Customer Needs, Wants, and Demands

A human need is a state of felt deprivation. They include basic physical needs for food, clothing, warmth, and safety; social needs for belonging and affection; and individual needs for knowledge and self-expression. They are categorized into two categories:

• Biogenic (Basic needs)
• Psychogenic (Important needs)

A human want is a need shaped by culture and individual personality. When backed by buying power, wants become demands. Given their wants and resources people demand products with benefits that add up to the most value and satisfaction.

Outstanding marketing companies (companies which excel) go to great lengths to learn about and understand their customers’ needs, wants, and demands. They conduct consumer research and analyse customer data.