Customers are always centre of attention of marketing and advertising. Customers need and wants are not easy to see or apparent, it has to be carefully researched. There is huge difference between needs and wants, like everyone needs food, but some may want hamburgers or Indian food, The same person in different situation might only want a bar of chocolate.
Understanding customer needs and wants is absolutely vital for the survival of the organization in the long-term, not everyone can spot a new product opportunity or a market trend which satisfies customers often hidden needs.
Even the top players get it wrong in understanding the difference between needs and wants.
In 1960 Decca record company turn down The Beatles, because they thought the boy band with guitars will not work.
Recently Coca Cola misjudged the wants of American people and launched New Coke, it failed because they misunderstood that how much the people loved the old cola.
Customer wants and needs changes from time to time due to change in geographical locations, change in tastes, change in fashion, attitude,lifestyle and change in disposable income.
Who would have imagined that one day people will have record players on their heads, now known as record player.
It is not just the customers who develop new requirements ,it’s also the organization who develops new requirements, In 1950 and 60’s business did not require a computer, but now no business can survive without computer.
Who would imagine that the organizations would have paper shredder to destroy information’s today the paper shredder is a common office equipment.
So from time to time the wants and need changes,
So constant research will reveal early indications of changes which will occur on the horizon, so the company don’t miss out on an opportunity.
One thought on “Needs & Wants make or break the company:”
There is a fine line between Need & Want , this difference can make or break a company.