MANAGEMENT

Detailed explanation-1: -Wants, on the other hand, are culturally defined objects that are potential satisfiers of needs. In other words, human needs shaped by such factors as culture, personality and religion are called wants.

Detailed explanation-2: -What are market needs? Market needs refer to the functional needs, desires and goals of a target audience. A company may identify an area of the market with unmet needs and create a product or service that addresses them. If that audience has a large amount of need, the company may receive a significant profit.

Detailed explanation-3: -The correct answer is False. Marketing and selling activities are not the same activities. Selling is the process that transforms products, services or any offering into money by selling it to the customers. It is a part of marketing but marketing encompasses much more than selling.

Detailed explanation-4: -In short, needs are things that satisfy the basic requirement. Wants are requests directed to specific types of items. Demands are requests for specific products that the buyer is willing to and able to pay for. In a consumer market examples are usually very clear to identify.