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 -
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.
