explain following term 1-needs, 2-wants, 3-demand
Answers
Answer:
Definition of Needs, Wants and Demands
Needs - Needs are the basic requirements of a human being, like food, cloth, shelter etc. humans cannot survive lace of those requirements. education and health care are the extend part of needs in this modern world.
according to marketing language, human needs are state of felt deprivation. It is the basic underlying of marketing.
Different people have different needs some of them are as follows
physical needs- Food, cloth, house, safety etc.
personal needs- self expression, discuss feeling etc.
Social needs- love, affection etc.
Ego needs: status, recognition and self-esteem
Wants – Wants are the satisfiers of needs. Specific products has the ability of satisfy specific wants.
Wants are a form of needs and which are greatly dependent on the human needs. Wants are unlimited. Customers want high value and satisfaction for money.
For example, you need to write, for this your choice will be the best pen. For write is your needs but the best brand of pen is your wants.
Demands- Demands are wants for specific products. They are backed by willingness and ability to buying power. Wants backed by money and willingness to spend the money become demand.
For example, You need BMW car and you have the buying power, is your demand.
Answer:
need-something u desire to have
demand- command