RELATED CONCEPT● NEED- NEEDS ARE A STATE OF FELT DEPRIVATION- DEPRI...

2. Related concept● Need- Needs are a state of felt deprivation- Deprivation = lack of something- Felt = Consumers must feel/recognize their needs- Marketers do not create needs; they are a part of human make up- Marketers remind people of unsatisfied needs and recommend how to satisfyneeds- When a need is not satisfied, a person will do one of two things:+ Look for an object that will satisfy it+ Try to reduce the need● Want- Wants are the form human needs take as they are shaped by culture andindividual personality. - For example:+ We need FOOD.+ But we may want● Demand- People have narrow, basic needs (e.g. for food or shelter), but almost unlimitedwants. However, they also have limited resources. - Demand = want + buying power.We need to contact with friends → I wants a smartphone → I havelimited amount of money, I chose an average smartphone in themarket (Oppo, maybe) but my friend is a rich kid → Iphone 11 MaxPro