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What is Needs vs Wants in Marketing Explained about?

The document explains the distinction between needs and wants in marketing, defining needs as essential requirements for survival while wants are desires that are not necessary for existence. It emphasizes that needs are universal and hierarchical, whereas wants are unlimited and vary by individual circumstances. Additionally, it discusses how demand arises when needs or wants are backed by purchasing power, driving the economy and influencing marketing strategies.

Author

1styear.iitd

Language

EN