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Consumer Needs and Wants

Consumer Needs and Wants. Learning Goals: Students will understand the difference between needs and wants. Students will be able to apply Maslow’s Hierarchy of Needs to business ideas. Students will recognize steps needed to make good business decisions and why some ideas fail.

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Consumer Needs and Wants

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  1. Consumer Needs and Wants Learning Goals: • Students will understand the difference between needs and wants. • Students will be able to apply Maslow’s Hierarchy of Needs to business ideas. • Students will recognize steps needed to make good business decisions and why some ideas fail.

  2. Needs vs. Wants • What is a “need”? • What is a “want”? • Write a definition for each. • Can there be a “grey area” between needs and wants?

  3. Maslow’s Hierarchy of Needs • business sells goods/services to consumers to satisfy wants and needs. • you can choose a business that can sell a good/service to satisfy basic needs (i.e. food/water), or a business that is for WANTS rather than NEEDS • Needs are things that are necessary for survival (food/clothes/shelter) • Wants are things not necessary to survival, but are there to add 'value' or comfort to our lives.

  4. Maslow’s Hierarchy of Needs Research Maslow’s Hierarchy of Needs – write a 1 paragraph explanation of how it applies to business. Note! – this is a pyramid because the most basic needs are on the bottom, you can’t fulfill the higher needs without the more basic ones being met.

  5. Answer the following… • If a family owns two cars because several of the family members need a vehicle to get to work, run errands, and arrive at appointments on time, is the second car a need or a want? Explain? • Canadians spend more time watching television that people in almost any other country in the world. In fact, 98% of households in Canada have at least one television. Considering these facts, explain why you think television is either a need or a want for Canadians. • Imagine that all consumers shopped only when they needed something and bought only what they needed. Describe how you think this situation would affect the Canadian economy.

  6. Attracting Consumer Interest Assuming there exists already a product/service that responds to the needs/wants of the customer it is up to the entrepreneur to figure out how they're going to attract customers.

  7. Why some products fail… Research some product failures and brainstorm reasons why they might have failed. Try to come up with 5 products and a few reasons why each may have failed. http://www.youtube.com/watch?v=8_hvOBnsirI http://www.youtube.com/watch?v=UQYUN1oP1fU http://www.youtube.com/watch?v=qJTwcgmWrJA

  8. Making Good Business Decisions A classic example is how much inventory to carry to keep the customers happy. Business owners must make a myriad of decisions every day. At the end of the day even the most informed owner must rely on a bit of luck. Motor & electronics dealerships are particularly affected by inventory decisions, being told that if they want to maintain exclusivity rights they have to carry an abundance of inventory (which ties up financial capital).Five-step model to make a business decision.1. Determine what decision has to be made 2. Identify alternatives 3. Evaluate pros-cons of alternatives 4. Make decision 5. Evaluate decision (to change outcome for the future)

  9. Why some products fail… How could using the 5-step decision making model have helped these products not to fail?

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