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what is Needs, wants and demands?



Define and explain needs, wants and demands. Describe how they are different from each other. Give real life examples ?






Need=

We can say this that needs are the necessary requirements, it consists of food clothing and shelter which is needed to live. Needs are something without which human survival is impossible. As human grow from the childhood they come to know about their needs Now a days education and healthcare becoming human needs .

Need does not required advertisement or marketing through which we convince people to buy products or services however it is the necessity of every human kind like if someone got fever he or she must have to visit doctor for the treatment so the customer buys its need themselves. But now the time has been changed there are lots of companies in the market which is working to satisfy the customer needs hence in the competitive market many companies are working to market their products and services even for those products and services which is the basic need of the customers


Example :
food, clothing and shelter.

Wants=

Want is something for which people have wish for particular thing. It is also known as unfulfilled desired. It changes with time, place, and status. Want is different from needs it is one step forward from the needs, if the want is always satisfied then it becomes a need. Wants are largely dependent on the needs of humans themselves. 
For example:
you need to go upstair both the stairs and lift is available in the plaza i am sure you will go upstair with the lift. Thus Wants are not mandatory part of life. You don’t need a lift you can also go upstairs with the stairs . But you will definitely use lift because it is your want. Wants don’t have any limit because it’s our desire we can desire anything beyond limits but we are not able to get that desired thing until we have purchasing power to own that thing. Some examples of wants are following

Example :
Shoes, person having simple shoes will want branded shoes.
Electronic products( having simple cellular phone but want android mobile)
FMCG(want of coke and
pepsi in place of water)

Demands=

A want becomes the demand of the consumer when the consumer having desire and is willing to pay a price for a specific good or service. When a person want to buy something whatever he or she likes and also having purchasing power to purchase that desired thing then such thing will be called demand for that person

You might want a luxury car. You might want to go for a Suzuki Mehran. But can you actually buy a ferrari or go on a Suzuki Mehran. you have the ability to buy a ferrari then ferrari will be your demand.

Demand is the next step of the wants ,when we have purchasing power to fulfill our desire for any thing whether its luxury thing or beyond that it will be our demand.The basic difference between wants and demands is desire. A customer may desire something but he may not be able to fulfill his desire.


Example:
From Suzuki Mehran to Ferrari.

From ordinary hotel to 5 star hotels etc.

From simple home to luxury apartments.
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