What is the difference between need and want in marketing

Defining the medium of communication: Presenting the information smoothly is important, especially for stakeholders.

While they are not involved in the project, they need to know what is going on. An appropriate medium should be selected to ensure the information is delivered successfully. Preparing the content: The content should include the purpose company, the steps involved in meeting company goals, and the roles and responsibilities of team members. The key to building a strong stakeholder relationship is communicating with all members of the company.

After any stakeholder discussions, it is important to create a written report of what was discussed. The report can have information on various projects, goals or new initiatives.

The report should be detailed yet concise:. Since the business environment is constantly changing and customer preferences keep evolving, marketers are required to adapt rapidly. Contrast the ever-evolving characteristics of a micro and macro marketing environments and how they apply to the proactivity, profitability and viability of a company. However, there are challenges to marketing because the business environment is constantly changing.

Customer preferences and attitudes keep evolving and require managers to adapt rapidly. Another challenge involves reaching different target markets with culturally relevant propositions. Proactive attention to the environment allows marketers to prosper by efficiently marketing in areas with the greatest customer potential. It is important to place equal emphasis on both the macro and micro-environment and to react accordingly to changes within them. Reactive attention to the environment by marketers can lead to a disconnect with potential customers and can allow competitors to gain advantages that will win them a higher market share.

The micro-environment includes the company itself, its suppliers, marketing intermediaries, customer markets, and competitors.

It also includes consumers, collaborators, and centers of influence. The company aspect of micro-environment refers to the internal environment of the company. Each internal department has an impact on marketing decisions. The suppliers of a company are also a part of the micro-environment because even the slightest delay in receiving supplies can result in customer dissatisfaction. Examples of suppliers for such companies as automobile manufacturers would include providers of steel, aluminum, leather, and even audio system manufacturers.

Marketing intermediaries refer to the people that help the company promote, sell, and distribute its products to final buyers. Examples include food distributors, such as Food Services of America. Customer markets can include consumer markets, business markets, government markets, international markets, and reseller markets. The consumer market is made up of individuals who buy goods and services for their own personal use.

Business markets include those that buy goods and services for use in producing their own products. Competitors include companies with similar offerings for goods and services.

To remain competitive, a company must consider who their biggest competitors are and simultaneously consider its own size and position in the industry.

The company should aim to develop a strategic advantage over their competitors. Collaborators are key marketing partners that lead to higher efficiency. Examples of collaborators include shipping providers, credit card processors, or online shopping cart providers.

Centers of influence are also key to successful marketing relationships. These are well-established business people who are good networkers that can lead you to other successful marketing relationships.

The macro-environment includes concepts such as demography, economy, natural forces, technology, politics, and culture. Demography refers to studying human populations in terms of size, density, location, age, gender, race, and occupation. This helps to divide the population into market segments which can be beneficial to a marketer in deciding how to tailor their marketing plan to attract that demographic. The economic environment refers to the purchasing power of potential customers and the ways in which people spend their money.

Within this area are subsistence economies and industrialized economies. Subsistence economies are based on agriculture and consume their own industrial output. Industrial economies have markets that are diverse and carry many different types of goods. Each is important to the marketer because each has a highly different spending pattern as well as a different distribution of wealth. The natural environment includes the natural resources that a company uses as inputs.

Technology includes all developments from antibiotics and surgery to nuclear missiles and chemical weapons to automobiles and credit cards. As these markets develop, it can create new markets and new uses for products. It also requires a company to stay ahead of others and update their own technology. The political environment includes all the laws, government agencies, and groups that influence or limit organizations and individuals within a society.

It is important for marketers to be aware of these restrictions as they can be complex and can change often. For example, regulations on packaging, such as the necessary inclusion of ingredients for food products or the limitation on product capability claims, must be understood by marketers to avoid negative public perception or sanctions.

The cultural environment consists of institutions and the basic values and beliefs of a group of people. The values can also be further categorized into core beliefs, which are passed on from generation to generation and are very difficult to change, and secondary beliefs, which tend to be easier to influence.

As a marketer, it is important to know the difference between the two and to focus your marketing campaign to reflect the values of a target audience.

Marketing by firms compared to marketing by individuals differs greatly in terms of customization level and personal attention. Distinguish between the process used when deciding on marketing plan for a firm or organization and the process used for an individual.

The overall marketing strategy of an organization should focus on developing relationships with customers to understand their needs while also developing goods, services and ideas to meet those needs. Creating a marketing strategy generally involves six steps:. When considering ways to grow via existing products and new products, and in existing markets and new markets, there are four possible product-market combinations.

Ansoff Matrix : Igor Ansoff created a matrix that shows alternative corporate growth strategies. Marketing by individuals, as opposed to organizations, can be most clearly differentiated by the strategy of personal selling. Personal selling is the act of using people to sell products to consumers face-toface.

The personal selling process is a seven step approach:. These are very general steps, but they form a foundation for differentiating between marketing by individuals and by firms. Personal selling represents the focus and customization that can be achieved through marketing on the individual level as opposed to the organizational level. More specific subjects in the realm of personal selling include qualifying leads; additional information gathering beyond the customer meeting; negotiating; ensuring delivery, training, and satisfactory use of products; and ensuring adequate billing and collection techniques.

These factors will be explored in more detail in later chapters. Marketing adds value to an organization by communicating relevant positioning and building long-term customer relationships. A main goal of marketing is to add value to an organization. It is able to accomplish this via the following avenues:.

Value in marketing can be defined by both qualitative and quantitative measures. Personal selling is the oral communication with the potential customer for the purpose of selling goods. Sales promotion is the demand stimulating activity besides personal selling and advertisement.

It includes every relationship which established among the people. There can be more than one community in a society. Community smaller than society. It is a network of social relationships which cannot see or touched. All Rights Reserved. Hello, Welcome Back. Password Forgotten password? Don't have an account? Click here. Register to Learn. Full Name. Phone no. Confirm Password. Already have an account?

This is outstanding site. I get information related to my topics. Leave a Reply Cancel reply. Your email address will not be published. Home » Marketing » Needs wants and demands.

Table of Contents. Very well explained. Thanks for the contribution on needs wants and demands. Great post and thanks a lot. You just pointed out that my own site needs brand awareness ; I need to start planning. Complex concepts are made simple here and thanks for the service to the global society! Leave a Reply Cancel reply Your email address will not be published. We all know that human wants are unlimited while the means to satisfy those wants are limited.

Hence, all the wants of an individual cannot be met and they must seek for alternatives. The following points are noteworthy so far as the difference between needs and wants are concerned:. With the above discussion, on these two concepts of economics, it concluded that needs and wants are separate forces, that compels actions for satisfaction. So, needs can be distinguished from wants on the basis of their level of importance.

Hence, the distinction is between what is required and what is desired. It is an amazing post and you explained it in a detailed way. Nice to see this here. I will bookmark your blog for more details.

Keep sharing new things like this. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. An individual needs are limited while his wants are unlimited.