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Asked on March 30, 2023, 1:45 p.m. in Marketing, Business Consulting/Coaching
18 answers
From a business perspective in market research and development:
NEED - A vital necessity for a product or service
WANT - A preference for a product or service but not a NEED for it.
DEMAND - The measure of a given product or service market based on NEEDS and WANTS for it.
March 30, 2023, 2:05 p.m.
Report Kenneth's answer
Needs, wants, and demands are concepts in marketing that are essential to understand consumer behavior.
Needs are basic requirements for survival, such as food, shelter, and clothing. Wants, on the other hand, are desires for products or services that are not necessary but desired by consumers.
Demands occur when customers are willing and able to purchase what they need or want . In other words,
wants become demands when they are backed by buying power. Understanding the differences between these concepts is important for marketers to develop effective strategies that meet the needs and wants of consumers
March 31, 2023, 1:31 a.m.
Report greyson's answer
Needs refers to our basic necessities (limited) shelter, food, hospitalWants refers to needs that are not necessities (unlimited) Demand refers to needs backed up by a price consumers are willing and able to pay for
March 31, 2023, 4:55 a.m.
Report Manching's answer
I would try to define Needs, Wants, and Demands as in the following:
Needs:Needs are the essential things to fulfill the states of deprivation for our survival. Needs can be basically divided into Physical Needs, Social Needs, and Individual Needs.Wants: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.Demands: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 want.
Thanks!
April 1, 2023, 9:14 p.m.
Report Feran's answer
NEEDS are basic Requirements that are Essential for all; Law defines this in Industry, Labour etc Legislations : a Certain essential amount of water, wind oxygen, calories, shelter space, clothing , health, welfare and safety; there are also Emotional, Cultural, Intellectual and Moral needs.
WANTS are what are not necessary ( eg. Luxury items as a costly wardrobe instead of an Useful wardrobe; an Expensive flashy ostentatious vehicle instead of a Functional vehicle etc. ).
DEMANDS for Services and Products are what the Market as a whole , creates ; the 'Demand- Supply chain' is essential towards 'Optimum production and resource Strategies'.
April 10, 2023, 3:53 a.m.
Report Reshma's answer
To recap:Needs: The basic requirements for human beings to survive.Wants: Need when shaped by culture and individual personality becomes want.Demands: When backed by buying power, want becomes a demand.
April 11, 2023, 8:28 a.m.
Report Kadochi's answer
To recap:Needs: The basic requirements for human beings to survive.Wants: Need when shaped by culture and individual personality becomes want.Demands: When backed by buying power, want becomes a demand.
April 11, 2023, 8:29 a.m.
Report Kadochi's answer
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Nov. 21, 2023, 7:54 a.m.
Report Cox's answer
Developing and bringing soccer skills world cup games to everyone is my goal, it is a sports game built to satisfy soccer enthusiasts.
Dec. 13, 2023, 7:28 a.m.
Report StellaStory's answer
Agree with the opinion. Give a specific example that isNEED - An essential necessity for a particular product or service is bob the robberWANT - By all means achieve the goal you want. That is to explore all the locations to get money and maps.
Feb. 19, 2024, 4:34 a.m.
Report sarahly's answer
I agree with Kenneth and admire all three business perspectives. Well, I can share a proven link, I don't like to invest my own money, but I often earn money and sometimes I even win. So you can safely use the link, register, and start earning.
