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A want is a good or service desired by a consumer that is not required to sustain life. This is as opposed to a need, which is a good or service required to sustain life. Most of the goods and services desired by modern-day consumers are classified as wants, as the only needs of most consumers are food, water, clothing and shelter.
Demand is the quantity of a good or service that a consumer(s) is willing and able to buy at a range of prices. If a consumer is willing and able to purchase a need/want, they are considered to have demand for that need/want.
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∙ 13y ago
oluwasemilore ogunla...
demand s supported by a decision and capacity to buy
Want is a given choice , what you prefer
Anonymous
What is the difference between demand and want
Anonymous
Differentiate between quantity and quality
oluwasemilore ogunla...
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Briefly compare and contrast the concepts of needs wants and demands giving an example of each?
Human needs are states of felt deprivation. Needs are part of the human make-up; they are not created by external forces. Humans have a basic physical need for food, clothing, warmth, and safety; a basic social need for belonging and affection; and a basic individual need for knowledge and self-expression. Unlike needs, wants are not innate; instead, wants are needs shaped by culture, society, and individual personality. For example, an American needs food but wants a Big Mac and a soft drink. An American with ten dollars needs food, wants a Big Mac and soft drink, and demands lunch at McDonalds. Wants become demands when they are backed by consumers' buying power. Marketers conduct extensive research to understand customers' wants and demands. They then attempt to fulfill customers' wants and demands through their market offerings.
What is the difference between consumer and industrial marketing?
In a consumer market the consumer uses the product for personal use but in an industrial market the industry uses the products as supplys or/ and to do operations
What is the difference between individual customer and industrial customer?
Individual customer is one real person that wants to buy something from you. Industrial customer is a large company/organization that wants to buy things from you.
Explain Needs wants demand?
Needs - Human beings have many complex needs. These can include basic physical needs such as food, clothing, and safety. Other needs are social needs which includes affection, recognition, fame, etc. Wants - How people communicate their needs Demands - People have unlimited wants but also have limited sources. They tend to choose products that produce the most satisfaction for their money. When backed by buying power, wants become demands.
What are customer needs wants and Demands?
A customer's needs are things like food, shelter, transportation, etc. Basically essentials for everyday normal function. A customer's wants would be along the lines of sexual appeal, high social status, pleasure, etc. A customer's demands are usually safety, quality, and value. Needs are the basic requirements of human beings which are naturally exist means default requirement of human being such as food, sheleter and clothing. Marketers never perform special role in creating needs nor they can do. Wants are needs shaped by culture and social values and demands are wants backed by purchasing power.
What is the different between want and wants?
what is the difference between want and wants
What is the difference between linear and nonlinear demand functions?
distinguish between linear and non linear demands funcions
What is the difference between consumer and producer in economics?
The producer supplies good and services and the consumer demands them.
What is the Difference Between Customer Wants and Needs in a Market?
nothing
What is the difference between individual demands and markets demands?
The market demand gives the total quantity demanded by all consumers. The individual demand is the demand of one individual or firm.
What is the difference between needs and wants?
Needs are things that are essential for living whereas wants are things want that are not essential.
What does the difference between a persons resting and Target rate reflect?
The difference between a person's resting and target heart rate reflects the amount of work the heart must do to meet the increased demands of the body when exercising.
What does the difference between resting and target heart reflect?
The amount of work the heart must do to meet the increased demands of the body when exercising.
What is the difference between a micro sound system and a mini sound system?
There is no difference. The manufacturer decides how he wants to call his equipment.
What difference between want and wants?
You need food and water but you want everything else.
What term is used to describe the difference between limited resources and wants and needs?
scarcity
What does the difference between resting and target heart rate reflect?
The amount of work the heart must do to meet the increased demands of the body when exercising.
