Answer to Question #239965 in Marketing for keda

Question

Explain the differences among a need, a want and demand using relevant and appropriate examples to bolster your answers. Describe the need versus the want for the following products, Powerade, Adidas and Samsung

Answer 1

Need- it is to require something because it is essential or very important rather than just desirable.

Want- Want is defined as to feel a wish, desire or need for something. An example of want is to desire a cup of coffee.

Demand- an insistent and authoritative request, made as of right.

Need is the basic or primary necessity which needs to be fulfilled such as hunger, water or shelter whereas a want is something which is driven by the desire to achieve it. In the case of Powerade which is a soft drink product offered is an example of a want just like Samsung phones while a product from Adidas is a basic need since provide dressing.