ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Need recognition is an important concept to understand in marketing. It’s the first step in the consumer buying process where a consumer identifies an unmet need that has to be fulfilled. A need is something that a consumer needs to live and function, while a want is a means to fulfill the need.

Detailed explanation-2: -Need recognition is the first step in the buyer decision process. In this step, the buyer recognizes a need or realizes that a product or service they require is missing. They may recognize this need either through external or internal stimuli. Internal stimuli include hunger and thirst, for instance.

Detailed explanation-3: -Definition. Customer Needs Identification is the process of determining what and how a customer wants a product to perform. Customer Needs are non-technical, and they reflect the customers’ perception of the product, not the actual design specifications, although frequently they are closely related.

Detailed explanation-4: -Correctly identifying customers’ needs is essential for ensuring customer satisfaction and loyalty. If you fail to properly identify customers’ needs, or if you are indifferent to their needs, they will take their business elsewhere.