NEEDS, WANTS, AND DEMANDS

TERMINOLOGIES

need

- requires something because it is essential or very important.

want

- have a desire to possess something

demand

- the willingness and ability of consumers to purchase a given

quantity of a good or service.

NEEDS, WANTS, AND DEMANDS

One of the fundamental concepts of marketing is to understand and

address the needs, wants and demands of your target market. needs are
things that satisfy the basic requirement. Wants are requests directed
to specific types of items. Demands are requests for specific products
that the buyer is willing to and able to pay for.

NEEDS

 The easiest explanation of the concept “needs” is the basic human

requirements like shelter, clothes, food, water, and any other
basic need.

 Needs can be a social thing, for example, social class, belonging

to a certain society and need of self-expression.
 Maslow’s hierarchy of needs

 Maslow's Hierarchy of Needs is a motivational theory in

psychology, represented by a five-tier model of human needs,
often depicted as hierarchical levels within a pyramid.

 In marketing we can categorize the customer’s needs which are

Stated needs, Real needs, Unstated needs, Delight needs, and
Secret needs.

WANTS

 As time passes, people and locations change, and wants change

accordingly.

 A want is a product desired by a customer that is not required

for us to survive. So, want is the complete opposite of need,
which is essential for our survival.

 The five step consumer decision process includes need

identification, information search and processing, identification
and evaluation of alternatives, the purchase decision, and post-
purchase behavior.
 DEMANDS
 If a customer is willing and able to buy a need or a want, it
means that they have a demand for that need or a want.

 The basic difference between wants and demands is desire.

EXAMPLE:
There are two options, you either buy a Samsung or Apple’s
product. Though, the prices are really different. Samsung's phone
costs Php 32,000 and Apple's iPhone Php 45,000. We’d prefer to
purchase the Apple product, but the question is, can we?

If we, financially, are strong enough and can allow

ourselves to buy a Php 45,000 iPhone, it means that we’ve
transformed our want/need into a demand.

VALUES
 Core value of Service is one of the important Franciscan values
that we can relate to the topic of needs,wants and demands.
Service involves serving our fellowmen. In serving others we
should be able to provide for their basic needs like providing
food,shelter, and care. Service involves sacrifice and humility.
When we serve others we prioritize their needs over our own needs
and wants. Being humble means acknowledging that all we have in
life comes from God and not from our own only. The service we
give to others is a reflection of our humble offering of
ourselves to God, our Creator.

 Core value of Simplicity is also another Franciscan value that we

can relate to this discussion. We value simplicity that
acknowledges need,asks for, and willingly accepts help. When we
do what is the demand of the majority, God is working in us
because we can openly live a simple life instead of fulfilling
our own desires. Every simple act of kindness is a reflection of
our proclamation of God’s Kingdom here on earth. In the hierarchy
 of needs, we need not be too materialistic in life as long as we
are able to satisfy our essential needs that is what is important
in life.

 The core value for Respect to others or fairness in dealing with

others especially our customers. It is our duty to protect and
respect their interest and own good and not to take advantage of
them when we market our products to them. We should be honest and
truthful in doing our marketing activities.

REFERENCES

Bhasin, H. (2017, December 15). Needs wants and demands - Understanding

the difference between all 3. Marketing91. https://www.marketing91.com/needs-
wants-and-demands/

 Cimorelli, T. (2016, November 17). Understanding needs, wants and demands

of customers - Baillie Lumber - Hardwood Supplier. Baillie.
https://www.baillie.com/hardwood-lumber-blog/item/420-understanding-needs-
wants-and-demands-of-customers#:%7E:text=In%20short%2C%20needs%20are
%20things,usually%20very%20clear%20to%20identify.

Needs, Wants, and Demands: The three basic concepts in marketing (with
Examples). (n.d.). Ryosuke University. https://j-tradition.com/needs.html

Concept of Needs, Wants and Demands in Marketing | Notes, Videos, QA and

Tests | Grade 12>Marketing>Components of Marketing | Kullabs. (n.d.). Kullabs.
https://kullabs.com/class-12/marketing/components-of-marketing/concept-
of-needs-wants-and-demands-in-marketing

Understanding Needs, Wants and Demands in the Marketing world.

(n.d.).Linkedin.https://www.linkedin.com/pulse/understanding-needs-wants-
demands-marketing-world-sumit-saurav?articleId=6651412915658252288

THANK YOU AND PAC ET BONUM