Question

How ‘needs’ and ‘wants’ are different from one another from marketing perspective? Explain your
answers with relevant examples. Mention which marketing strategy is ideally suitable for each of them? (detail answer plz)

Answer 1

Answer:

hope it helps______________ (✷‿✷)

Answer 2

Answer:

A need is a consumer’s desire for a product’s or service’s specific benefit, whether that be functional or emotional. The emotional benefit tends to be a stronger driver for consumers, as functional benefits can be easily copied by competitors. On the other hand, a consumer want is the desire for products or services that are not necessary, but which consumers wish for. For example, food is considered a consumer need. However, a steak dinner or dessert is considered a consumer want, as these things are not necessary in order to live.

Explanation:

Consumer wants and needs should drive marketing decisions, and no strategy should be pursued until it passes the test of consumer research.

• A need is a consumer ‘s desire for a product ‘s or service ‘s specific benefit, whether that be functional or emotional. A want is the desire for products or services that are not necessary, but which consumers wish for.

• The five step consumer decision process includes need identification, information search and processing, identification and evaluation of alternatives, the purchase decision, and post-purchase behavior.

• Consumers process information through exposure to a stimulus, actively paying attention to it, assigning meaning to the stimulus, retaining that meaning, and retrieving and applying that information to solve a problem or need they have in the future.

• Customer focus should be treated as a subset of the corporate strategy rather than the sole driving factor. This means looking beyond current-state customer focus to predict what customers will demand in the future, even if they themselves discount the prediction.