NEEDS AND WANTS

Click on the radio button in front of the correct answers to the questions. 1. Goods or services that are necessary for living such as food, clothing, shelter are Needs Wants Advertising

2. Goods and services that are not necessary for living such as toys, games, entertainment are Needs Wants Advertising

3. Many times people think they need things that they in fact want due to the power of scarcity advertising distribution

4. A time when there are not enough goods and services to meet people's needs is scarcity advertising distribution

5. This is an important part of economics that helps insure people's needs and wants are met scarcity advertising distribution

NEEDS AND WANTS

NEEDS WANTS

Food

Toys & Games

Clothing

Entertainment

Shelter

Jewelry

When you are done with this page, try the Needs and Wants Quiz. One important idea in economics is that of needs and wants. Needs would be defined as goods or services that are required. This would include the needs for food, clothing, shelter, health care. Wants are goods or services that are not necessary but that we desire or wish for. For example, one needs clothes, but one may not needs designer clothes. One does not need toys, entertainment, gems, etc..One needs food, but does not have to have steak or dessert. One does not need glamorous trips, mall shopping, etc.. An important part of the economics is the distribution of resources or goods so that people's needs are met. This is especially true in times of scarcity when there are not enough resources, goods or services.

Many times advertisers try to appeal to consumers in such a way that the consumers feel they needs certain goods or services when in fact they only want them.
Economics Main Page Credit Money Economics Glossary Commerce Banking Supply and Demand Economics Defined Needs & Wants Socialism & Capitalism Economics Links Goods & Services

Stocks Industry Interdependence

The Five Elements and Career Option [1/2]: Industries

Posted on October 10, 2010 by Vin

One of the most common questions asked in any BaZi consultation is career choice. Career choices can be based on two broad criteria, namely Industry and Job function. The industries are allocated according to their elemental values. For example, the Five Elements can be represented in its physical element or by its Gua image. These are the tangible and intangible qualities of an element. We deduce the favourable industry through the use of their favourable elements. The scope is wide and their choices are abundant. The industries are generally divided into five elements namely, wood, water, metal, earth and fire. The physical element of wood relates to forestry, agriculture, lumbering, paper and pulp, furniture or horticulture. Wood element as a Gua image relates to the growth industry such as education, healing and development. The physical element of fire relates to cooking, baking, kiln and solar energy. Fire as a Gua image relates to media, photography, information technology and visionaries. Water element relates to the sea, diving, swimming and fishing, and to

moving industries such as logistics and communications. The tangible quality of Earth refers to job relating to the earth such as pottery, mining, land and gemstones while the intangible quality of Earth refer to trust and stability. Metal elements refer to electrical and electronic, manufacturing, automobile and minerals and ores. The Gua image refers to justice, righteousness and altruism. The selection of the industry is based on the favourable element in the BaZi chart. There are usually two or three choices. However the best choice depends on the strength of that element in the BaZi chart; whether the favourable element is revealed in the Heavenly Stem and it is firmly rooted in the Earthly Branches. Favourable element is also an indicator of affinity. The stronger the element, the stronger the affinity they have with their job. Though many people can still succeed in industry they are not familiar with or that which is not based on their favourable element, you know that they are unhappy in their job. The most important issue is the lack of helpful people or mentor that we call the noble people. These helpful people come from the same industry when it is based on their favourable element. Their capability is based on their job function that depends largely on the Useful God in their BaZi chart. We will explain more of this in the next article.

Creative Career Choices

y y y y Print this article Passion drives creative career choices. Career choices such as interior design, fashion design, graphic art design, website design or personal aesthetics careers like makeup artistry and hair care professions are all considered creative career choices. Careers in culinary arts, visual, performing and literary arts are also examples of creative career choices. Deciding on a specific creative career choice should be contingent on aptitude, personal criteria, professional criteria and financial feasibility. Many questions must be answered that relate to making a decision to choose a creative career.

1.
o

Considerations
One of the first questions that should be answered is whether the creative career choice will generate sufficient income to meet current and future financial demands. Some creative career choices may require working weekends and may be in conflict with personal criteria.

Planning Is Essential
o

There is no substitute for thoughtful planning and research on specific industry opportunities. Every career choice requires goal-setting, conducting current research on the available career choices or opportunities and extensive planning that is well documented in writing.

Learn About the Industry in Advance

o

Aptitude testing can be a useful tool in the decision-making process. Creative career choices should be based on the degree of satisfaction derived from first studying and then working in the industry---especially hands-on experience in the job. Internships in conjunction with aptitude testing provide added exposure to the prospective creative career choice. In every career there are elements or components that are more enjoyable to perform and necessary tasks that are least appreciated.

Plan for Success

o

Success in a creative career means being able to earn enough income to make the career choice realistic. Working in the career without financial reward cannot be considered feasible or realistic unless the work is an internship. A resume without work experience will not generally open the doors to jobs with pay. A career portfolio that documents the talents of an interior designer, makeup artist or graphic design professional can be instrumental in acquiring the work with pay experience that is needed to grow professionally.

Portfolios and Websites

o

Portfolios should be presented to prospective employers or clients online and in a hard copy like a bound book. A portfolio for a creative career should include before and after photos when appropriate, a CD-ROM that demonstrates performing art skills or a portfolio of visual art. Website portfolios should offer additional documentation and not merely mimic the hard-copy portfolio.

Speak to Successful Professionals

o

Consider a mentor. Mentors can help make choosing a creative career easier when you know what to expect. Always investigate the pros and cons carefully with someone who is successful in the career you have chosen.

WSI Internet Consultingwsicorporate.com/businessconsult

Factors Affecting your Major Choice External Factors

y Lack of information Because there is little career education prior to college, it is not unusual for students to have too little information

to make a comfortable major decision. Your first step might be to make sure you have the resources you need (link to Resources for Choosing a Major). y Too much information There is no doubt about it. The World Wide Web offers more information than we can manage on any topic we can imagine. Many students find themselves quickly overwhelmed. An important skill everyone needs to have is knowing how to skim the web and quickly find good, accurate information on the web. There is no need to dread the Web. UCS can help you learn how and get you started with links specific to your needs. y Majors and careers don't seem to relate While there is an assumption that majors and careers are related, this is not necessarily so. Majors are an institutional construction - part of the requirements for a degree. Careers are types of work an individual might choose to do - and are largely skill based. While you can find work that relates to a specific major, you are not limited to work related to your major. The majority of entry-level positions require a degree first, skills second, and sometimes, but not always, a preferred major third. Internal Factors y Lack of self-confidence If choosing your major seems an especially critical choice for you, you may experience a lack in confidence about your ability to make a good decision and thus put off making a decision at all. Lack of information can be related to this factor and often obtaining additional information can help. y Fear/Anxiety A little anxiety can help you stay on your toes, but too much anxiety will wear you down leaving you more susceptible to error and illness. Anxiety can come from the fear you will make "bad" decisions can paralyze you. Often by considering alternate ways to view the situation, fear and anxiety can be relieved. y Conflicting values Sometimes your personal values are not compatible for the type of work you are considering. A desired salary is not always possible in organizations that "help people". Job security in the performing industry is difficult to find. Being clear about your personal and work values and knowing what values different work industries share are important pieces of information in choosing a major or career. y Conflict with significant others There are people in your life that have more influence on you than others. Parents and significant others may have definite ideas about your career choice and your desire to please or your need for financial support may put undue pressure on you to choose a path you don't really want. To escape this pressure, some students will opt to not decide. y Multipotentiality Most Northwestern students have many interests and even more abilities. If this sounds like you, you may find it difficult to choose a major or career because you find yourself creating more options rather than narrowing them down. For you, the usual criteria of interests, values and skills may not be enough. You may have to come up

with more unique criteria for eliminating options so you can make a choice.

Needs,Wants and Demands

y y y y
Sunday, September 6, 2009, 11:40 Marketing 12,131 views 1 comment

7Share Marketing definition is based on three main terms needs, wants and demands these terms sometimes create some confusion in readers mind. This tutorials will discuss the needs, wants and demands in detail to making things easy.

Needs
Human needs are states of felt deprivation.Needs are the basic requirements of human being, without these basic requirements like food, cloths and shelter no one can live life in this world. The extended form of needs are health and education which for sure every on basic need in todays world but they come after food,cloths and shelter. Marketers play no role in creating needs, they are natural default requirements of every human being. Organization already know the needs there is no requirement for any research work to develop product which covers the needs of human beings.

Wants
Wants are the form human needs take as they are shaped by culture and individual personality. Wants are marketed by marketers in such a way that everyone feel these wants should be mandatory part of life. We can take the examples of telephone, Internet, different variety of foods and clothing these all come under umbrella of human wants. For Example, Any person can eat food to feed himself, but he want to eat fast food, fried rice and Chinese food. Cloths are required for a person to cover himself but we can see people wearing jeans, suit just because of culture influence.

Demands
Demand is want backed by buying power, human being have unlimited wants but resource are limited in the world. Its not possible that each human being get the desire things in the world. Wants are wishes of human, buying power will convert these wants to demand. For Example, Willingness to buy BMW is want but if you have the buying power then it becomes demand. Manager and marketers always focus on people wants and demands to do that they conduct in depth research using number of different tools such as surveys, interviews, observation and others. Thats the reason CEO of huge

company like Wal-Mart visit store to have a check on customer, talk to them, observe them to understand their needs and Wants.

Marketing Basics 3: How to Determine Customer Wants and Needs

As we continue to discuss the basics of marketing, we start to show how marketing is tied directly to your customers.

[April 10, 2006]

This series of articles is being written by the graduate students of Prof. Guy Decatrel in his class, MKT602: Marketing Management, atNational University's Fresno campus. The students are: Jessica Bueno, Daniel Champion, Sara Chism, Lupe Garcia, Gill Gurshakti, Robert Kosanouvong, Arman Kyurinyan, Pa Lee, LaKishia McCreary, Victor Ramayrat. Additional ISP-specific information is supplied by telecom consultant Peter Radizeski.

Focusing on what makes customers want and need certain products and/or services is the key to a successful business. The absence of satisfaction (for a want or a need) is what drives customers to buy. An actual "need" far outweighs desire for a product or service. To determine customer wants or needs, a business must first understand what the wants and needs are, and then assess what products or services it can profitably provide. The target market and its environmental factors (covered in an Environmental Scan, an article to be published later this year) must be analyzed to determine strategic plans to reach every customer possible. When needs or wants are clearly understood, a company can find the sweet spot and address it on target. Many ISPs define a market by focusing only on products/services that currently meet customer needs. For example, the ISP that believed that their market was the "cheap access" space likely made some poor marketing decisions. There are strong and wellknown players with deep pockets in that market, like Net Zero. Such a service may benefit a certain market segment. There is the question, though, as to how many customers really want cheap access, a question as to how many take the time to understand what does not come with this service offering. Thinking about customer needs firstand then identifying services that meet those needsis the best way to define a market.

A starting point To pinpoint customers' needs and wants, a company may first look at the big picture and obtain key data such as geographic location, population, cost of living, and languages spoken in the area that may drive needs and wants. The company can obtain much of this information through simple observation and local knowledge. However, conducting a market trend analysis is a main step in grasping the market's needs and numerous wants. Some businesses determine customer wants by a combination of some competitive analysis and asking a sample of people about wants and needs. What are competitors offering? How have they been successful? Why have they failed? What has changed in the target market and how can this be taken advantage of? This analysis alone can guide an ISP in determining what wants and needs are missing in the target market. It can be critical to establishing a well-supported service that customers want. The want or need can be translated as a missing value. For example, many ISPs will offer 24 X 7 technical support services where others may be offering limited hours of technical support. In its marketing, the ISP can explain the benefit of 24 X 7 support to a target audience. This service gives the ISP a competitive advantage, i.e., value to the defined and targeted audience. Many ISPs set up businesses that are structured for the ISP's convenience, not the convenience of customers. How does this fit with determining customer wants and needs and satisfying customers? Listening to customers is not usually in many ISP managers' comfort zones. It is generally a reactive process. ISPs need to know:
y y y

What the ideal customer profile is like A good target market (demographics; technical profile; problem, need) When do you, when should you, and where should you listen to customers (onsite, online, tech support, user group meetings, point of sales, e-mail, advisory boards, surveys, etc)

Technology has transformed choice. Choice, alternatives, abundance, and selection transformed the marketplace. Know it or not, the past ten years have belonged to customers. Marketing moved from monologue to dialogue, from mass markets to target marketing. Brands and image have taken center stage. What does price connote? How do you determine what the market will bear? How will the competition react to a price change: with more value or lower price or what? Conclusion The authors of this article aim to show that Marketing is a total system of business activities. It is the process of planning, pricing, promoting, and distributing products

to target markets that are truly needed and that profitably achieve organizational objectives. In future articles, we will demonstrate that the entire structure of business activities should be customer oriented. A marketing program should start with an idea about a want-satisfying product and not end until the customers' wants are completely satisfied. Sales do not happen automatically; they must be stimulated through Marketing.

End

Differentiate Your Product or Service By Blair Entenmann, President of MarketingHelp! There are two basic types of marketing strategies: market segmentation and marketing mix differentiation. Both of these strategies should be pursued to maximize your success. Market Segmentation is the process of isolating smaller and similar market segments within a larger market for the purpose of selecting one or more target markets and developing a unique marketing mix to satisfy the needs of each. This segmentation should be based on both demographic (age, income, location) and psychographic (needs, wants, life-style, image) factors. The ultimate goal of segmentation is the identification, development and exploitation of a profitable "niche" in the market where you can become the preferred brand or supplier to your target audience. Marketing Mix Differentiation is the process of making your marketing mix uniquely different from other products or services competing for the same target audience. This differentiation may be in any of The 5 P's of Marketing (product, place, price, promotion, people). Product / Service Differentiation may be offering greater performance benefits or better aesthetics than your

competition. You can position your product/service as a low, medium or high-featured product/service that satisfies the needs or wants of a particular market segment. If you are competing with other similarly featured products, make relevant improvements/differences (i.e., product size, performance, delivery) in your offering to make exact price comparisons difficult. Place Differentiation may be making the product or service more readily available through multiple locations, longer hours of operation, or over the Internet. For some market segments, exclusive distribution is preferred because the upscale target customer wants uniqueness or distinctiveness (a potential segmenting dimension) in the products or services they buy. Or they may prefer a full-service reseller instead of a self-service reseller. Price Differentiation is positioning your price at a level that your target segment is willing to pay for your product or service so that it offers them a good value. Depending on your competitive environment and market situation, you may want to follow a premium pricing policy or an everyday low price policy for that market segment. It could mean offering innovative ways to pay for the product or service, such as subsidized interest rates, no payments until January or bringing back layaways. Promotion Differentiation may be utilizing unique and breakthrough advertising to project the desired image of your company, product or service. It may be an off-the-wall promotion offer that will make you stand out in the mind of your target audience. It may be using a totally different advertising medium than your competitors that will better reach a specific market segment that you want to "own." People Differentiation may be putting better, more qualified people in contact with the customer than your competitors. If all your competitors do a feature benefit sell, maybe you can differentiate your company by

using a consultive approach to selling. Offering better customer service, service after the sale, or making fewer mistakes than your competition can generate repeat business. It has been said that you "get the business on quality and price, you keep the business on service." Perhaps it's simply being more friendly in customer contacts. Doing business with nice people is a segmenting dimension for some customers. Differentiating your marketing mix is critical to the short- and long-term success of your company and brand. Do you offer a unique product/service at a profitable price or do you offer a "me-too" product/service at commodity prices. If you can't differentiate, you are doomed to compete on price! Blair Entenmann is President of MarketingHelp!, a Grand Rapids based marketing firm specializing in helping clients catch and keep customers with better marketing strategies, programs and implementation. For more information, visit www.mktghelp.com or call 616-866-1198. 2007 MarketingHelp! Grand Rapids, MI

Knowing Your Customer

3

ustomer Needs and Defining New Market Opportunities

m Kotelnikov, Founder, Ten BUSINESS e-COACH Innovation Unlimited, 1000ventures.com

te fundamental aim is to make money out of satisfying customers." John Egan

New Product Development (NPD)

Shift To New Approaches: 7 Reasons y

Designers research into total human experience, not merely customer experience. In contrast to artificial situations of foc conducting in-context observationslooking at the world through their customers eyes, empathizing with the soul, mind and body o

Why New Products Fail? y

Invention, not customers and their needs, come first... More

Types of Customers of New Technology y y y y y

Enthusiasts (or Innovators): purchase new technology just as it comes available and before anybody else. Visionaries (or Early Adopters): purchase new technology before most companies, but only after there are references available from other Pragmatists (or Early Majority): want to see well-established references before investing substantially in new technology.

Conservatives (or Late Majority): purchase technology only after it has been on the market for a while and thus tested and accompanied b Skeptics (or Laggards): don't purchase new technology if they can help it.

Disc over much more!

Winning Customers
Make Your Competition Irrelevant Effective Selling Selling by Coaching How To Present With Passion How To Become an Irresistible Sales Communicator with Integrity and Power Selling by Effective Listening Internet Marketing Entrepreneurial Creativity Inspirational Quotes: Marketing and Selling Retaining Customers Customers Will Usually Come Back If...

Customers for Life People Skills The Tao of Communication

Ten3 Mini-Courses Presentation:

Winning Customers (100 slides) Your People Skills (40 slides)

View

Download