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WEEK: 6
TOPIC: SHOPPING TIPS
CONTENT
- Meaning of Want, Needs,
- Differences between wants and needs.
- Making decision about needs and wants.
- Impulse buying.
- Effect of impulse buying.
- After sales services: Warranty, Installation etc.
MEANING OF WANTS
Wants may be defined as mere desire, wishes or ends of human beings not backed by ability to pay. Wants are those goods and services that people would like to have to improve the quality of their life. Human wants are many and insatiable but the resources to satisfy them are scarce and limited. Examples of wants are houses, cars, shoes, air-conditioner, books, hand-sets, computers properties, education, security, entertainment, yogurt, ice cream. Etc.
MEANING OF NEEDS
Needs refer to those goods and services that are essential/important. Basic needs of man are food, shelter and clothing. Needs range from basic survival need, necessity, intellectual and social needs. Basic needs must be satisfied in a sequence order
DIFFERENCES BETWEEN WANTS AND NEEDS
| S/N | WANTS | NEEDS |
| 1 | Something you would like to have | Something you have to have |
| 2 | You can do without it | You can’t do without it |
| 3 | Wants are not absolute necessary | Needs are necessity |
| 4
|
Wants can be avoided | Needs cannot be compromised |
| 5 | Human wants are different | Human needs are the same. |
| 6 | Wants are created through personal desire. | Needs are created through natural demands. |
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7 |
Examples of wants are music, ice-cream, cars, lap top, yogurt etc. | Examples of needs are food, clothing and shelter |
DECISION ABOUT NEEDS AND WANTS.
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