. Thus the flow is like this. The difference between wants and demands? A want is a good or service desired by a consumer that is not re!uired to sustain life. This is as opposed to a need, which is a good or service required to sustain life. "ost of the goods and services desired by modern#day consumers are classified as wants, as the only needs of most consumers are food, water, clothing and shelter. Demand is the !uantity of a good or service that a consumer>s? is willing and able to buy at a range of prices. f a consumer is willing and able to purchase a need<want, they are considered to have demand for that need<want. Needs and wants A distinction is fre!uently made between needs and wants. Aur needs make up our survival kit while our wants are the desires we have for non#essentials such as cars, electronics, holidays and fashion clothing. "ost people strive for better conditions for themselves, their family, and sometimes also their community, their nation and the whole world. Aur wants are infinite. This is -ust as true for the relatively wealthy as it is for the poor. $eeds are easier to define but vary according to a person.s age, physical environment, health and many other factors. And what is a only a want in a poor country may be seen as a need in a rich country. n practice it is impossible to draw the line at which absolute needs are met. &ifferent measures have been produced at different times to define minimum levels of well#being below which people can be said to be living in poverty. Such measures produce an absolute standard which can be called the .poverty line.. Another way of looking at poverty is to regard it in relative rather than absolute terms. A relative definition relates the living standards of the poor to the standards which dominate the society in which they live. *or example, the poor might be defined as those whose incomes fall below, say, half the average income. (elative poverty is regarded to be a real problem in modern society in which people are all too aware of the lifestyle en-oyed by others and in which advertising puts on public display a range of commodities which it associates with .modern lifestyles.. 'owever, relative definitions of poverty are also riddled with problems. *or example, to adopt a strictly relative definition of poverty is to imply that the poor in 5angladesh are no worse off than the poor in 5ritain which is clearly absurd.