MGT Notes

Pg 31, Marketing Management by Kotler Keller 14e

Needs refer to basic human requirements such as food, clothing, shelter, social status, etc. Wants are directed at objects that satisfy the above needs. These tend to be shaped by society. Demands are wants for specific products that are backed up by a person’s ability to pay.

The role that marketers and society play is to influence wants and not needs since needs pre-exist marketers.

Needs can be of five types: Stated needs (I would like to buy a house), Real needs (I need a place to live that is affordable), Unstated needs (My home should be in a peaceful neighborhood), Delight needs (My home comes with a free home warranty) and Secret needs (I would like my friends to appreciate my taste in the choice of the furniture for my home).