There are N number of products under various categories in the market. But how many of them are successful is a fact that needs to be analyzed. The customer can view only the end product. But the actual fact behind the success of the product is invisible to the customer. One of the most important factors that lead to the success of the product is Marketing. The term marketing revolves around three basic principles –“Needs, wants and demands”. It is very important to understand the difference among the three before identifying the needs and wants of our examples Mountain dew, Nike shoes and IPod.
Needs: Human needs are basic requirements Human needs are the basic …show more content…
All these summarize and narrow down to the fact that for a company to be successful and to survive in the market race for a longer time maintaining its reputation and quality, it has to always be able to meet the needs of the customers, which are the basic requirement of the product like purpose, quality and affordability, and wants of the customers, which would reflect their personality, style, pride and reputation. Ultimately the customer decides if he or she buys the product. In order to convince the customer buy the product, there has to be the perfect balance of the needs and wants requirements. All the three example companies have understood this basic principle and have made a perfect blend of the requirements to offer the best