Understanding Customer Needs, Wants, and Demands
Marketings Basic Underlying Concept: Human Needs, Wants, and Demands
When a person exercises their buying power and resources, the wants then become demands. A persons demands are based on what delivers the most value and satisfaction to them.
Marketing research firms and businesses spend millions of dollars in understanding a persons wants and demands using multiple types of research tools such as surveys, observations, and sifting through customer data.
Once data is gathered on customer wants and needs, marketing agencies and businesses develop market offerings to fulfill those needs and wants.
Market offerings include physical products or services, such as products, services, information, experiences. They also include other entities such as persons, places, organizations, knowledge, and ideas.
An example of an idea as a market offering includes the Ad Councils, Stop Texting campaign that markets the idea of safety while driving and not texting. Here’s one of the Ad Councils television commercials on their market offerings: (To learn more about the Ad Council and their campaigns, visit them at adcouncil.org.