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?
Chapter 1 Solutions
Marketing Principles, SME 2011 Babson College
- Does 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_forwardFor a Social Venture, for example, a restaurant to feed the homeless, what could be the Beneficiary/customer segment, Marketing Strategy, and Promotion?arrow_forwardThink of a specific product or service then formulate a concrete marketing strategies that can gain valuable feedback and how to imimprove your product or service that will meet the needs of your target marketarrow_forward
- If you were to choose, what do you think would be the most important section of a marketing plan? Explain.arrow_forwardWould a very small enterprise, such as a neighborhood barbecue stand, benefit from having a marketing plan? Why or why not?arrow_forwardIn modern times, have all companies completely embraced the marketing concept and become market oriented? Choices No I have no idea. Yes, but they’ve also moved on beyond the marketing concept. Yes Explain brieflyarrow_forward
- Principles Of MarketingMarketingISBN:9780134492513Author:Kotler, Philip, Armstrong, Gary (gary M.)Publisher:Pearson Higher Education,MarketingMarketingISBN:9781259924040Author:Roger A. Kerin, Steven W. HartleyPublisher:McGraw-Hill EducationFoundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning
- Marketing: An Introduction (13th Edition)MarketingISBN:9780134149530Author:Gary Armstrong, Philip KotlerPublisher:PEARSONContemporary MarketingMarketingISBN:9780357033777Author:Louis E. Boone, David L. KurtzPublisher:Cengage Learning