Customer Needs, Wants. Demands Needs are states of deprivation e Physicalfood, clothing, warmth, safety Social-belonging and affection Individualknowledge and self-expression Wants are the form that needs take as they are shaped by culture and individual personality, directed to specific objects that may satisty the need Demands are wants backed by buying power Marketers do not create needs: Needs preexist marketers hts reserved, Zou deqian Marketing Myopia Marketing myopia is focusing only on existing wants and losing sight of underlying consumer needs Focused on selling i prerecorded CDs, the I record industry missed early I i opportunities to partner with music I downloading services I i and manufacturers of: DOWNLOAE FEARLESSLY digital MP3 type recording de Copy rights reserved, Zou Deqiang6 11 © Copy rights reserved, Zou Deqiang Customer Needs, Wants, & Demands • Needs are states of deprivation ¾ Physical—food, clothing, warmth, safety ¾ Social—belonging and affection ¾ Individual—knowledge and self-expression • Wants are the form that needs take as they are shaped by culture and individual personality, directed to specific objects that may satisfy the need • Demands are wants backed by buying power • Marketers do not create needs: Needs preexist marketers Yami 12 © Copy rights reserved, Zou Deqiang Marketing Myopia • Marketing myopia is focusing only on existing wants and losing sight of underlying consumer needs Focused on selling prerecorded CDs, the record industry missed early opportunities to partner with music downloading services and manufacturers of digital MP3 type recording devices