The Difference Between Needs, Wants and Demands and the Various Factors That Influence Human Consumption.
The difference between needs, wants and demands and the various factors that influence human consumption.
MKT 3140: Intermediate to Marketing
Dr. Kim Chung 20.02. 2012
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
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Wants are further step of needs and are tightly dependent on the needs of humans themselves. Wants are the form taken by human needs as they are shaped by culture and individual personality. People have almost unlimited wants but limited resources. Thus they want to choose products that provide the most value and satisfaction for their money. When backed by buying power, wants become demands. Consumers view products as bundles of benefits and choose products that give them the best bundle for their money. For example, you need to take a bath. But i am sure you take baths with the best soaps. Thus Wants are not mandatory part of life. You DONT need a good smelling soap. But you will definitely use it because it is your want.
Demand stays a step ahead of wants. Demand is basically the summary of the needs and wants of the people. Demand integrates a new aspect; it is the willingness and ability of a person to buy something. Now even if a person needs and wants food, is he able to buy it? Demand incorporates the monetary or resource aspect and says that a person can only