Demands

Posted in Marketing and Strategy Terms, Total Reads: 726
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Definition: Demands

Demands can be defined as the requirements of the people which they are capable to pay for. The distinction between need, want and demand is as below:

Need: These are the basic requirements of any person. For example something to commute is a need.

Want: This is what marketers influence. They make a product ‘wanted’ by the consumers. For example, A BMW is a want for most of the people.

Demand: It is product that a particular person wants and can pay for. For example: though BMW is a want for everyone, it is demanded by only a rich person, who can pay for it.



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