Define Needs, Wants, And Demand Applying In A Specific Produ

Define Needs, wants and demand applying in a specific product/service

What are the 5 M in advertising? Select 1 brand from the following list and define the Dream that the chosen brand is trying to sell to that target and what makes that dream possible.

Paper For Above instruction

The concepts of needs, wants, and demand are fundamental to understanding consumer behavior in marketing. These terms help marketers identify and cater to consumer desires, preferences, and purchasing power. When applied to a specific product or service, understanding these concepts enables the development of targeted marketing strategies that effectively satisfy consumer expectations and foster brand loyalty.

Needs, Wants, and Demand

Needs refer to basic human requirements necessary for survival, such as food, water, shelter, and safety (Maslow, 1943). These are universal and innate. Wants, on the other hand, are shaped by individual personality, culture, and context; they are the specific ways consumers desire to satisfy their needs (Kotler & Keller, 2016). For example, a person needs food but may want a pizza or sushi. Demand arises when consumers' wants are backed by purchasing power; it signifies the desire for a product or service coupled with the ability to pay (Armstrong & Kotler, 2017).

Applying these concepts to a specific product, such as Tesla's electric vehicles (EVs), demonstrates how brands influence consumer perceptions. Tesla addresses the need for sustainable transportation, the want for cutting-edge technology and luxury, and creates demand through innovative features and marketing. Tesla’s branding strategies elevate the EV to a symbol of status and environmental responsibility, transforming the product from mere transportation to a lifestyle choice (Hawkins et al., 2016).

The 5 M’s of Advertising

The 5 M’s in advertising—Money, Message, Media, Messenger, and Market—are critical components of a successful marketing campaign (Clow & Baack, 2016). Money refers to the budget allocated for advertising activities. Message pertains to the core communication or value proposition conveyed to the target audience. Media includes the channels used for advertising, such as television, social media, or outdoor. Messenger is the individual or organization delivering the message, and Market denotes the target audience or consumers being addressed.

Effective integration of these elements ensures message consistency, optimal resource utilization, and engagement with the appropriately targeted audience. For example, in a campaign for Coca-Cola, the brand allocates budget (Money) across multiple channels (Media), delivering emotional and inviting messages (Message) via spokespersons or influencers (Messenger), directed at consumers who value refreshment and happiness (Market).

Selection of a Brand and Defining Its Dream

For this analysis, I select Coca-Cola, a globally recognized brand renowned for its marketing prowess. The defining "Dream" Coca-Cola sells to its target audience is the experience of happiness, togetherness, and refreshment. This dream is built upon the premise that consuming Coca-Cola enhances social interactions and creates memorable moments.

Coca-Cola’s branding is rooted in emotional appeal, emphasizing universal values such as friendship, celebration, and joy (Schmitt, 2017). The brand’s advertising campaigns consistently reinforce the idea that sharing a Coke fosters human connections and happiness. Its classic red color, iconic logo, and advertising slogans like "Open Happiness" serve as symbols that evoke positive feelings and social bonding.

The dream becomes possible through several strategic mechanisms. Firstly, Coca-Cola invests heavily in advertising campaigns that associate its product with positive experiences. It partners with major events like the Olympics and FIFA World Cup to reinforce its global presence and the shared joy during these occasions (Hanna et al., 2017). Additionally, Coca-Cola creates personalized experiences, such as personalized bottles, marketing campaigns targeting diverse demographics, and sponsoring community events—that all serve to deepen the consumer’s emotional connection with the brand.

Furthermore, Coca-Cola leverages a wide distribution network, ensuring its product is accessible worldwide, thus enabling consumers to fulfill their desire for refreshment whenever and wherever. This ease of access reinforces the brand’s role in facilitating memorable and happy moments. Through consistent branding, emotional storytelling, and strategic partnerships, Coca-Cola makes the dream of happiness and togetherness tangible to its consumers.

In conclusion, understanding the relationship between needs, wants, and demand provides valuable insights into consumer motivation and behavior. The 5 M’s framework helps ensure the effective deployment of marketing resources and strategies. Coca-Cola’s success illustrates how a brand can craft and sell a compelling dream—one of happiness and human connection—that resonates deeply with consumers globally. This synergy of emotional appeal, strategic communication, and broad accessibility underpins Coca-Cola's enduring market presence and brand loyalty.

References

• Armstrong, G., & Kotler, P. (2017). Marketing: An Introduction. Pearson Education.
• Clow, K. E., & Baack, D. (2016). Integrated Advertising, Promotion, and Marketing Communications. Pearson.
• Hawkins, D. I., Mothersbaugh, D. L., & Best, R. J. (2016). Consumer Behavior: Building Marketing Strategy. McGraw-Hill Education.
• Hanna, S., Rohm, A., & Crittenden, V. L. (2017). We’re all connected: The power of the social media ecosystem. Business Horizons, 54(3), 265-273.
• Kotler, P., & Keller, K. L. (2016). Marketing Management. Pearson Education.
• Maslow, A. H. (1943). A theory of human motivation. Psychological Review, 50(4), 370–396.
• Schmitt, B. (2017). Empathy and Brands: Building an Emotional Connection. Journal of Brand Management, 24(1), 25–36.