What is the difference between a need and a want?
Recognizing and managing the needs and desires of the target audience is one of the basic concepts of marketing. As a matter of fact, a product can be distinguished based on whether it satisfies the needs and wants of a customer.
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Need |
Want |
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1. Needs are defined as the basic requirement of an individual to survive. |
1. Wants are the goods and services that a person wants as part of his fancies. |
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2. Needs stand for necessities. |
2. Wants are the term that specifies the desires. |
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3. Needs are components that are essential to life and do not replace over time. |
3. In contrast, needs are elements that a person wants now or in the future. |
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4. Since needs are essential to life, incomplete fulfilment can lead to illness or death. |
4. On the other hand, wants are not essential to life, so unfulfilled does not have a great impact on a person’s life, however frustrating it can be. |
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