What Are The Needs, Wants And Demands Of One Person?

The most basic concept underlying marketing is that of human needs. Human needs are states of felt deprivation. They include basic physical needs for food, clothing, warmth and safety; social needs for belonging and affection; and individual needs for knowledge and self-expression. Marketers do not invent these needs; they are a basic part of the human make up.

Wants are the form taken by human needs as they are shaped by culture and individual personality. A hungry person in the United States might want a Big Mac, French Fries, and a Coke. A hungry person in Bali might want mangoes, suckling pig and beans. Wants are described in terms of objects that will satisfy needs.

People have almost unlimited wants but limited resources. Thus they want to choose products that provide the most value and satisfaction for their money. When backed by buying power, wants become demands. Consumers view products as bundles of benefits and choose products that give them the best bundle for their money. A Honda Civic means basic transportation, low price and fuel economy; a Lexus means comfort, luxury, and status. Given their wants and resources people demand product with the benefits that add up to the most satisfaction.

Needs are basic requirements of human being, wants are extended form of needs shaped by culture and demands are wants backed by purchasing power.

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