Wants

Definition

Wants are the desires or preferences for specific products or services that individuals feel will satisfy their needs. They are shaped by cultural, social, and personal factors, leading consumers to choose certain items over others. Unlike needs, which are basic and essential for survival, wants are more about personal tastes and experiences that enhance one's quality of life.

5 Must Know Facts For Your Next Test

1. Wants can be influenced by factors such as advertising, peer pressure, and lifestyle choices.
2. Understanding consumer wants is crucial for businesses as it helps them tailor their products and marketing strategies to meet those specific desires.
3. Wants can change over time due to trends, technology advancements, and shifts in consumer preferences.
4. Marketers often use wants to create brand positioning that resonates with target audiences, effectively differentiating their products from competitors.
5. While wants drive consumer behavior, they can sometimes blur the line between what is truly necessary versus what is simply desired.

Review Questions

• How do wants differ from needs in the context of consumer behavior?
  • Wants differ from needs in that needs are essential for survival, like food and shelter, while wants are preferences for specific items that enhance life. For example, someone may need food to live but want a gourmet meal. Understanding this distinction helps marketers identify how to position products that fulfill both basic needs and personal desires.
• What role do wants play in market segmentation strategies used by businesses?
  • Wants play a significant role in market segmentation strategies because they help businesses identify specific groups of consumers with shared preferences. By analyzing wants, companies can create targeted marketing campaigns and develop products that appeal directly to those segments. This focused approach ensures resources are used efficiently and increases the likelihood of meeting consumer demand effectively.
• Evaluate the impact of changing consumer wants on product development and marketing strategies in modern business.
  • Changing consumer wants significantly impact product development and marketing strategies as businesses must stay agile to adapt to shifting preferences. Companies conduct market research to gauge emerging trends and adjust their offerings accordingly, ensuring they remain relevant in a competitive landscape. This evaluation leads to innovations that not only satisfy current wants but also anticipate future desires, allowing businesses to maintain a strong connection with their target audience.

Related terms

Needs: Basic requirements for human survival, such as food, water, shelter, and clothing.

Demand: The consumer's willingness and ability to purchase a specific good or service at a given price.

Market Segmentation: The process of dividing a broad consumer or business market into sub-groups based on shared characteristics.