What is Needs, Wants, Demand, Products

Needs, Wants, Demand, Products and Services

Need: a state of felt deprivation e.g a person is feeling hunger.

Want: A need when shaped by culture and personality of the individual become want. E.g in our Pakistani culture, we will prefer to have Rice and “salan” while in European world they would prefer to have fast-food.

Demand: It is human wants that are backed by buying power. Our want become demand if we have money to buy a burger from some fast-food outlet.

Product is any want satisfying thing that is tangible as well. E.g. Watch, butter or candy etc.

Service is intangible in nature and is offered to potential customer to satisfy their needs. Eg. Hair-cut