How do needs and wants influence consumer behavior?
Answer by Student
When consumers recognize their needs, such as hunger or thirst, they are more likely to prioritize purchasing essential items like food and water.
Wants, like the latest toys or trendy gadgets, can evoke strong emotions or desires in consumers, making them want to buy these products even if they are not necessary.
Understanding the difference between needs and wants helps consumers create budgets. They can allocate money for needs first and then consider spending on wants with any remaining funds.
: Wants can lead to impulse buying, where consumers purchase items on a whim without much thought. Advertisements often play a role in triggering these impulsive purchases.
- Peer influence : Both needs and wants can be influenced by friends and peers. If others have a certain product or want something, it can impact a consumer's behavior and