Quesrion 1 The difference between a need and a want can be summarized as 1) I ne
ID: 1153048 • Letter: Q
Question
Quesrion 1
The difference between a need and a want can be summarized as
1) I need water I want a Coca-Cola I satisfy my need with a want (may have more than one answer select all that apply)
2) Coke, water are both needs since they both satisfy the biological need
3) needs and wants are the same no difference
4) A need is biological a want is psychological
5) 1 and 4
6) 2 and 3
Question 2
We talk a lot about paradigms in marketing and especially in behavior what is a paradigm?
1) a shift in the dominant set of ideas on a topic
2) the commonly accepted view of a subject
3) questioning the assumptions of beliefs
4) socially constructed beliefs held in high regard
Question 3
Consumer behavior looks at the purchase, support or use of _____ _____ and _____
Question 4
As business and marketing professionals, why do we care about consumer behavior? I already know it is good business to care about the consumer I want to know why?
Question 5
Peeps and Penny Candy showed that we sometimes buy product not just for the need it fills but for what it means? Is this accurate? Give your own example.
1) True
2) False
1) I need water I want a Coca-Cola I satisfy my need with a want (may have more than one answer select all that apply)
2) Coke, water are both needs since they both satisfy the biological need
3) needs and wants are the same no difference
4) A need is biological a want is psychological
5) 1 and 4
6) 2 and 3
Explanation / Answer
1. The people are commonly using the words want and need in the sense that they are same. But in economics these two terms are different.
In economic terminology a need is something that is extremely necessary for the survival of a man. If the need is not satisfied it will lead to disease, inability to function or it may even leads to death of a person. The needs can be classified into objective needs and subjective needs. Objective needs are those that can be satisfied with tangible goods, example, food water etc. Subjective needs are those that need to ensure our mental health, example, self esteem, sense of security etc.
A want is a desire of a person. It may be for immediate or for future, for example, a person needs a car, he want to construct a house in future.
The criteria for distinguishing between a want and a need are you check your desire is extremely necessary for your existence if it is necessary for your existence, it is need. If it is not necessary for your extreme existence, it is your want.
Question 1. Answer 5. (1and 4) I need water, I want Coca-Cola, I satisfy my need with a want. Ok water is necessary for physical existence so it is want. But Coca-Cola is not necessary for physical existence then it is only a want. One can satisfy his need with a want. For example personal need of water can be satisfied by drinking Coca-Cola, thus one can satisfy his need with a want. Need is biological and want is psychological. Desire for water is biological but desire to have a car is psychological.
2. A paradigm is a framework containing all the commonly accepted view about a subject.
Question 2. Answer 2. The commonly accepted view of a subject
Question. 3. Consumer behaviour is the study of how individual customers, groups or organisations select, buy, use and dispose ideas, goods and services to satisfy their needs and wants.
Consumer behaviour looks at the purchase, support or use of goods and services.
Question 4. The business and marketing professionals should have a deep knowledge of consumer bahaviour. They also need to study various factors that influence the consumer behaviour. The knowledge of the consumer bahaviour enables them to take decision on various aspects like design/model of the product, Price of the product, promotion of the product, their packing and place of distribution.
Question 5. Answer- True
Sometimes we buy a product not just for the need but for want. Suppose a thirsty man needs water, but if he prefers a Coca-Cola it is his want. It is his desire to have some pleasure. The drinking of Coca-Cola satisfies his need and want.