Question

Which of these explains the difference between a need in a marketplace and a want?

ONeeds are highly desirable goods; wants are less desirable goods.
O A need is a product consumers desire but can live without; a want is a product consumers must have
to survive.
OA want is a product consumers desire but can live without; a need is a product consumers must have
to survive.
Wants are highly desirable goods; needs are less desirable goods.

Answer 1

A need is a product consumers must have to survive, while a want is a product consumers desire but can live without.

Step-by-step explanation:

A need is a product consumers desire but can live without, whereas a want is a product consumers can live without. In other words, needs are necessary for survival, while wants are not essential but can contribute to a higher quality of life.

For example, food, water, and shelter are needs because humans require them to survive. On the other hand, a luxury car or a designer handbag is a want because it is not necessary for survival.

Understanding the difference between needs and wants is essential in determining consumer behavior and developing marketing strategies to meet customer demands.

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