Needs Versus Wants in Marketing

Vocabulary terms and definitions regarding the distinction between consumer needs and wants, the nature of exchange, and the ethical implications of marketing strategies.

Exchange

An occurrence where a buyer and seller trade things of value so that each is better off as a result.

Needs

States of felt deprivation occurring when a consumer lacks essentials such as food, clothing, shelter, transportation, or safety.

Wants

The form that human needs take as they are shaped by personality, culture, and buying situation.

Information Exchange

The sharing of data, such as e-mail addresses or phone numbers, which often occurs alongside a financial exchange.

December 2007

The start date of the global economic recession that was partially results of a housing crisis in the United States.

Housing Crisis

An event characterized by the largest increase in home foreclosures and drop in home prices in over half a century, triggered by marketers encouraging unaffordable purchases.

Marketing Mix

A concept consisting of four basic elements that provides a foundation for much of modern marketing.

Ethical Framework

A system used to evaluate customer needs and wants to avoid potential problems for the firm and society as a whole.