Difference between NEED WANTS AND DEMAND

Difference between NEED WANTS AND 

DEMAND

 

NEEDS: 

Human needs are the basic requirements and include food, clothing and shelter. Without these humans cannot survive. An extended part of needs today has become education and healthcare. Generally, the products which fall under the needs category of products do not require a push.

Instead the customer buys it themselves.

But in today’s tough and competitive world, so many brands have come up with the same offering satisfying the needs of the customer, that even the “needs category product” has to be pushed in the customers mind.

 a) Basic human requirements - Air, water, food, clothing, and shelter. 

b) Social needs – Belonging and affection

c) Individual needs – Education, self-expression, entertainment.

 Example-

A Person is hungry and he needs food

A Person needs a car which would allow him/her to travel from home to work.

WANTS:

Wants are desires for specific satisfiers of needs. The needs of the human are unlimited. So, to satisfy unlimited needs a person desire for different products, services and methods. Such desire to satisfy the needs is called wants. Wants depend on the culture, social class, and individual personality. A marketer can influence human wants by providing a variety of need-satisfying objects.

Want is the form taken by needs, when directed to specific objects which might satisfy the need. Our wants are shaped by society culture and individual personality.

Example- 

A person is Hungry and he specifically wants a pizza. So, in this case his need will be food but his want will be a pizza.

A person who needs a car wants specifically a Renault Duster car. Similarly, here car is a need but specifically Renault duster car is a want.

DEMAND:

Demands are human wants backed by ability and willingness to buy. The person wants only those goods which provide them maximum satisfaction. Marketers can also influence demand by offering products at different price and quality.

Consequently, for people, who can afford a desirable product are transforming their wants into demands. In other words, if a customer is willing and able to buy a need or a want, it means that they have a demand for that need or a want. 

Example- 

You might want a BMW for a car or an iPhone for a phone. But can you actually buy a BMW or an iPhone? You can, provided you have the ability to buy them. Therefore, then it becomes your demand.

So, from the above example we can explain that a person needs shoes and he specifically wants woodland shoes and when he has the money to buy then it becomes his demand.