
Marketing 15
1.12 BASIC ELEMENTS OF MARKETING
To understand ‘marketing’ in a better way, we must know some of its core concepts. These are the
important components of the complete system of marketing. The meaning and importance of these
concepts are discussed herein.
1.12.1 Need, Want and Demand
Marketing starts with the identifi cation of human needs and wants; and ends with the satisfaction of
demand. Need represents the basic requirements of a human being, which indicates a feeling of depriva-
tion from the desired state of living. One may have needs, such as hunger, thirst, friendship, status and
so on. Want of a human being is ...