Do you know the difference between needs and wants? When companies that sell coffee develop their marketing strategy, do they concentrate on satisfying their customers needs or wants? What about a utility company, such as the local power company or a humanitarian agency, such as Doctors without Borders?

Question

Want to see more full solutions like this?

Answer 1

Textbook Question

Chapter 1, Problem 1MA

Do you know the difference between needs and wants? When companies that sell coffee develop their marketing strategy, do they concentrate on satisfying their customers needs or wants? What about a utility company, such as the local power company or a humanitarian agency, such as Doctors without Borders?

Expert Solution & Answer

Summary Introduction

To discuss: The difference between wants and needs and whether the needs and wants changes accordingly to the companies.

Explanation of Solution

Need refers to the necessity and essential item of an individual whereas wants refers to the item which enhances one’s lifestyle.

For example, food, shelter and clothing are the examples of needs and computer, branded clothing and luxury products are the examples of wants.

A company which sells coffee is considered as a want and not an essential item whereas utility company a local power company is an essential item as it provides electricity to satisfy the basic needs and not the wants.

A humanitarian agency like a doctors are satisfying the needs of the people like medicine and health care.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

A product that is customized is an example of customer focused “pull” manufacturing Question 9Select one: True False

An example of Electronic distribution product Question 8Select one: a. T- shirt b. Microsoft Word c. Pen d. USB Flash Drive

The service mix includes all of the following except Question 5Select one: a. Determine what new services to introduce b. Maximize the surplus of income over costs c. Determine target market d. Decide what existing services to maintain and to eliminate

Answer 2

Textbook Question

Chapter 1, Problem 1MA

Do you know the difference between needs and wants? When companies that sell coffee develop their marketing strategy, do they concentrate on satisfying their customers needs or wants? What about a utility company, such as the local power company or a humanitarian agency, such as Doctors without Borders?

Expert Solution & Answer

Summary Introduction

To discuss: The difference between wants and needs and whether the needs and wants changes accordingly to the companies.

Explanation of Solution

Need refers to the necessity and essential item of an individual whereas wants refers to the item which enhances one’s lifestyle.

For example, food, shelter and clothing are the examples of needs and computer, branded clothing and luxury products are the examples of wants.

A company which sells coffee is considered as a want and not an essential item whereas utility company a local power company is an essential item as it provides electricity to satisfy the basic needs and not the wants.

A humanitarian agency like a doctors are satisfying the needs of the people like medicine and health care.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Textbook Question

Chapter 1, Problem 1MA

Do you know the difference between needs and wants? When companies that sell coffee develop their marketing strategy, do they concentrate on satisfying their customers needs or wants? What about a utility company, such as the local power company or a humanitarian agency, such as Doctors without Borders?

Expert Solution & Answer

Summary Introduction

To discuss: The difference between wants and needs and whether the needs and wants changes accordingly to the companies.

Explanation of Solution

Need refers to the necessity and essential item of an individual whereas wants refers to the item which enhances one’s lifestyle.

For example, food, shelter and clothing are the examples of needs and computer, branded clothing and luxury products are the examples of wants.

A company which sells coffee is considered as a want and not an essential item whereas utility company a local power company is an essential item as it provides electricity to satisfy the basic needs and not the wants.

A humanitarian agency like a doctors are satisfying the needs of the people like medicine and health care.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter 1, Problem 1MA

Do you know the difference between needs and wants? When companies that sell coffee develop their marketing strategy, do they concentrate on satisfying their customers needs or wants? What about a utility company, such as the local power company or a humanitarian agency, such as Doctors without Borders?

Expert Solution & Answer

Summary Introduction

To discuss: The difference between wants and needs and whether the needs and wants changes accordingly to the companies.

Explanation of Solution

Need refers to the necessity and essential item of an individual whereas wants refers to the item which enhances one’s lifestyle.

For example, food, shelter and clothing are the examples of needs and computer, branded clothing and luxury products are the examples of wants.

A company which sells coffee is considered as a want and not an essential item whereas utility company a local power company is an essential item as it provides electricity to satisfy the basic needs and not the wants.

A humanitarian agency like a doctors are satisfying the needs of the people like medicine and health care.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

Summary Introduction

To discuss: The difference between wants and needs and whether the needs and wants changes accordingly to the companies.

Explanation of Solution

Need refers to the necessity and essential item of an individual whereas wants refers to the item which enhances one’s lifestyle.

For example, food, shelter and clothing are the examples of needs and computer, branded clothing and luxury products are the examples of wants.

A company which sells coffee is considered as a want and not an essential item whereas utility company a local power company is an essential item as it provides electricity to satisfy the basic needs and not the wants.

A humanitarian agency like a doctors are satisfying the needs of the people like medicine and health care.

Answer 8

Expert Solution & Answer

Summary Introduction

To discuss: The difference between wants and needs and whether the needs and wants changes accordingly to the companies.

Explanation of Solution

Need refers to the necessity and essential item of an individual whereas wants refers to the item which enhances one’s lifestyle.

For example, food, shelter and clothing are the examples of needs and computer, branded clothing and luxury products are the examples of wants.

A company which sells coffee is considered as a want and not an essential item whereas utility company a local power company is an essential item as it provides electricity to satisfy the basic needs and not the wants.

A humanitarian agency like a doctors are satisfying the needs of the people like medicine and health care.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Summary Introduction

To discuss: The difference between wants and needs and whether the needs and wants changes accordingly to the companies.

Answer 12

Explanation of Solution

Need refers to the necessity and essential item of an individual whereas wants refers to the item which enhances one’s lifestyle.

For example, food, shelter and clothing are the examples of needs and computer, branded clothing and luxury products are the examples of wants.

A company which sells coffee is considered as a want and not an essential item whereas utility company a local power company is an essential item as it provides electricity to satisfy the basic needs and not the wants.

A humanitarian agency like a doctors are satisfying the needs of the people like medicine and health care.

Answer 13

Ch. 1.1 - Prob. 1PC Ch. 1.1 - Prob. 2PC Ch. 1.1 - Prob. 3PC Ch. 1.1 - Prob. 4PC Ch. 1.1 - Prob. 5PC Ch. 1.2 - Prob. 1PC Ch. 1.2 - Prob. 2PC Ch. 1.3 - Prob. 1PC Ch. 1.3 - Prob. 2PC Ch. 1 - Do you know the difference between needs and...

Concept explainers

Videos

Explanation of Solution

Want to see more full solutions like this?

Chapter 1 Solutions