The Difference Between Needs, Wants and Demands and the Various Factors That Influence Human Consumption.

In: Business and Management

Submitted By monicaeast
Words 4711
Pages 19
Bang College of Business

The difference between needs, wants and demands and the various factors that influence human consumption.

Monandniso Tursunova
ID: 20111449

MKT 3140: Intermediate to Marketing

Dr. Kim Chung 20.02. 2012

Outline

1. Introduction a) The concept of needs wants and demands. b) The factors influencing the consumption behavior 2. Body a) Maslow’s Hierarchy of needs b) The difference between the demands and wants 3. Conclusion a) Marketing reflects the needs and wants of customer b) Marketing shapes the needs and wants of customer c) My point of view about the marketing position

A Penny Saved Is A Penny Earned.
Different people have different preferences, opinions and tastes. Everyone is unique by its nature and characteristics. And to understand all these diversity marketing industry should put a lot of efforts. In order to satisfy their demands needs and wants they should face them directly. They have to make appropriate and even unusual approach to catch the attention of audience.
First of all let’s look to the concept of needs, wants and demands. What are they?? And why marketers do worry about them a lot??
As we already mentioned needs, wants and demands are basic factors of marketing principles. Even though they are three simple words, they hold complex meaning behind them along with a huge differentiation factor. Generally a product can be defined on the basis of whether it satisfies a customer need, wants or demands. About each of them we will discuss further in detail.
Needs
Human needs are the basic requirements and it includes food clothing and shelter. These are needs without which people cannot survive. As time passes and more people change and their needs also change and become more extended. Todays most popular needs have become education and healthcare.…...

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