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Essay / Research Paper Abstract
This 3 page paper considers the argument that firms need to gather local knowledge as consumer needs may be the same in all markets, but their wants are likely to differ. The potential reasons behind the development of different wants are examined and an example of a firm that had to adapt to different wants is discussed. The bibliography cites 4 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEwants1.doc
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Unformatted sample text from the term paper:
across the world may have the same needs, they may have different wants; if a firm is to be successful it will need to satisfy the wants as well as
the needs. To assess the potential of similar needs and different wants one should start by defining the difference. A need is a requirement, whereas a want is a
desire. For example, a family may need shelter, but they may want a detached villa, an individual may need refreshment, but they may want a bottle of coca-cola. In both
cases there is a specific need; it is the way in which it is satisfied that reflects personal preferences. Personal preferences will reflect many influences, such as values and tastes
that consumers are exposed to as children, cultural influences seen in the community and peer influences (Haralambos and Holborn, 2007). Social and
economic condition may also impact on both needs and wants. There have been different frameworks used to explain what people want and needs, and what it is that motivates
them. Maslows hierarchy of divides human needs into lower and higher order needs (Samli, 1995). These are placed into a hierarchy, the lower basic order needs have to be satisfied
before higher order needs can be pursued. The basic needs start with physiological needs, this is the need for food and shelter, these are survival needs, next come the
comfort needs, such as security, then come the psychological needs, such as love and acceptance then there is self esteem and finally self actualization (Samli, 1995). Applying this to a
consumer environment this may help to explain some differences, especially between developing and developed countries. A retailer in a poor country will need to stock more basic low cost items,
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