According to definition of Gatorade From Wikipedia n. It can also be needs if considered as general drink. Nike Shoes: its need that required by everyone, however, choosing Nike Company for shoes is want, because of different behavior of individuals. Nike products also generally are needs, but can also be wants because different products in the industry. You must be logged in to post a comment. Call , Sign In Register. Needs wants and demands are a part of basic marketing principles.
Though they are3 simple worlds, they hold a very complex meaning behind them along with a huge differentiation factor. In fact, A product can be differentiated on the basis of whether it satisfies a customers needs, wants or demands. Each of them is discussed in detail in this article.
You might want a BMW or a Mercedes for a car. You might want to go for a cruise. But can you actually buy a BMW or go on a cruise? You can provided you have the ability to buy a BMW or go on a cruise. Thus a step ahead of wants is demands.
When 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. 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. It is still a need. But the computer he is going to buy will become a type of demand.
One of the fundamental concepts of marketing is to understand and address the needs, wants and demands of your target market. In short, needs are things that satisfy the basic requirement. Wants are requests directed to specific types of items. Demands are requests for specific products that the buyer is willing to and able to pay for. In a consumer market examples are usually very clear to identify. A person might have a need for reliable transportation.
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