The most basic concept underlying marketing is that of human needs.
Needs, Wants and Demands
The most basic concept underlying
marketing is that of human needs. A need is a state of felt deprivation. It is
a part of the human makeup. Humans have many needs, viz., physical needs,
social needs, spiritual needs and so on. Wants are the form taken by needs as
they are shaped by the one’s culture and personality. Wants are thus shaped by
both the internal and external factors. Wants are described in terms of objects
that will satisfy needs. For example, thirst is a need. To quench this thirst,
a person may consider a number of options (want-list)– drink water or a soft
drink or a fruit juice. These objects (which represent the different choices
for a person to fulfill his/her need) comprise the potential want-list. As
people are exposed to more objects that arouse their interest and desire,
marketers try to provide more choices, that is, more want-satisfying products.
People have almost unlimited wants but limited resources. Therefore, they want
to choose products that provide the most satisfaction for their money. When
backed by buying power (ability), a want becomes a demand.
Tags : MARKETING MANAGEMENT - Marketing Concepts
Last 30 days 1246 views