Customer Needs vs Customer Wants vs Customer Demands

Customers have a number of needs and wants, but we also need to think about customer demands. This video covers the differences between the three. Customer needs are the basics that a customer needs a product to do, think food must have nutrients and cut their hunger. Customer wants are the feeling customers have on those needs that add preferences, so instead of just needing food, you want a Culver's butterburger. Then Customer demands are those wants with the financial ability to do something about those wants.
Filmed in Utrecht, Netherlands
#marketing
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[@MacGuzman]

I am really enjoying these videos. My dad says the marketplace fills “needs, wants, and desires”. Your Marketing videos are very useful for KZbin creators. I would like to attend one if your classes!

[@ProfessorWolters]

Thanks Mac. Your dad is right :) I hope these videos can feel like you are in the class a little bit at least.

[@viduramdeworrastogi6857]

Learning so much! I wish I had a prof like that! U are so very very good as teacher!

[@ProfessorWolters]

Thank you.

[@totyrecicla]

I love your videos, Thank you!

[@ProfessorWolters]

Thank you

[@Sania-k6e]

YOU ARE REALLY GOOD!!!

[@ProfessorWolters]

Thank you!

[@tosht2515]

I'm a bit confused, Mark. Starting @1:25 you list Utrecht and Morocco as WANTs. And then Culver's and McDonald's as WANTs. I thought WANTs were always generic. I need food. I want a burger. I have the money for Culver's. I need to recharge. I want to take a vacation. I have the money to fly to Morocco. ❓

[@ProfessorWolters]

Need = hunger. Want = culver's burger. Demand = I have $8 for that Culver's meal I want

[@toddboothbee1361]

@@ProfessorWoltersMaslow's hierarchy of needs is useful for sorting through what need is disguising itself as a want. Or is it that higher needs are often seen to be wants?

[@ProfessorWolters]

Marketers try to get people to feel that their wants are really needs. The hierarchy of needs is something I'm probably going to cover next 'semester' when I do a slightly more advanced online class

[@alejandrozenteno4657]

New student to the class. Where's the shirt from?

[@AlexClark-tp8pf]

Subscribed!

[@ProfessorWolters]

Thank you

[@heleng5253]

How do we reconcile this needs and wants concept with debt? We could argue that someone NEEDS to be solvent/have their wage cover them for the month, but they may struggle to live off what’s left after covering debts because they overspent on wants. If you need a car, but don’t need it to be a Mercedes, need a handbag, but don’t need it to be prada, but overspend in those things. In the future I would love to hear about marketing and less straight forward/rational decision making. Really enjoying the videos so far

[@ProfessorWolters]

I hear you. This is a topic I try to deal with in some of our ethics and marketing video. It's a tough one to nail in 5-10 minutes

[@toddboothbee1361]

Behavioral economics is wild. It's amazing how marketers can tap into our unresolved traumas to sell us a Prada bag. It's amazing. It's a study in human fallibility. Until I get sophisticated enough for behavioral econ, I hope Professor Wolters teaches me skills to help me with my business. The price is excellent.

[@ProfessorWolters]

i hope we can help

[@henrykirkpatrick7835]

New camera?

[@ProfessorWolters]

Nope. Same one

[@drakecarter1780]

Every customer is an opportunity to turn their wants into a need.

[@jackwierschem1168]

Your beard looks really good here I like it this length

[@ProfessorWolters]

That is 5 weeks of no trimming. Just a big fluff beard

[@reviewgenesisi6117]

❤ from Bangladesh