Differentiate Between a Need and a Want and Give an Example

question 138

Essay

Differentiate between a need and a want and give an example of each.

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Definitions:

Market Domain

The specific area or segment of the market that an organization targets or operates within, defined by its customers, products, and competitors.

Formal Structures

The officially designated organization framework, often depicted in organizational charts, that dictates how tasks are divided, grouped, and coordinated.

Plan Components

The essential elements that make up a strategic or operational plan, including objectives, strategies, measures, and timelines.

Objective

A goal or aim that is clearly defined and measurable.