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Study Session 1

In: Business and Management

Submitted By Jossie909
Words 680
Pages 3
InterAmerican University of Puerto RicoMetropolitan Campus

Study Session #1

Josephine Rivera
BADM 5090

1. Specify the difference among need, want and demand. Provide examples for each one.

According to Hiam, A. & Schewe, C. (1992) they define need; something that is necessary for a person’s physical or psychological well-being. They also define want; something that is lacking that is desirable or useful. It is formed by a person’s experiences, culture, and personality. In addition they define demand; the composite desire for particular products as measured by how consumers choose to allocate their resources among different products in a given market.

Some example of things we need are; food, oxygen and mental sanity. This three main factors play a critical role in a person’s necessity to live. For something that is wanted; we can use the latest technology as an example. The media is constantly changing and updating their devices, this leads us to desire the newest products for personal and psychical reasons. Now for demand a good example can be Apple products; the consumers tend to desire it so much that the company manufactures big amounts to comply with what the buyers wants and not loose them to a competitor in their market.

2. Define the term “positioning”. Provide an example from your personal experience.

Hiam, A. & Schewe, C. (1992) defines positioning; process in which a marketer communicates with consumers to establish a distinct place for its product or brand in minds. A great example of my personal experience is when Olive Garden restaurant had announced their where adding a new restaurant food chain here in Puerto Rico. This had a result of the media announcing it and because the first months and even till today they have had success and even open a second food chain in San…...

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