We live in a world characterised by global competition and high consumerism, where a vast majority of people demand “value for money” products, or products which are environmental friendly and good for their health.
One of the major goals in Marketing is the continuous effort of satisfying consumers’ existing needs and wants with the right product. In many cases, however, Marketers of new products create new consumer needs and wants.
The Product-oriented approach is when a product is created and introduced to the market. The Market-oriented approach refers to the process where a business identifies a gap and develops a product to fill such a gap.
A Consumer Need can be classified into three separate categories, as follows:
the need for food, clothing, and safety
the need for affection, belonging in groups, and friendship
the need for personal development and self-expression
On the other hand, a Consumer Want is the desire that a consumer has to acquire any good or service, such as branded clothing, luxury holidays, etc.