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 concept, 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 have 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’.
> a need is a generic desire(+) or problem (-) that consumers seek to fulfill or solve e.g. Transportation
> a want is the concrete form in which a need is being shaped e.g. Flashy motorcycle
> demand is a want backed by the money to realize it e.g. Train ticket ; the motor cycle only comes when you turn 40 and are in the midst of a midlife crisis
Need is defined as an object or necessity for survival such as food, shelter and life saving medicines or water. I want is a desire for things above and beyond what is needed. a demand is a forceful request for either a needed or wanted item. many times demands are made from wanted items being confused as Needed items.
Need is the basic human requirements like food water shelter want is that need of us which we want on the basis of our nurture,our perceptions and on our persnolity. Demand is that want of us for which we have purchasing power for it.
In the field of economics, a need refers to the basic desire that is necessary for the survival of the individual. An example of a need is food which is used to satisfy the hunger need. Want is when you have options available to satisfy the needs. Like for example you need food (need) but you want to eat a cheese burger (want). Wants are the options that you sue to satisfy the needs. Wants are not necessary for survival, you can do without them but you would feel happy to have them. Demand is basically the aggregate of the needs and wants of the people. Demand incorporates 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 demand something if he is willing to buy it and also has the necessary resources to buy it.
Need: Is something that is ESSENTIAL for a living (a good or service that you need for survival) examples: Shelter, clothing & clean water
A want: Is something that you would like to have but it is not essential for living (a good or a service that if you don't have it, you would still survive) examples: Cars, laptops & game consoles
A demand: Demand is basically the aggregate of the needs and wants of the people. Demand incorporates a new aspect; it is the willingness and ability of a person to buy something. Ex: Mobile, Computers, Access to Internet etc..
The most basic concept underlying marketing is that of human needs. Human needs are states of felt deprivation. They include basic physical needs for food, clothing, warmth and safety; social needs for belonging and affection; and individual needs for knowledge and self-expression. Marketers do not invent these needs; they are a basic part of the human make up.
Wants are the form taken by human needs as they are shaped by culture and individual personality. A hungry person in the United States might want a Big Mac, French Fries, and a Coke. A hungry person in Bali might want mangoes, suckling pig and beans. Wants are described in terms of objects that will satisfy needs.
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. A Honda Civic means basic transportation, low price and fuel economy; a Lexus means comfort, luxury, and status. Given their wants and resources people demand product with the benefits that add up to the most satisfaction.
Want is anything you could possibly want, but maybe will never ever get and it's not really that essential, like you don't need to have a BMW,, but you may want it where as you "need" air to survive.
Well a good example of this is need: You need food and water to survive. A want: You need water but you want soda in stead then demand can be when you forcefully tell some one you want something.
Need is the thing that we cannot live with out it like shelter, foods, medicine and water. Want is the things that we don't need like perfume, headphone etc. Demands is that we forcefully need that we have or that we don't have.
