54
Wants Wants area satisfier of a need dictated by a person’s preference or choice. This preference can in turn be dictated
by a myriad of factors, primarily among them being their cultural and socioeconomic background, as well as individual nuances. Wants aren’t essential but have quite a bit of flexibility associated with them. As an example, if you were to go from Point A to Point B your first choice might be a bicycle in the Netherlands while it might be a car in the USA.
Demands A demand is a satisfier of a want backed by purchasing power and a willingness to buy.
A person needs nourishment, wants a burger, and demands a McDonald’s Big Mac. Only if they can pay for it. If affordability comes into question, then a want might never transition to demand but remain a desire. One must be aware of the fact that customers view products as a bundle of utilities and demand the one which they believe will satisfy them the most.
Share with your friends: