Final answer:
Consumer needs are basic requirements for survival such as food, shelter, and clothing, while wants are expressions of these needs. Marketers stimulate desire to drive demand for their products by aligning with consumer wants. The demand is influenced by factors such as tastes, income, and population demographics.
Step-by-step explanation:
The difference between consumer needs and wants is fundamental to understanding consumer behavior. Needs are the basic requirements for survival, such as food, clothing, and shelter. In contrast, wants are the specific expressions of these needs, shaped by personal tastes, culture, and personality. For instance, while someone might need food to survive, they might want pizza as a specific preference. Similarly, a person might need clothing but want a particular brand of tennis shoes. Marketers often aim to stimulate desire to drive demand for their products. They do this by aligning their products with consumer wants, thereby influencing purchasing decisions.
To address the question of whether marketers should stimulate desire for their products, we look at demand and the various factors that affect it. Demand refers to the amount of a product that a consumer is willing and able to purchase at each price point. Tastes and preferences are crucial in evaluating demand, as they reflect the consumer's willingness to purchase based on desire. Other factors that affect demand include the consumer's ability to purchase (often related to income), the prices of related goods, and the size and composition of the population. A notable instance where marketers have successfully stimulated demand is Apple's marketing strategy for their iPhone, which created not just a demand for smartphones but a desire for the brand itself due to its perceived status and innovative features.