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What are needs and wants?

Date: 07/12/2006 | Category: Business | Author: arvind

Researchers, psychologists and sociologists find the topic of pre purchase decision making process very exciting. Each day they come across new parameters involved in the process. 

Decision making process typically starts with the feeling of need. For example, it is raining and you don’t have an umbrella. This is the time when the individual in question feels the need for something that will take care of rain. This need is transformed into want when products come into picture. Your need may have more than one solution – an umbrella or a raincoat or even a car. The person starts thinking about buying an umbrella. Thus we say that the need has been transformed into a want. He is now desirous of buying an umbrella. Now comes into the picture – the brand. This brand may be the product brand or even shop brand. 

Small business owners must clearly understand this hierarchy. They should try to attack the area between wants and desire. The brand loyalty (or shop loyalty) generates from here only.

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