What is marketing? Needs, wants and demands… Assignment

What is marketing? Needs, wants and demands… Assignment Words: 818

In order to promote the device, the company featured its debut at tech events and Is highly advertised on the web and on television. Marketing is based on thinking about the business in terms of customer needs and their satisfaction. Marketing differs from selling because (In the words of Harvard Business School’s retired professor of marketing Theodore C. Levity) “Selling concerns Itself with the tricks and techniques of getting people to exchange their cash for your product.

It is not concerned with the values that the exchange is al about And It does not, as marketing invariable does, view the entire business process as consisting of a tightly integrated effort to discover, create, arouse and satisfy customer needs. ” In other words, marketing has less to do with getting customers to pay for your product as It does developing a demand for that product and fulfilling the customer’s needs. Needs Human needs are states of felt deprivation.

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Needs are the basic requirements of human being, without these basic requirements like food, clothes and shelter no one can live life In this world. The extended form of needs are health and education which for sure every on basic need in today’s world but they come after food,cloths and shelter. Marketers play no role In creating needs, they are natural default requirements of every human being. Organization already know the needs there is no requirement for any research work to develop product which covers the needs of human beings.

Wants Wants are the form human needs take as they are shaped by culture and individual personality. Wants are marketed by marketers in such a way that everyone feel these wants should be mandatory part of life. We can take the examples of telephone, Internet, different variety of foods and clothing these all come under umbrella of human wants. For Example, Any person can eat food to feed himself, but he want to eat fast food, fried rice and Chinese food. Cloths are required for a person to cover himself but we can see people wearing Jeans, suit Just because of culture Influence.

Demands Demand is want backed by buying power, human being have unlimited wants but resource are limited In the world. Its not possible that each human being get the 1 OFF these wants to demand. For Example, Willingness to buy BMW is want but if you have the buying power then it becomes demand. Manager and marketers always focus on people wants and demands to do that they conduct in depth research using number of different tools such as surveys, interviews, observation and others.

That’s the reason CEO of huge company like Wall- Mart visit store to have a check on customer, talk to them, observe them to understand their needs and Wants. These are the three key concepts of marketing, and they are differentiated as follows. Needs are the basic human requirements; people need food, air, water, clothing, and shelter to survive and also have strong needs for creation (through sexual intercourse), education, and entertainment. These needs become wants when they are directed to specific objects that might satisfy the need, though these wants in themselves are not essential for living.

Someone will need food but may want a hamburger, fries and a soft drink, but someone else will also need food in Just the same manner but will also want a mango, rice, lentils and beans. Wants are therefore shaped by one’s society and surroundings. The third incept, demands, are wants for specific products backed by an ability to pay. Many people want a luxury car or a weekend break in the Caribbean, but only a few people are willing and able to buy one.

In business terms, companies must measure not only how many people want their product but also how many would actually be willing and able to buy it. In marketing there are five kinds of needs: Stated, real, unstated, delight and secret. Marketers have played on the secret needs in recent years as this is the sort which makes the customer be seen as savvy and a great consumer, and eave adopted all sorts of tricks to skew demand, since there has been more disposable income in the modern age and shopping has become a prime leisure activity.

In some ways there is a chain here; more education means more awareness of the wants and more money to spend on a demand, so in a good and Just society there is a large number of people who push for the demand of a certain product, and this has given rise to very successful companies who must make brand awareness and corporate social responsibility key facets of their engagement with the public, otherwise known as the customer’.

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What is marketing? Needs, wants and demands... Assignment. (2021, Nov 17). Retrieved April 20, 2024, from https://anyassignment.com/art/what-is-marketing-needs-wants-and-demands-assignment-31054/