25 May, 2021

 Difference between Need, Want & Demand

The main idea of ​​marketing is need, Want and demand. Although interrelated, there are several gaps between them. The following is the gap between demand, shortage and demand -

 

https://mktgide.blogspot.com/

1. Definition:

Needs are states of felt deprivation

Wants are the form human needs take as shaped by culture and individual

Demands are human wants that are backed by buying power.

2. Stage:

Mental level is needed

Lack of urine level

Here people feel the demand for specific products.

3. Sequence:

The person first feels the need

Lack occurs after feeling the need

In the last stage, scarcity becomes demand.

 

4. Involvement:

Relation to the individual's own social status

Relationships with one's own culture and personality

Relationship with product purchase interest, purchasing power and cost

 

5. Example:

Food, clothing, love,

Rice, fast food, clothes,

Rice, fast food, clothes that can be purchased.

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