The Difference Between Needs, Wants and Demands and the Various Factors That Influence Human Consumption.

4723 Words Feb 4th, 2014 19 Pages
Bang College of Business

The difference between needs, wants and demands and the various factors that influence human consumption.

Monandniso Tursunova
ID: 20111449

MKT 3140: Intermediate to Marketing

Dr. Kim Chung 20.02. 2012

Outline

1. Introduction a) The concept of needs wants and demands. b) The factors influencing the consumption behavior 2. Body a) Maslow’s Hierarchy of needs b) The difference between the demands and wants 3. Conclusion a) Marketing reflects the needs and wants of customer b) Marketing shapes the needs and wants of customer c) My point of view about the marketing position

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Different people have different
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Instead the customer buys it naturally. However, in today’s tough and competitive world so many brands have come up with the same offering satisfying the needs of the customer that even the “needs category of product” has to be pushed in the customer mind.

Don'T Bite Off More Than You Can Chew.

Wants
Wants are further step of needs and are tightly dependent on the needs of humans themselves. Wants are the form taken by human needs as they are shaped by culture and individual personality. People have almost unlimited wants but limited resources. Thus they want to choose products that provide the most value and satisfaction for their money. When backed by buying power, wants become demands. Consumers view products as bundles of benefits and choose products that give them the best bundle for their money. For example, you need to take a bath. But i am sure you take baths with the best soaps. Thus Wants are not mandatory part of life. You DONT need a good smelling soap. But you will definitely use it because it is your want.
Demands
Demand stays a step ahead of wants. Demand is basically the summary of the needs and wants of the people. Demand integrates a new aspect; it is the willingness and ability of a person to buy something. Now even if a person needs and wants food, is he able to buy it? Demand incorporates the monetary or resource aspect and says that a person can only

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