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Difference Between Needs/Wants & Importance of Understanding Customers

Respond to the following in a brief paragraph (cite any references used):

Why is it important for marketers to truly understand the customer?

I believe that it is important for marketers to understand customers based on what their need and wants are. The more they understand, the better they can produce products that will satisfy and attract more potential customers. By understanding what customers want, it can gain competitive advantages against their competitors.

What would have to occur to move each of these from "wants" to "needs"?

For all the wants that I have listed, I think the only thing that would move from wants to need are the vehicles for transportation, home for shelter, food for feeding and the laptop to conduct my online courses. Although the laptop may be considered a want and not a need, I would make it a need so that I can continue to sustain my family needs and continue to support our wants.

Solution Preview

I agree it is important for marketers to understand their customers based on their needs and want. This is the way successful companies create their products and merchandising campaigns. Proctor & Gamble lists as one of its core strengths understanding its' customers, and claims ...

Solution Summary

This solution responds to a prompt about the importance of understanding customer needs. It also discusses the difference between needs and wants.