Wants
"Wants" refer to the specific desires or wishes that people have in marketing and economics. Unlike basic needs essential for survival, wants are shaped by an individual's culture, environment, and personal preferences. Wants often manifest as desires for particular products or services.
Characteristics of Wants
Individuality
Wants vary according to individual tastes and values. Even with the same needs, people can have different wants.
Example: While both individuals may need food, one might want steak while the other prefers sushi.
Variability
Wants can change over time, influenced by new information, experiences, and trends.
Example: The release of a new smartphone can change consumers' wants.
Cultural Influence
Wants are significantly influenced by cultural and social backgrounds. Different cultures may have different wants.
Example: Matcha-flavored products are popular in Japan but may not be as common in other countries.
Role of Wants
Marketing Strategy
Companies expand their market share by understanding consumers' wants and providing products or services that meet those wants.
Example: Developing products with features desired by a specific consumer segment and highlighting those features in advertisements.
New Product Development
Wants are crucial in determining the direction of new product development. Companies research consumer wants and develop products based on those insights.
Example: Developing eco-friendly products in response to consumers' increasing environmental awareness.
Understanding Consumer Behavior
Understanding wants helps predict consumer purchasing behavior, allowing for more effective promotional strategies.
Example: Analyzing consumers' wants towards a specific brand and implementing measures to strengthen brand loyalty.
Differences Between Wants and Needs
Needs
Refers to essentials required for survival and safety, including food, water, shelter, and clothing. Needs are universal and exist regardless of culture or individual preferences.
Example: Humans need food to survive.
Wants
Desires regarding the specific ways or means to satisfy needs. Wants vary based on individual preferences and cultural backgrounds.
Example: While needing food, a person might specifically want to eat pizza.
Wants are a crucial concept in understanding consumer behavior and formulating marketing strategies. Companies that accurately grasp consumer wants and provide corresponding products or services can build competitive advantages.