Skip to main content

Customer Needs, Wants, and Demands

 Top up your skills with Advanced Certificate in Marketing at Ransford

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 did not create these needs; 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, fries, and a soft drink. A person in Papua, New Guinea, needs food but wants taro, rice, yams, and pork. Wants are shaped by one’s society and are described in terms of objects that will satisfy those needs. When backed by buying power, wants become demands. Given their wants and resources, people demand products and services with benefits that add up to the most value and satisfaction.

Companies go to great lengths to learn about and understand customer needs, wants, and demands. They conduct consumer research, analyze mountains of customer data, and observe customers as they shop and interact, offline and online. People at all levels of the company—including top management—stay close to customers.

 Target’s energetic CEO, Brian Cornell, makes regular unannounced visits to Target stores, accompanied by local moms and loyal Target shoppers. Cornell likes nosing around stores and getting a real feel for what’s going on. It gives him “great, genuine feedback.” He and other Target executives even visit customers in their homes, opening closet doors and poking around in cupboards to understand their product choices and buying habits. Similarly, Boston Market CEO George Michel makes frequent visits to company restaurants, working in the dining room and engaging customers to learn about “the good, the bad, and the ugly.” He also stays connected by reading customer messages on the Boston Market website and has even cold-called customers for insights. “Being close to the customer is critically important,” says Michel. “I get to learn what they value, what they appreciate.” 

Learn modern marketing at Ransford


 

Comments

Post a Comment

Popular posts from this blog

What is Biri marung?

Biri marung" is a term in Chewa/Nyanja, a language spoken in Zambia, Malawi, and parts of Mozambique. It directly translates to "hyena in the sky" or "flying hyena.  It is often used in folklore and traditional beliefs in African cultures to refer to supernatural beings or mysterious occurrences, particularly those associated with witchcraft or spirits. In music, "Biri Marung" is a popular Amapiano track released in November 2024 by South African artists Mr Pilato, Ego Slimflow, and Tebogo G Mashego, featuring Sje Konka, Focalistic, DJ Maphorisa, Scotts Maphuma, and CowBoii.  The song has gained significant attention, with its official audio available on YouTube.  Additionally, it has been featured on various music platforms, including Apple Music.  The track has also inspired dance challenges and covers on social media platforms like TikTok, contributing to its viral status.  "Biri Marung" has been recognized for its impact in the music industry...
Post a Comment
Read more

The world needs the Gifts and Skills that only you have

 TAP THE UNTAPPED. RELEASE THE RESERVOIR. Learn more at the Ransford Online School. Your life has the potential to fulfill your purpose. If, however, you imprison that potential, you rob your life of its purpose and fulfillment.  You and every other individual on this planet possess an awesome treasure. Too much of this treasure is buried every day, untapped and untouched, in the cemeteries of our world.  Much talent, skill and creativity have been lost to the world for want of a little courage. Many obscure men and women enter eternity pregnant with potential, with a still-born purpose. Living with ability brings responsibility. Dying with ability reveals irresponsibility. Everything in creation was designed to function on the simple principle of receiving and releasing. Life depends on this principle.  What if the plants refused to release the oxygen they possess or if we human beings refused to release the carbon dioxide we produce?  The result would be chaos...
Post a Comment
Read more

The Seventh Generation of Computers

After the sixth generation of computers, which focuses on artificial intelligence (AI), quantum computing, and nanotechnology, the next generation will likely explore seventh-generation computers or beyond. These might include: 1. Quantum Computing at Scale Fully functional and accessible quantum computers capable of solving complex problems exponentially faster than current computers. 2 . Bio-Computing Computers that integrate biological components, such as DNA-based processors or neural tissue, mimicking human brain functionality. 3. Artificial General Intelligence (AGI) Computers that exhibit human-like cognitive abilities, understanding, learning, and reasoning in a general, adaptable way. 4. Neural Interfaces Direct brain-to-computer communication, allowing seamless interaction with technology using thoughts alone. 5. Molecular and Optical Computing Advanced technologies using light (photons) or molecules for faster, energy-efficient processing. 6. Self-Evolving Systems Machines t...
Post a Comment
Read more