Briefly Compare and Contrast the Concepts of Needs,wants,and Demands,giving an Example

question 15

Essay

Briefly compare and contrast the concepts of needs,wants,and demands,giving an example of each.Discuss how these concepts relate to marketing practices.

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Definitions:

Market Success

The degree to which a company or a product meets its sales or market share goals, often as a result of effective strategy, quality, and consumer satisfaction.

Financial Stability

The condition in which an organization or individual has a strong financial foundation, characterized by solvency, adequate liquidity, and low levels of debt, enabling endurance through economic fluctuations.

Viability

The ability of a project, idea, or entity to work successfully and sustainably.

Life Cycles

The series of changes in the life of an organism or product, including birth or inception, growth, maturity, and decline or death.