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Customer Wants vs. Needs

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Needs
Clothes
Food
Shoes
Water
Housing
Doctor visits

Wants

Electricity
Cars
Phones of all kinds
Electronics

Product and service wants and needs are the same as basic wants and needs. Wants are something you can do without but rather not it's something you desire to have. I.E. me with the Galaxy S4 instead of my Blackberry (I know it's a relic) I wanted it so bad I was willing to cancel my contract early to get the phone. Even though my contract ends in Sep it's not a need I can wait but I would rather have it now. A need is something I cannot do without it will affect some aspect of my life without having this. I.e. clothes without them I would be locked up for indecent exposure in public.

How do I respond to this statement?

In the 21st century many of your wants are needs. Live without electricity or phones? Really? And if you don't live in a tight urban environment can you really do without a car?

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https://brainmass.com/business/marketing/customer-wants-versus-needs-550225

Solution Preview

Yes, it is absolutely true that the definition of basic human needs has engulfed many of the wants into the 21st century. In today's life, ...

Solution Summary

The expert discusses customer wants and needs.

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Rolex Watches versus Timex Watches Comparison

Please help with the comparison of Rolex Watches vs. Timex Watches with the following question.

(1) Describe each company's target market. Do NOT include definitions of target market or segmentation.

2) How does the choice of target market influence the company's pricing and promotion (from what you know so far)?

(3) Now imagine one of the companies you chose wants to introduce a new target market. For instance, suppose Hilton or Four Seasons wanted to offer a budget option for the target market sought by Motel 6. How would this strategy affect consumer perceptions?

(4) Do you think these customers will be influenced by changes in the economy? Why or why not? [Here you need to be logical. That's all.]

(5) Do you think these customers are influenced by social environment? For instance, do people buy these products or services in response to peer pressure? Keeping up with the Joneses (a/k/a aspirational reference groups)? Why or why not?

(6) Do product brand and store name play a role in the purchase decision? I.e., Do they buy a Coach bag because it's a Coach? or would they buy the same bag at Wal-Mart if it appeared to be the same? Would they prefer to buy this bag at a Saks Fifth Ave rather than at Joe's Discount Shop? Why do you think so?

(7) Do you think this target market shops for bargains? Or do they actually seem ready to pay a higher price? Why do you think so?

Remember the "why" is more important than the "what."

If possible incorporate the below resources:
Fassnacht, Michael (2009, April 13) The death of consumer segmentation: Rethinking a Traditional Marketing Tool. Advertising Age

Karamchandani, Ashish, Kubzansky, Mike and Lalwani, Nishant (2011), Is The Bottom Of The Pyramid Really For You? Harvard Business Review; Mar2011, Vol. 89 Issue 3, p107-111, http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=58558717&site=ehost-live

Stevenson, Betsey. 2010. "So You Think You're Middle Class" New York Times Dec 22. http://www.nytimes.com/roomfordebate/2010/12/22/what-does-middle-class-mean-today/aspirations-not-current-income

Anonymous (2006). Wal-Mart: Is There A Downside To Going Upscale? Knowledge & Wharton. June 14. http://knowledge.wharton.upenn.edu/article.cfm?articleid=1499

Some videos:
How a fertilizer company used segmentation to grow profits substantially. http://www.youtube.com/watch?v=laTzwz08M94

Nokia:
http://www.youtube.com/watch?v=tHGBN6_dXAI

Thanks in advance for you assistances

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