Thursday, February 18, 2010

Concept of Needs, Wants, Demand in Marketing

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Concept of Needs, Wants, Demand in MarketingNeeds, Wants and Demand represents the language of marketing. They come under the core concept of marketing. They plays important role in marketing management. Because, by the help of these factors the marketing manager solves the problems related to marketing appeared in business organization.

Needs: Needs exist in the individual. They describe basic human requirements. They indicate a state of felt deprivation. Marketing does not create needs. They exist in the individuals automatically with the follow of time. Different people have different needs some of them are as follows:
• Physical needs: This types of need is related to food, clothing and shelter.
• Safety needs: Under this need, people want protection from physical harm and economic threat.
• Social needs: Under this need, they want love, friendship and belongingness.
• Ego needs: Under this need, they want status recognition and self-esteem.
• Self development needs: They want knowledge, achievement and creativity.

Wants: They are specific satisfiers of needs. Specific products satisfy wants. Marketing influences wants by offering various products. Wants are unlimited. Resources are limited. Customers want high value and satisfaction for money.

Demand: They are wants for specific products. They are backed by ability and willingness to buy. Wants backed by money and willingness to spend the money become demand.

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