Using suitable examples, briefly compare and contrast the concepts of needs, wants, and demands. Discuss how these concepts relate to marketing practices
What will be an ideal response?
Human needs are states of felt deprivation. Needs are part of the human make-up; they are not created by external forces. Humans have a basic physical need for food, clothing, warmth, and safety, a basic social need for belonging and affection, and a basic individual need for knowledge and self-expression. Unlike needs, wants are not innate. Instead, wants are needs shaped by culture, society, and individual personality. For example, an American needs food, wants a Big Mac and soft drink, and demands lunch at McDonalds. Wants become demands when they are backed by consumers' buying power. Marketers conduct extensive research to understand customers' needs, wants, and demands. They then attempt to fulfill customers' needs, wants, and demands through their market offerings.
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What are the major properties of a cross-functional Development Team?
A The team is able to complete the project according to the planning, after the date and cost are committed to the Product Owner. B The team has all the skills on board, needed to accept collective ownership for the next product increment. C All team members have a the knowledge and experience needed to deliver the correct product increment. D The team comprises competence teams dedicated to particular domains like specialised testing or business analysis, to facilitate deliverance of the highest business value.
Which of the following is a difference between component parts and supplies?
a. Component parts require extensive processing before they become part of another product, while supplies do not. b. Component parts are consumable items, while supplies are finished items. c. Component parts become part of a final product, while supplies do not. d. Component parts are inexpensive when compared to other business products, while supplies are expensive.