Q. Differentiate among needs, wants and demands. Can marketers, create needs?
Ans. Marketing thinking starts with the customer’s needs. Today each marketer wants to retain M.B.A to satisfy the customers because of the intense competition.
Differentiate among needs, wants and demands: A human need is a state of felt deprivation of some basic satisfaction. Needs are basic like need of food, cloth and shelter. The needs are not created by the market but they are an inseparable part of human biology.
Wants are desires for specific satisfiers of need, these deeper the person’s needs. For example, for satisfying the hunger may want Chinese food, South Indian food, etc. Although people’s needs are few burs their wants are many. Human wants are continually shaped and reshaped by social forces and institutions Demands are wants for specific products that are backed by ability, qualification and willingness to buy them. Want becomes demand when supported by purchasing power. The marketer must not only be interested in knowing how people may want their product but, also how many actually have the purchasing power to purchase.