14th Aug, 2019: Poonam Ma’am
How are needs, wants and demands different from each other?
Need is the necessity of the consumer, want is the need directed towards a product and demand is the willingness of a customer to buy a product.
Market offerings are a combination of products, services or experiences offered to a market to satisfy a want. Market Myopia refers to the mistake of paying more attention to a specific product than to the benefits given by these products.
Today’s lecture was all about coming up with a new product based on our likes, so that we have a target audience. The product or service had to be something that does not exist currently but can be produced. In the process, we learn about how people think and perceive things and how we can fashion the product so that more people are attracted to it and also gain benefits from it.
We came up with a service for people which is an entertainment site where people can watch shows and at the same time order for food. What makes this site different from others is the fact that we can time the shows as per our convenience and also the food options will be according to the duration of the show.
We also learnt about Market Segmentation and Target Marketing.
The Idealist 