New Consumers Need New Brands
Nowadays, in developed markets fundamental human needs such as shelter food, air, water etc., are more than met, in fact indications point that there are plenty of them. There are two opinions based on what does the marketing do. One is satisfying the needs and wants of consumers profitably. And other is defined as a way of creating products for which consumers will spend more and more money in order to satisfy the needs they did not initially have. One of the most important set of concepts in marketing: needs, wants, demands go hand in hand with each other. The book “Marketing Management” of Kotler & Keller states that needs are the basic human requirements there are also a stronger ones like needs for education and entertainment. These needs become wants when they are directed to specific objects that might satisfy a need. At last but not least are demands. When a want for a specific good is backed by purchasing power is called demand.
In my point of view, as a marketing manager, marketing involves the satisfying customers needs and wants. And what is more, it is a science that challenges more and more people to understand the reasons of the consumer in preferring and buying any product or service.
There are several arguments that support my opinion and disprove the contrary.
Firstly, the general perception of needs is considered as the basic human requirements or physiological needs. An American professor of psychology called Abraham Maslow created the so called “Maslows hierarchy of needs” which is described as a five-level pyramid that illustrates the evolution of humans needs. According to Maslow once we have our physical needs covered, societys needs then progress to some greater needs such as safety and security, love and belonging, self esteem etc. As individuals develop, they go through these different levels to