Final answer:
A customer's wants and needs are essential for businesses to understand, with needs being basic requirements for survival and wants being specific preferences. Products and services are developed based on understanding these factors amid influences such as advertising, social trends, and income. Businesses also consider broader impacts and the requirements of various stakeholders when designing products.
Step-by-step explanation:
Understanding the list of a customer's wants and needs is crucial for businesses and marketers in order to successfully cater to their market. Needs are essential for survival, such as food, clothing, and shelter, while wants are ways to express these needs with specific preferences, like wanting pizza for food or Nike shoes for clothing. It's important to note that customer preferences can be influenced by various factors such as advertising, social trends, and personal income.
Goods and services required to meet people's needs and wants can vary widely. Questions businesses must consider include what kinds of goods will be produced, how they will be produced, and for whom they will be produced. These decisions are often influenced by market research, like surveys to understand customer ages or political leanings, as well as practical considerations such as satisfying regulators or the changing life circumstances of consumers.
In the context of a changing environment and consumer demands, manufacturers and service providers must be agile and responsive. Designers must take into account not only the immediate desires of consumers but also the broader impacts such as those on the environment, manufacturing processes, and long-term satisfaction. This is evident when considering products like cars, where various stakeholders from regulators to the end consumers have their own sets of requirements and expectations.