customer needs, wants, and demands

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Customer needs, wants, and demands is based on the concept that marketing is all about creating value for customers. As a result, a company’s marketing process must fully understand the consumers it targets and the marketplace where it operates.

      1. Needs – Human needs are states of felt deprivation. These needs are part of the human condition and based on:
        1. physical needs (food, clothing, warmth, and safety)
        2. social needs (belonging and affection)
        3. individual needs (knowledge and self-expression)
      2. Wants – Culture and personal preference based on experience shape a persons wants. A person in the U.S. needs food, but wants a Bag of Doritos Chips and a soda. A person in Mexico needs food, but they may want a burrito from a specific restaurant. A want is basically shaped by a persons society and described in terms of objects that satisfy their needs, in this example, food.
      1. Demands – When a want is backed by consumer buying power, it becomes a demand. Given a consumers wants and resources, the consumer demands a product that provides the most value to them and brings them satisfaction.

 

 

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