Needs wants and demands are a part of basic marketing principles. Though they are three simple words, they hold a very complex meaning behind them along with a huge differentiation factor. In fact, a product can be differentiated on the basis of whether it satisfies customer’s needs, wants or demands.
Needs are the basic requirement of any human being. Without them, humans cannot survive. Needs are not created by marketers because it already exists in nature.
Human needs are states of felt deprivation. These needs are part of the human condition and based on:
Physical needs (food, clothing, warmth, and safety)
Social needs (belonging and affection)
Individual needs (knowledge and self-expression)
Food, water, shelter etc. are few examples of need.
Wants are the desires which are not necessary for survival. Marketers play an important role in creating demand by customizing needs.
Culture and personal preference based on experience shape a person’s wants. A want is basically shaped by a person’s society and described in terms of objects that satisfy their needs
A person in U.S. needs food but wantsa Bag of Doritos Chips and a soda. A person in Mexico needs food, but they may wanta burrito from a specific restaurant.
Demands are human wants backed by ability and willingness to buy. The person wants only those goods which provide them maximum satisfaction. Marketers can also influence demand by offering products at different price and quality.
The key difference between wants and demand is desire. Consequently, for people, who can afford a desirable product are transforming their wants into demands.
Willingness to buy BMW is a want but if you have the buying power then it becomes a demand.
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