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Why might understanding needs and wants matter to a business?

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Why might understanding needs and wants matter to a business?

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Understanding needs and wants is very important in business because it can save you money. For example , if the bathroom in your office is broken and it needs to be repaired, but you also would like a laptop It is important to know that the bathroom is a need for your employees. Compared to the computer which is more of a personal want, which is unnecessary, when you have a perfectly fine computer but you would just like the newest thing.

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How do people satisfy their wants and needs?

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How do people satisfy their wants and needs?

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People satisfy their wants and needs by compromise.  For example, if they really want to go on a trip they can start putting a side some money  and cutting back on going out to dinners and stuff like that. Another way they can do that is by budgeting their money and knowing when to treat them selves. Finally,

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Why is it relevant for you to understand the difference between needs and wants?

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Why is it relevant for you to understand the difference between needs and wants?

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It is relevant to understand the difference between needs and wants because of financial reasons. If you are on a tight budget you need to know what is necessary to survive off of such as food, shelter and food.  Compared to expansive luxury items such as an iPhone, Starbucks, and traveling.