Needs, wants and demands

During the marketing process, you might use terms like needs wants and demands. These words are fundamental when conducting marketing analyses. These concepts are used to describe the different motivations behind a customer buying process. 

 

First, the principle of the needs. Needs are described as states of felt deprivation. Something is missing or something isn't right. The consumer is looking for a way to satisfy the needs. According to the pyramid of Needs, made by Maslowe, we categorize the needs into 5 different ideas. Physiological needs, like drinking, eating, shelter, cold. Safety needs, health, employment. Love needs, like friendship, family. Esteem, for example respect. Finally self actualization, like self expression.

Second, the wants are part of the process. Wants are what are human needs, when they are shaped by the culture and the preferences of the individual. It is as simple as eating rice in Asia, where it is the most common dish, or eating a hamburger in the US. Depending on where you lived and your education, you will not have the same wants as your neighbors.

Finally, when you have wants and buying power, you can formulate demands. When you have enough resources, you may have better demands, and ask for products that will satisfy you better. Usually, the customer claims for the product with the best benefit and the best price, but demands can change that.

Once you have these ideas in mind, you can then learn and understand your customers behavior and adapt to him. You are able to target them and be more precise when offering them your products.