Meaning of Needs and Wants
- Needs refer to things we cannot do without. There are things we need to satisfy our basic requirement such as food, shelter, cloth.
- Wants are things we would like to have, goods and services that are necessary but we desire or wish to have them.
All business activities should be directed to satisfy the customer. Emphasis on the needs and wants of consumers keeps the business on the right track.
Needs are fundamental to human survival, wants are something additional that a human being desires after he has satisfied his needs
DIFFERENCES BETWEEN NEEDS AND WANTS
| NEEDS | WANTS |
| They are necessary for one to survive | They are desire either to use in the present or future
|
| Needs are the same. They do not differ from one person to another | Wants differ from the person to another |
Meaning of Impulse buying: refers to buying things without planning in advance to do so.
EFFECTS OF IMPLUSEBUYING – it affects the family budget adversely. At last, the buyer often buyer things that are not needed or storing in excess of needs.
MEANING OF AFTER SALES SERVICE : this refer to any assistant a seller renders to a buyer after a service or goods has been sold , it a means of ensuring that a buyer is satisfy with the product or service he/she purchase.
BENEFIT OF AFTER SALES SERVICE
- it build and sustains customer’s loyalty
- free service during the guarantee period is the best selling point
- Sales campaign will achieve remarkable success.
- It builds up and maintains seller’s goodwill.
- Complaints and grievance regarding service will be promptly and efficiently dealt with by the seller.
WARRANTLY
This is a written document made by a seller or company to a buyer of a product or service. It says that if the product or service does not function properly within a particular period, it would be replaced, repaired or the money would be refunded.
Warranty is an assurance of the quality, service and performance of the product.
TYPES OF WARRANTLY
- Warranty against the defects.
- Express warranty.
- Extended warranty.
Installation means setting up a system or machinery for used. Installation differ from company to company some companies, installation at no cost while some charges their customers.
Assignment
- Define needs, wants, and impulse buyers.
- Write a short note on :
- Warranty
- After sales service.
See also
SPEED DEVELOPMENT IN SHORTHAND
TRADING, PROFIT AND LOSS ACCOUNT
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