University of Cebu

Graduate School
Reaction Paper
No. 10

Name:
Subject: Philosophy of Business BM 215
Specific Report: The Consumer (The Corporate Objective)
Reporter’s Name: _______________________

A. Summary of Report

The consumer is a final cause of business as the recipient of the product, and is therefore
also the indirect object of the business act. If the consumer is an ultimate concern of the
business act, then service to the consumer is an ultimate objective of the whole business
concept. Satisfaction of the consumer's human needs is the underlying principle of this service.

These needs create demand; and as demands are at the root of economics, so are needs at
the root of business. If business exists to satisfy human needs, then business must be
concerned with what these needs are and how they can be satisfied. The efforts should be
addressed not only, to management's capabilities but also to the concepts and requirements of
the needs themselves.
Man's capacity to desire is infinite and insatiable. Once a desire is fulfilled, another desire or
other desires arise. Some of man's desires arise from the requirements of his human nature;
others from the requirements of his environment. Some of them are needs, others are wants.

What makes a thing a need or a want is therefore something relative, depending on the
thing needed, on the person and on circumstances. A want in the past may become a need in
the present. A need for one person is a want for another needs can be satisfied, wants cannot,
until they are brought down to the level of a need by changes in circumstances and in the
requirements and capacity of the individual. A need is therefore a state of insufficiency which, if
perceived, requires to be filled. It is the result of man's human nature, a lack in the various
levels of his faculty calling either for completion or for satisfaction.

B. Reaction

1. Comment

Knowing and understanding customer needs and wants is at the center of every successful
business, whether it sells directly to individuals or other businesses. Once you have this
knowledge, you can use it to persuade potential and existing customers that buying from you is
in their best interests.
 2. Conclusion

Consumers have specific wants and needs. Their incomes vary from high to middle or low. They
are given choices of thousands of products, from luxury items to basic necessities. They have
many different traditions and tastes, ranging from ethnic to generic products. Consumers affect
production decisions every day.

3. Recommendation

It is important for a company to know consumer needs and wants with regard to itself –
that is what consumers expect from both aspects. The most important thing for consumer is
that the company they associate with is friendly and empathetic. They need to feel welcome,
acknowledged, and appreciated for their business and in no way must be made to feel like they
are intruding or that serving them is a burden. This tops the list of customer needs and wants
and it is critical for any company to comply