We discussed about wants, needs and demands.
Wants are when you want something just for the sake of it, like having a Nokia will allow you to make calls and text messages to anyone but you still WANT an iPhone. Want is simply a desire to have something.
Needs mean when we NEED food for survival, you need clothes to protect yourself from the weather, etc. A need is something you have to have to survive.
And lastly, demand is whatever we wish or want is affordable with the current income.
Then we discussed how can we fulfil these wants and needs. This can be done by categorising them into 3 groups – Products, Services and Experiences.
We also talked about Marketing Myopia, which is the mistake of focusing more on a specific product a company offers than the benefits and experiences produced by these products. Eg. Pagers, Blackberry.
Lastly, we talked about selecting the right customers to serve by Market segmentation and Target marketing.
We were told to do a little activity on it wherein we divided ourselves into groups of 5-6 people who had common interests and came up with a new product or experience.
Learning portfolio 