Definition of Needs, Wants and Demands

Needs - Needs are the basic requirements of a human being, like food, cloth, shelter etc. humans cannot survive lace of those requirements. education and health care are the extend part of needs in this modern world.

according to marketing language, human needs are state of felt deprivation. It is the basic underlying of marketing.

Different people have different needs some of them are as follows

physical needs- Food, cloth, house, safety etc.
personal needs- self expression, discuss feeling etc.
Social needs- love, affection etc.
Ego needs: status, recognition and self-esteem

Wants – Wants are the satisfiers of needs. Specific products has the ability of satisfy specific wants.
Wants are a form of needs and which are greatly dependent on the human needs. Wants are unlimited. Customers want high value and satisfaction for money.

For example, you need to write, for this your choice will be the best pen. For write is your needs but the best brand of pen is your wants.

Demands- Demands are wants for specific products. They are backed by willingness and ability to buying power. Wants backed by money and willingness to spend the money become demand.

For example, You need BMW car and you have the buying power, is your demand.

INTRODUCTION TO HUMAN RESOURCE MANAGEMENT AND ENVIRONMENT

Human Resource Management (HRM) is a relatively new approach to managing people in any organisation. People are considered the key resource in this approach. it is concerned with the people dimension in management of an organisation. Since an organisation is a body of people, their acquisition, development of skills, motivation for higher levels of attainments, as well as ensuring maintenance of their level of commitment are all significant activities. These activities fall in the domain of HRM. Human Resource Management is a process, which consists of four main activities, namely, acquisition, development, motivation, as well as maintenance of human resources. Scott, Clothier and Spriegel have defined Human Resource Management as that branch of management which is responsible on a staff basis for concentrating on those aspects of operations which are primarily concerned with the relationship of management to employees and employees to employees and with the deve...

The Marketing Mix

To be successful, a company need to take competitive marketing strategy for compute. Making competitive marketing strategy, selecting target customer and market positioning a company need to take proper planning of product, price, place and promotion etc. Marketing mix means the combination of major marketing tools like product, price, place and promotion and people. Philip Kotler and Gray Armstrong define, the set of controllable and tactical marketing tools product, price, place and promotion that the firm blind to produce the response it wants in the target market. The marketing mix, many possibilities can be collected into four group if variables known as the four or five P`s: Product Price Place Promotion people It is interesting to ask how to make the 5Ps more customer centric. This leads to a redefining of the 5Ps to the 5Cs as follows: Product—Customer solution Price—Customer cost Place—Convenience Promotion—Communication people- competition Produ...

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