Question

As we learned in Marketing, Chapter 1, "A need occurs when a person feels deprived of necessities such as food, clothing, and shelter. A want is a need that is shaped by a person's knowledge, culture, and personality." In this regard, and as a small business owner or an entrepreneur, can you create a need? Why or why not? Can you create a want? Why or why not? How do needs and wants shape your marketing idea?

Please briefly explain your business idea before responding.

Answer 1

Need

• For an individual to succeed, and, live
• Must-pays are needs
• Without these, one would reach a state of deprivation
• Belonging, and, affection are social needs
• Self-expression, and, knowledge are individual needs
• Food, shelter, water, safety, and, clothing are physical needs

Want

• What an individual desires, or, wishes
• Splurges are wants
• Not required for one to survive
• Opposite of need

Needs, and, wants shape marketing idea

When one is willing to buy a product, there is demand for that 'want' or 'need'.

• Marketing focuses on understanding a customer, before designing a service or product
• Determine needs, and, deliver satisfaction
• Ensure satisfaction of wants, and, needs
• 'Needs' are products that consumers always buy but there are thousands of competitors; one can promote the product for it to stand out, create an emotional connect with the brand, and use marketing in multiple ways for higher revenues for these products
• If we manage to satisfy our wants, it transforms into needs
• Wants are shaped by society, and, surroundings
• Needs are seen as food, clothes, shelter, and, water
• When is willing to pay, and, make a purchase, there is demand for that product
• It is important to look at the want, need, and, demand components of a marketing strategy for consumers to market, and, sell a product effectively
• Marketing satisfies wants, and, needs by building long-term relationships & through the exchange process
• Marketing can assess trade-offs to satisfy wants, and, needs.
• Need recognition is required for both the consumer decision process, and, for the marketer