market

There are different concepts of needs, wants and demand below. All these words may have same meaning in ordinary sense. Here, their meaning, uses and concepts are discussed below which make us to understand more during the learning of market and marketing. In economics and marketing viewpoints they have different meanings. They are being discussed below clearly.
Needs: Needs are a state of felt deprivation. The necessity of something is need. For marketing, human need is the starting point which is complex in nature. When one want is satisfied another want is felt. Human needs can be physical, social and individual. Physical needs are food, clothing shelter. Social needs are love and affection, friendship etc. and individual needs for knowledge and self expression. These needs are not created by marketers but they are a basic part of the human life.
Wants: The term wants means something desired or needed. It is said that man is a bundle of desires and the nature of human beings is to desire many things for the betterment living standard and for the satisfaction by consuming different goods and services. Human wants are unlimited but resources are very limited. Limited resources should be implemented wants. For this purpose, economists suggested to rank the problem and study about the alternatives use of resources. The cube is that wants expands with the civilization. The most important nature of want is that it differs from person to person, it depends upon society, civilization and various other factors like living status, wealth, age, gender and so on. Some important features of wants are wants are unlimited, complementary, competitive, vary with time, place and person, all wants are not equally important, wants multiply with civilization. Thus, in the marketing wants should be properly identified and evaluated to meet their unfulfilled wants.
Demand: In ordinary sense demand and want mean same thing, but in economics, there words give different meaning. Demand is not the same as desire or need or want. Demand for a commodity means effective desire, willingness and ability to pay. So, demand means the combination of effective desire, price, quantity and time. Demand is the quantity that will be purchased from particular commodity at various prices at a given time and place. By demand we we mean the various quantities of a given commodity which consumers would buy in one market in a given period of time at various prices, or at various incomes at various prices of related goods.
In demand, two things should be noted.
i. Demand always means demand per unit of time.
ii. The condition on which the thing is demanded should be specified.