Business – 3.2 Market research – Purposes | e-Consult
3.2 Market research – Purposes (1 questions)
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Answer: Needs are basic human requirements such as communication, safety, or mobility. Wants are the specific ways individuals choose to satisfy those needs, shaped by culture, personality and social influences. By identifying the underlying needs and the particular wants of their target market, a business can tailor the 4Ps (Product, Price, Place, Promotion) to create greater value.
- Product example 1: A smartphone manufacturer recognises the need for connectivity but the want for high‑quality photography. It therefore adds an advanced multi‑lens camera system to its flagship model.
- Product example 2: A fast‑food chain sees the need for convenient meals but the consumer want for healthier options. It introduces a range of low‑calorie, plant‑based menu items.