What are Needs, Wants and Demands in Marketing Management? Generally people tend to use these three words - Needs, Wants and Demands - interchangeably. But not marketers. You, as a marketer, need to be aware of the big difference that there is between these three terms.

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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.


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About the Author:

Darpan is a Marketing Strategist & Consultant by profession and a blogger by hobby. He is an engineer by qualification and also an MBA from the Indian Institute of Management (IIM), Udaipur. In his 6+ years of professional experience, he has crafted go-to-market strategies for brands like Abbott (in Singapore), Genpact and CL Educate apart from the other small and medium businesses which have witnessed growth through his marketing and strategy consultation. Darpan has worked as a Product Head of the biggest vertical of an education technology company in New Delhi.
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