- Meaning of Want and Needs.
- Differences between Wants and Needs.
- Making Decisions about Needs and Wants.
- Meaning of Impulse Buying.
- Effect of Impulse Buying.
- After Sales Services: Warranty, Installation, etc.
Meaning of Wants
Wants may be defined as mere desire, wishes or ends of human beings not backed by ability to pay. Wants are those goods and services that people would like to have to improve the quality of their life. Human wants are many and insatiable but the resources to satisfy them are scarce and limited. Examples of wants are houses, cars, shoes, air-conditioners, books, hand-sets, computers, properties, education, security, entertainment, yogurt, ice cream, etc.
Meaning of Needs
Needs refer to those goods and services that are essential/important. Basic needs of man are food, shelter and clothing. Needs range from basic survival need, necessity, intellectual and social needs. Basic needs must be satisfy in a sequence order
Differences between Wants and Needs
Decisions about Needs and Wants
(i) Have a budget made up and don’t spend over this amount.
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