Understanding the Marketplace

Customer needs, wants and demands exist in the marketplace. Understanding the marketplace is one of the first aspects needed when marketing a product, service or new idea.

Need: Are essential to human life, and includes basic physical, social and individual needs such as shelter, clothing, food, affecting and belonging.

Want: Is in many ways the same as a need; however, a want includes what is shaped by culture.

Demand: Is a want that is backed by the fact that customers have the purchase power to get what they want.

Providing market offerings followed by customer satisfaction it is essential to know what needs, wants and demands are present in the different market segments, especially in ones where products and services are offered.