The Marketplace and Customer Needs, Wants, and Demands

  The Marketplace and Customer Needs, Wants, and Demands 

Customer Needs, Wants & Demands 

Marketers need to understand customer needs and wants and the marketplace within which they operate. We now examine five core customer and marketplace concepts : 1) needs, wants, and demands; 2) marketing offerings(products, services, and experiences); 3) value and satisfaction; 4) exchanges and relationships; and 5) markets.

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. These needs were not created by marketers; They are a basic part of the human makeup.

Wants are the form human needs take as they are shaped by culture and individual personality. An American needs food but wants a Big Mac, French fries, and a soft drink. A person in Mauritius needs food but wants a mango, rice, lentils, and beans. Wants are shaped by one's society and are described in terms of objects that will satisfy needs. When backed by buying power, wants become demands. Given their wants and resources. People demand products with benefits that add up to the most value and satisfaction.

Outstanding marketing companies go to great lengths to learn about and understand their customers needs, wants, and demands.  They conduct consumer research and analyse mountains of customer data. Their people at all levels - including top management - stay close to customers.