Consumer Needs and Wants Grade 9 sdsd.pptx

educational purposes

1. Consumer Needs and Wants Prepared by: Sir. E nzo

2. WHAT IS THE DIFFERENCE BETWEEN NEEDS AND WANTS? WHAT IS THE IMPORTANCE OF KNOWING THE NEEDS AND WANTS OF A COSTUMER?

3. Consumer Needs and Wants Part of the success of an entrepreneur is having a thorough knowledge and understanding of the consumer-his/her needs and wants. In fact, this is one important factor in putting up a business; it must meet the customer's needs and wants .

4. Needs are something necessary and indispensable to a person, while wants are something desired but not essential. Needs must be met immediately or within a given time frame, while wants can be postponed or set aside until resources become available. Food, clothing, and shelter are always identified as basic human needs because they are important to one's survival. Variations in these basic needs differ among people. This explains why there are different kinds of food in the market, different designs of houses, and different styles of clothes to wear. It is due to these differences that business opportunities are created.

5. Determining consumer needs and wants in a community can be done through environmental scanning that consists of an inspection of the community, including its characteristics: Demography (density, size, and distribution of its population ) Socio-economic characteristics (occupation, income, and lifestyle of the residents ) Economic forces (presence of type and size of businesses and industries ) Presence of competition (offering similar products that will influence consumer demand of the product), and others.

6. Strategies in determining the needs and wants of people who are potential consumers can be done through a house-to-house survey; face-to-face interview; sharing ideas with the residents; and observation of what goes on in the community, the lifestyle of the people, the socio-cultural and economic conditions of the community, the local specialized skills of the community, and the presence of technology .

7. Answer the following... 1 . 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? 2 . 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.

8. Assignment: Create your own sample checklist or questionnaire about consumer needs and wants. Then, plan and prepare your checklist or questions and show it to your teacher for approval. Using your approved instrument, conduct a survey and interview a community of your choice. Have your questions answered by 10 to 15 households(persons). Your questions must be focused on family, colleagues and personal needs on products and services that are not available in the community.