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              Organizational structures  shape company’s value creation

              Organizational structures  shape company’s value creation

              What is Asset Specificity?

              What is Asset Specificity?

              Do you know who Owns Corporations?

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                  What is Autoethnography style of PhD

                  Can scholarly articles/papers from blogs be cited in research work?

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                  Mixed Method Research is Most Suitable

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                      Lasting friendship between R.K.Narayan and Graham Green that shaped the famous film novel ‘The Guide’

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                      Mumbai’s Historic Single Cinema Screen Maintains Brand Loyalty of Marathi Cinema Viewers 

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                      Marketing and the unending cycle of needs, wants and desires

                      Dr Vidya Hattangadi by Dr Vidya Hattangadi
                      September 26, 2022
                      in Marketing Management
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                      Cycle of needs, wants and desires

                      Man is a bundle of desires. His needs, wants and desires are endless. Human needs are the basic requirements they include food, sleep, thirst, shelter, clothing and reproduction. Without these humans cannot survive. An extended part of needs today have become education and healthcare. In marketing generally any products and services falling under the category of needs don’t need pushing. For example bedding, food is basic necessities of life.  Man must have some food to live, some clothing to cover his body and some sort of shelter to protect himself against the changing weather, and also against his enemies. Without these things man’s life would be impossible.

                      As man has become civilized, he is not satisfied with bare necessities of life. Even when the problem of basic existence has been solved, the struggle of life remains as keen as ever. The struggle now is for the comforts and joys of life. As man becomes more civilized, his wants multiplicity. He wants better food, fashionable clothing, comfortable lodging, a big car and so on.

                      A want is defined as having a strong desire for something. Instant gratification of fulfilments of wants is where the role of marketing comes in. Human wants are unlimited, when a particular want is satiable, other recurs. Wants are competitive, wants are both complementary and competitive, and wants need to be satisfied in urgency. Examples of wants is designer ware, ornaments, membership of clubs, position in society, holidays in foreign destinations, lots of money in bank account etc.

                      Desire is the emotion of longing or wanting for a person, object, or outcome. In that sense it is expressed as “craving”, “longing”, “passion”, “drive” and many more. When a person desires something or someone, the sense of longing gives them the excitement. A new study by researchers at Ohio State University has concluded that people have 15 fundamental desires and values that guide their behaviour. These desires include basic needs, such as food, as well as social desires such as prestige, social contact and honor etc. These desires guide our actions. The beliefs and desires interact with each other to produce intentions, and these intentions lead to actions. So when we see someone’s behaviour and action, we try to figure out what set of beliefs and desires were behind those actions. Sometimes we can just ask the person, but sometimes we can hypothesize about his/her unknown beliefs and desires. This is proved over centuries through various folk-theory of human behavior.

                      I cannot resist giving a positive example of the self-made young billionaire and CEO of electric car maker Tesla and space exploration company SpaceX Elon Musk who is also co-founder and chairman of artificial intelligence research non-profit OpenAI, Musk goes on with his innovative ideas and chases the end results till he achieves them. He started a company called Neurolink to merge the human and machine interfaces also he launched Boring company to dig underground tunnels to reduce traffic jams. Musk sleeps just six hours per night, rest of the time he work on completion of his superb ideas. So what keeps him motivated? He says “The thing that drives me is that I want to be able to think about the future and feel good about that.” His desire of making a good future for mankind is a positive desire.

                      When it comes to values and desires, one size does not fit all. People come with different beliefs, values and desires. There does not seem to be any fixed hierarchy of values fitting all. But, the fact is all human activity is prompted by desire.

                      Desire is connected to your purpose in life. We are all born with a desire to do something significant in life. Our desire is unique to us and connected with natural abilities we were born with. Our desires guide us all through life. I think we are given the desire to be something and are blessed with the natural abilities to achieve it. For example a good Gardner is born with the abilities in mowing, trimming and pruning; he/she is born with strong manual skills. Has precision and attention to detail. And most importantly is fond of flowers, trees, shrubs, plants and enjoys being in a garden. Therefore in the need, want and desire pyramid, desire lies at bottom occupying more space.

                      Unending cycle of needs wants and desires

                      The world of marketing is surviving because of the unending cycle of need, wants and desires.  Human needs, wants and desires are unlimited. We may satisfy some of our wants but soon new wants arise. It is impossible for marketers to produce goods and services so as to satisfy all wants of people. Thus scarcity explains the relationship between limited resources and unlimited wants and the problem there in.

                      The biggest marketing fact is people care about themselves and not companies. People are bursting with needs, wants and desires, and they buy products just to satisfy those emotions. Customers care about products only when they have a specific need that must be fulfilled. And, marketers must realise this fact.

                      Post Purchase Blues

                      Marketers must also realize that people are emotional creatures. They purchase goods and services based on emotion which they later justify with logic. It takes seconds to make a purchasing decision, and dopamine (the feel good neurochemical) rises in the presence of well packaged, glossy good looking new objects. When emotions rule, the credit card is swiped or payment is made in cash. And when dopamine ebbs buyer’s remorse sets in. Then customers use logic to justify their emotional purchase. This is called post purchase blue in marketing. But then the disappointment generates stress when the post-purchase experience is nothing like what it was to be wooed by the sales team.

                      All the activities and experiences that follow purchase are included in the post purchase behavior. Usually, after making a purchase, consumers experience post-purchase dissonance. They sometimes regret their decisions made. It mainly occurs due to a large number of substitutes/alternatives available, good performance of alternatives or attractiveness of alternatives, etc.

                      The marketers most often need to convince and to assure the consumer that the choice made by them is the right one. The seller can mention or even highlight the important features or attributes and benefits of the product to address and solve their concerns if any. A high level of post-purchase discord is negatively related to the level of satisfaction which the consumer draws out of product usage.

                      Conclusion

                      Needs, wants and desires are the three important terms in marketing. No matter how similar they might seem, there are more differences in these terms and are complex to understand. There are many layers within them and they play a vital role in arriving at making decision of segmenting, targeting and positioning for a brand.

                      Tags: buyer behaviourDesireDr. Vidya HattangadiMarketingneedPositioningPost Purchase BluesPurchasing decisionsSegmentingSubstitutesTargetingWants
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                      Dr Vidya Hattangadi

                      Dr Vidya Hattangadi

                      Dr. Vidya Hattangadi is an accomplished academician, researcher, and thought leader with over four decades of combined experience 20 years in managerial roles in industry and 24 years in management education. She holds a PhD in Marketing Management from Savitribai Phule Pune University and a D.Litt. from the University of Mumbai for her post-doctoral published work. She is a prolific writer and blogger, Dr. Hattangadi runs the widely read blog www.drvidyahattangadi.com, which enjoys strong organic traffic and engages readers across a broad spectrum of subjects, including management, leadership, psychology, social trends, music, current affairs, and politics and psychology. Her blog is 12 years old. Her experience of combining knowledge of industry work with an academic background creates a powerful, "pracademic" profile that bridges the gap between theoretical knowledge and practical application. This hybrid approach has made her a powerful Professor in the classrooms and she has produced graduates who are not just knowledgeable, but industry-ready. She worked for Maratha Mandir’s Babasaheb Gawde Institute of Management Studies as Director, Research Head and Professor. She has written a fortnightly column for The Financial Express from 2017 to 2021 and has contributed extensively to leading publications such as The Hindu, Free Press Journal, and The Economic Times. Her articles are known for their analytical depth, clarity, and relevance to contemporary issues. Dr. Hattangadi has successfully guided 35 PhD scholars in Management Studies across institutions such as the University of Mumbai, SNDT Women’s University, and Yashwantrao Chavan Maharashtra Open University (YCMOU) and Guglielmo Unimarconi Italian University. Currently, she is working on her YouTube channel "Vidya's Vidya" mentoring doctoral researchers in the areas of Finance, Strategic Management, Organizational Behaviour, Human Resource Management, and Marketing Management. She is an accomplished author, she has written books on Strategic Management, Buyer Behaviour, International Business and Entrepreneurship Management, Faith Economy, contributed chapters to four edited volumes of books, and published over 350 research papers in national and international journals. Her scholarly work has strong visibility and impact, reflected in her robust presence on Google Scholar, Research Gate, Vidwan etc. Her research in all fields of management studies is truly ground-breaking. The rigor and depth of her knowledge have set a new standard in our field of management studies.

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