The Tech Guru

Hi, I got a comment By PSD in my last post,

could you please tell me. Know how to differentiate between your needs and wants.(Needs and wants both are the similar phrase) What do it mean? Please give me an example why this thing required for planning?

So, I am writing this post mainly to try and answer his question and also to make you aware by stating the basic difference between them.

We can differentiate needs and wants in many aspects:

Economically, we can define Needs as “something which you actually require and without which you cannot survive.” Whereas, Wants are such that you like to have them but those aren’t essential for your survival.

Giving examples, I can say, medical aids and child education fees are the needs. Whereas, spending for traveling and entertainment include the wants.

Even, we should apply this strategy in our business life while marketing for a product.

” For successful promotion of your product, try to convert the consumer wants into their needs.“

I think now I am able to make it clear why needs are wants are different.

Technorati : needs, wants, needs vs wants

This entry was posted on Thursday, August 9th, 2007 at 6:44 am and is filed under My Thoughts. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.