Assignment #1

a) Explain difference among Need, Want, Demand & Desire with

proper examples. (Marks. 5)

Core Concept Of Need , Wants , Desire & Demand:

The core marketing principles are needs, wants, and demands. Despite the fact that they are
three simple worlds, they have a complicated meaning and a significant difference element. In
reality, whether or not a product meets a customer's requirements, wants, or demands can be used
to differentiate it.

Understanding and addressing the need, wants, desires, and demand of target market is one of the
most basic marketing concepts. In a nutshell,

Needs are items that fulfill a basic demand.

Wants are specific desires for certain products.
Demands are particular product requirements for which the buyer is willing and able to pay.
Desirs are for something not easily available.

Difference between Needs, Wants, desires, and demands in a Marketing

Concept:

 Needs are spontaneously created. No one can force us to be hungry.

When needs are focused to specific objects that may satisfy us, they become wants.

 Example if you’re hungry, then your need is food. However. the way you satisfy the hunger
could be a burger . Thereby a burger becomes a ‘want.’
When an individual wants something which is premium, but he also has the ability to buy it, then
these wants are converted to demands.

 For Example: our need may be hunger; the want may be to have a burger. Consequently,
we may demand a burger from McDonald’s.
The basic difference between wants and demands is desire. A customer may desire
something but he may not be able to fulfill his desire.

Marketing implications of the wants And desires

 The marketer to understand what the customer wants. When needs are focused to specific objects
that may satisfy us, they become wants.

 For example, a consumer may want the product's most advanced features. Second,
customer may be seeking for a lot of value for the money they're willing to spend. This
may put unnecessary pressure on businesses to produce products at a reduced cost, even
if it means sacrificing quality.

Marketing implications of the demand

When an individual wants something which is premium, but he also has the ability to buy it,
then these wants are converted to demands.

 for example: Apple Inc. under Steve Jobs put in a lot of effort to differentiate itself and
the unique features it stands out from the competition. Also, there is an interaction effect
between the demand and the price of a product. Generally, products that have higher
demand can be priced higher. This gives Apple an advantage in profitability. This is
because they can price their products higher and still have minimal impact on the
demand.

Conclusion:
The most important point is that the best marketers are aware of the distinctions between wants,
needs, demands, and desires. This is how they sell their products and services to customers.