Need, Want and Demand | Learn Marketing with Stories — Transcript

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1. 0:02Wow, what a game. I also want to buy a
2. 0:04new gaming console.
3. 0:06Okay, but there are so many options.
4. 0:09Which one are you going to buy?
5. 0:11A PlayStation.
6. 0:13Are you sure you need this one?
7. 0:15Need? I want this.
8. 0:17Okay, first tell me the difference
9. 0:19between need and want.
10. 0:25Confused?
11. 0:27Let's ask this question to Joyce, sir.
12. 0:29Sir, we are discussing the term need and
13. 0:31want. But we are confused between these
14. 0:34terms.
15. 0:35So, please can you explain us?
16. 0:37Okay, there are three major terms called
17. 0:39need, want, and demand.
18. 0:41People usually get confused between
19. 0:43these terms.
20. 0:44Let's get the concepts. Need means the
21. 0:46things that satisfy your basic
22. 0:47requirements.
23. 0:49For example, your phone.
24. 0:50Why do you use your phone?
25. 0:52For photos and videos.
26. 0:54Okay, you need a phone which captures
27. 0:56good quality photos and videos. So, this
28. 0:59is your need. And want means something
29. 1:01that can satisfy your need. You have
30. 1:03many mobile brand options like Samsung,
31. 1:05Apple, Pixel, or a DSLR camera.
32. 1:08I don't need a separate camera.
33. 1:10I need something handy that fits in my
34. 1:12pocket. Nowadays, phone cameras are
35. 1:14amazing.
36. 1:15It's a complete solution for me.
37. 1:17Okay, so which phone are you going to
38. 1:19purchase?
39. 1:20Samsung or iPhone?
40. 1:22Samsung. Because the iPhone is
41. 1:24expensive.
42. 1:25This means your purchase is dependent on
43. 1:27your budget.
44. 1:28And if many people think like you, then
45. 1:31it will make Samsung to sell more camera
46. 1:33phones. Or you can say that it will
47. 1:35generate Samsung's demand in the market.
48. 1:37So, tell me as the owner of a phone
49. 1:39company,
50. 1:40how you can identify the need of the
51. 1:41customers? As need cannot be created.
52. 1:44We can conduct a survey through which we
53. 1:46can easily analyze the need of the
54. 1:48customers.
55. 1:49As what are the features they want in a
56. 1:51phone and at what price.
57. 1:53Yes, sir. This is a good idea. And after
58. 1:56identifying the need, we can make a
59. 1:58perfect product for customers and
60. 2:00position our product according to their
61. 2:01need.
62. 2:03This will make our product the best
63. 2:04solution for their need and will be a
64. 2:06want for them.
65. 2:07And demand is totally dependent on
66. 2:09purchasing power.
67. 2:11If our phone's price satisfies our
68. 2:12customer want, then the demand of our
69. 2:14phone will increase in the market.
70. 2:16Great. This is called need, want, and
71. 2:19demand.
72. 2:19But after making a product and
73. 2:21finalizing the price, how we can reach
74. 2:23to our customers?
75. 2:25For this, we have to use marketing
76. 2:27channels.
77. 2:28What are marketing channels?
78. 2:29We will discuss this concept in next
79. 2:31class.