Friday, July 18, 2008

Product Formulation: Needs and Wants

This is the most basic rule in selling and marketing: 

Cater to your markets' Needs and Wants!
A product is only sellable or marketable only if the consumers want or need it.  
A need is something that your market can't live without.  Examples are daily necessities for survival like food and water.  A want is something that your market would like to have.  They don't necessarily need it but they want it because they like it. 

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