Demands

Demand is want backed by buying power, human being have unlimited wants but resource are limited in the world. Its not possible that each human being get the desire things in the world. Wants are wishes of human, buying power will convert these wants to demand.

For Example,

Willingness to buy BMW is want but if you have the buying power then it becomes demand.

Manager and marketers always focus on people wants and demands to do that they conduct in depth research using number of different tools such as surveys, interviews, observation and others. That’s the reason CEO of huge company like Wal-Mart visit store to have a check on customer, talk to them, observe them to understand their needs and Wants.