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Do you know the difference between needs and wants? When companies that sell coffee develop their marketing strategy, do they concentrate on satisfying their customers needs or wants? What about a utility company, such as the local power company or a humanitarian agency, such as Doctors without Borders?
To discuss: The difference between wants and needs and whether the needs and wants changes accordingly to the companies.
Explanation of Solution
Need refers to the necessity and essential item of an individual whereas wants refers to the item which enhances one’s lifestyle.
For example, food, shelter and clothing are the examples of needs and computer, branded clothing and luxury products are the examples of wants.
A company which sells coffee is considered as a want and not an essential item whereas utility company a local power company is an essential item as it provides electricity to satisfy the basic needs and not the wants.
A humanitarian agency like a doctors are satisfying the needs of the people like medicine and health care.
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