Concept explainers
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?
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?
- If your target market are students, What do they need? What do they want? What products can you offer them? What services can you offer them?arrow_forwardhow can we charge different prices to different segments without consumers feeling cheated? how can we even charge the same customer different times, contexts, and or occasions, and at the same time be seen as fair?arrow_forwardDoes Marketing Create or Satisfy Needs? Marketing has often been defined in terms of satisfying customers' needs and wants. Critics, however, maintain that marketing goes beyond that and creates needs and wants that did not exist before. They feel marketers encourage consumers to spend more money than they should on goods and services they do not really need.arrow_forward
- What are current examples of unethical marketing? Can you think of any?arrow_forwardWhy is direct marketing successful even though some consumers may not like it?arrow_forwardWhat can be a particular product (goods or service) that can be offered in the market that can eventually gain customers' loyalty?arrow_forward
- It is sometimes argued that marketing is not of any value for the consumer.Respond to this assertion and also consider the benefit of marketing for the performance of the firm.arrow_forwardHow does a customer-driven marketing strategy contribute to long-term sustainable growth and competitive advantage in the marketplace?arrow_forwardDoes marketing create or satisfy needs?arrow_forward
- Read the following extract and then answer the question below Assume you are the marketing manager of Kgoro chain restaurants that serves Setswana cuisine. Your Chef has just completed a tour of local restaurants and has identified three new dishes that he believes will be top sellers in your chain. Before introducing the product, you must go through the steps in the new product development process to determine the sales and profit potential of the new dishes. Outline the steps in the new product development process and explain what you will do at each step to evaluate the new dishes before putting them on the menu.arrow_forwardConsumer behavior refers to buyers who are purchasing products for personal, family, or group use. Over time, marketers have turned to the work of behavioral scientists, philosophers, economists, social psychologists, and others to help them understand consumer behavior. As a result, there are many different theories and models used to explain why consumers act as they do. Are consumers rational or emotional? How do they make buying decisions?.arrow_forward