What is need , want and demand in Marketing : Marketing concepts with examples

Hello friends

Understanding the difference between needs , wants and demand is one of the fundamental concepts in marketing . In this video we have explained the concept of needs , wants and demand with examples which will help you to understand the practical aspects of this concept and how companies apply this in real world

Marketing concept :
Need : Basic requirements in our day to day life
Wants : Requirement for specific type of product
Demand : Consumer ask for specific product with some features which he is willing to pay for

We have also explained how company can convert wants to demand and generate revenue . This also helps companies to align their product and offering with consumer needs and wants .

You can also go through Maslow's hierarchy video here before watching this video : What is Maslow's Hierarchy of Needs :...


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