Briefly Compare and Contrast the Concepts of Needs, Wants, and Demand

question 45

Essay

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

---

Definitions:

Co-Opting Strategy

A method used by companies or governments to absorb or assimilate new elements into the organization's structure to minimize opposition or dissent.

Competitive Pressures

The forces that compel businesses to continuously improve their products, services, and operational efficiency in order to remain viable in the market.

Saturn Experiment

Was a cooperative venture between General Motors and the United Auto Workers union, established in the 1980s to create a more competitive American small car and pioneer new approaches to labor management.

Corporate Strategies

Corporate strategies are plans and decisions made by a company's top management to achieve long-term business objectives and maintain competitive advantage.