Needs, Wants and Demands are often used interchangeably. However, as a marketer and a future business leader – you should be aware of what are Needs, Wants and Demands.
In this video you will discover that the three terms have a lot of difference between them. While ‘Need’ is a deprivation of something (defined by the Maslow’s Hierarchy of Needs), a ‘Want’ is a need felt for a specific product or solution.
That means in ‘Want’ you have identified that what is that solution or product which can satiate that need.
Whereas, when you look at ‘Demand’ it is said to be when the want for a particular product is backed by an ability to pay. Which means that while I may want a product, I might not have the ability to pay for it.
Now that you understand that what are needs, wants and demands in Marketing Management – you will be able to think strategically and will be able to think about your customers or the target audience in a better manner.
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I am Darpan Saxena, an MBA from the Indian Institute of Management (IIM), Udaipur, and I am on a mission to help 1,00,000 MBAs get the best career outcomes through knowledge and digital skills without depending on their B-school or Placements.