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Needs, Wants & Demands

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Submitted By oneharleyrocker
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Study module 1

1. Describe the difference between needs, wants and demands.

Needs can be defined as basic human necessities. Physical such as food, clothing, safety etc. and social such as affection, belonging and individual needs
Wants are the shape of human needs shaped by culture & society. They can be defined by personal preferences, which varies from a human being to another and might be influenced by culture, location etc. Wants are also variable and may change with time, so they are rather complementary. At the end of the day, wants satisfy needs.
Demands when wants are backed by buying power, they become demands. Defined more by the market in a more commercial aspect.

2. What are the five different marketing management orientations? Which approach is McDonald’s adopting in your opinion?

Production Concept–Product Concept–Selling Concept–Marketing Concept–Societal Concept
McDonald’s approach in the above mentioned order is: A Fast Food worldwide Franchise – Quality, unique product continuously adopting and improving based on its geographical location – Value deals through a large franchise network and continuous promotional activities – Regularly accommodates local market needs through competitive pricing and needs strategy – A successfully branded as a family food serving offering nutritional while continuously considering the consumers wants while aligning them to the company’s requirement and long term mission/interests

3. What is marketing myopia?

Is the mistake of focusing on the products a company offers than to consumer needs, experiences and benefits produced by the product

4. What determines customer satisfaction or dissatisfaction?

Customers satisfaction and dissatisfaction are determined by the ability of fulfilling their Needs expectations in term of quality and services of the

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