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.

There are different types of non-institutional customers. They are as follows:
1. Impulsive customers
2. Nervous customers
3. Silent customers
4. Talkative customers
5. Argumentative customers
6. Deliberate customers
7. Women customers
8. Suspicious customers
9. Price minded customers
10. Ill mannered customers
11. Undecided customers
12. Decided customers
13. Truthful customers
14. Untruthful customers
15. Favoured treatment customers
1. Impulsive customers: Customers those who take quick decision on emotion is known as impulsive customers. They purchase the goods not on the basis of requirements but purchase on emotion. They have been impressed by the behaviour of the salesman. So, the salesman should have brief talk and minimize conversation to handle such customers.
2. Nervous customers: Nervous customers are those who are nervous and have lack of self confidence in decision making.Decision taken by those nervous customers may be wrong. The salesman win the confidence of such type of customers through providing proper suggestion and guidance about the product. Similarly,the salesman should give the detail description and relative advantages about the products to the customers.
3. Silent customers: Inactive and do not express own views and opinions about the products is known as silent customers. It becomes very difficult to know the internal feelings of such customers as they do not express their opinions. The salesman must friendly demonstrate maximum number of products so that they would be able to win the confidence of such customers.
4. Talkative customers: Talkative and do not want to hear others without caring about salesman is known as talkative customers. The salesman must behave in polite and courteous manner for such type of customers. They should have patience hearing, tactful handling and should never come into emotion. They should give more emphasis to such customers to complete sales.
5. Argumentative customers: Argumentative customers are interested in making arguments with salesman. They challenge the salesman and introduce themselves knowledgeable and superior.The salesman should motivate them by providing evidential proof and should give guarantee to the customers about the product.
6. Deliberate customers: Those customers who are more practical and matured in taking decision to purchase the goods are known as deliberate customers. They purchase the goods after the detail study about the product from different angles. Such customers do not want to buy substitute products. The salesman should demonstrate fact and actual products with detail information to motivate such customers.
7. Women customers: These customers have been playing important role to buy different goods. They have sharper sense and keener taste than the men and attracted with colourful and fashionable items. They want quality products in lower price. They are slow in decision making and have better bargaining power. The salesman should motivate them by respect and courteous manner. Similarly, they should talk politely and behave them like a queen.
8. Suspicious customers: Those customers who are more critical and unfriendly in nature, are known as suspicious customers. Such customers never believe to the salesman and always doubt in every explanation and statement of salesman about the product. The salesman should provide actual proof by demonstration of goods and give guarantee of the products. The salesman should not come into the emotion and should have adequate patience. Similarly, they should assure them to replace the products if such product does not maintain quality.
9. Price minded customers: Those customers who give more priority to the price rather than the quality of the product is known as price minded customers. They are attracted by the lower price of the product and try to reduce the price as much as possible. The salesman should convince tactfully that price should be considered in relation to quality and durability. They must force that low price goods may be inferior in quality, durability and may not be cheaper in long run.
10. Ill mannered customers: These customers are negative and crude in nature. They always try to dominate or condemn the salesman or may speak roughly relating the price, quality, service etc.Such customers may be motivated with polite and courteous behaviour. So, salesman should not come into the emotion and deal with tactful manner by using own knowledge and ideas which can inspire them to purchase the goods.
11. Undecided customers: These customers cannot easily decide to purchase the goods at right time. They consume more time to take decision and always postpone their decision for next visit. The salesman should suggest and encourage them about the quality and utility of the product. Similarly,salesman should show fear about changing price, latest design, fashion etc. As as result, customers can take the decision easily.
12. Decided customers: Those customers who have more knowledge and confidence in their decisions are known as decided customers. They are confident over whatever they buy and that are the best and meet their requirements. The salesman have to support and tactfully divert them towards the product. They should be able to understand about their needs and display the product accordingly.
13. Truthful customers: These types of customers listen and support the salesman but do not purchase the goods. They never oppose the expression of salesman and do not purchase the goods. Similarly, they do not tell the reason for not purchasing the goods which is very difficult to deal. That is why the salesman should find out the reason for not purchasing the goods. The salesman must convince and provide all kinds of incentives and preferences according to the provision of sales.
14. Untruthful customers: These customers want to create confusion by unnecessary dealings. They try to trick the seller from the wrong information. They may mention wrong price of competitors goods and may say unless the price is lowered, they may go another store to purchase the goods. So, salesman should be very careful to such customers. They should provide actual price and quality of products and should explain that it is not possible to sell the products at the lowest price.
15. Favoured treatment customers: Those customers who are expecting special incentives from salesman are known as favoured treatment customers. They want to get special facilities like price, discount, credit facilities etc. So, the salesman should motivate them by providing reduction in price, credit and other additional facilities etc.

There are different features of institutional customers but only some of them are discussed below.
1. Few in number 2. Purpose of buying 3. Complex buying structure 4. Budgetary constraint 5. well informed 6. Derived Demand 7. Direct purchase from producers
Institutional customers are few in number but they buy large quantities to supply the goods to the large number of customers of different localities. They purchase the goods for the processing, for the further production, fro organizational use and for reselling purpose, etc. The requirements may vary, for example producers purchase the raw materials for productions or processing. Similarly, offices purchase the goods for official uses while for relatives, to sell the goods to the ultimate consumers. Buying structure of the customer is more complex than non-institutional customers. They should take the permission from the top level management and also discuss in different level purchase under the certain terms and conditions. Intitutional customers have budgetary constraints. Budget is allocated to each product and amount can be spent under the provisions of budget. There is no authority to purchase the excess goods. They should take the permission to purchase such excess goods. Institutional customers are well informed about the product feature, quality, durability, price etc. Before purchasing the goods, they compare and access the relative merits and demerits of goods from different angles and finally they purchase the goods.
The demand of institutional customers depend on the demand of ultimate consumers. It is known as derived demand. In accordance with the demand of different customers, their demand will be created. So, the demand of these customers is derived from the demand of ultimate consumers. Institutional customers do not buy directly from the producers. They are the institutional customers who purchase the goods to supply the different customers. They need large quantities of products which are possible only from the producers.