Need Want and Demand Theory - EMKT503 Unit 1

Need Want and Demand Theory - EMKT503 Unit 1

Need Want and Demand is an important concept from Introduction in EMKT503 Marketing Management.

Meaning

Need is basic requirement, want is desire shaped by culture and demand is want backed by purchasing power.

Key Features

• It supports marketing decision-making.
• It connects theory with practical business examples.
• It is useful for short notes and long subjective answers.

Marketing Example

A business can apply this concept while planning product, price, promotion, distribution, customer relationship or competitive strategy.

Exam Answer Format

Write meaning, features, example, application and conclusion.