Linked to the concept of Need Want & Demand
Continuing further on the need-want-demand analysis, where in 1st article I connected it to idea marketing, here I am linking these concepts to the different news excerpts which focus on product marketing. Again relating to safety, health, sustainability which is the big talk around, with utmost relevance.
After going through a prolonged state of pandemic, with its end nowhere in sight, definitely it’s the safety need which continues to be prominent in everyone’s life. This need is getting translated into a want for sustainable living among many. And we see marketers introducing products in all different sectors which match this want. One category where host of new brands are getting launched is in sustainable fashion.
Below are few excerpts from article written by Shuchi Bansal in HT Mint on 6 May 2021, titled 'Is India ready for sustainable fashion brands?' which speaks on the same.
Please read the excerpts given below or the article linked above for comprehensive understanding.
After going through this article, its clear that the need focused is that of safety need. These fashion brands targeting children, claim to be safe on their bodies. Along with fitting into the safety need, these products also satisfy the other levels of needs covered in Maslow’s need hierarchy. Like, the esteem needs as customers are ready to pay the premium for these brands and it brings in feeling of exclusiveness to them on purchasing these brands.
As per Nielsen survey of 2015, there is a continuous rise in number of consumers who are willing to pay more for products & services that come from companies who are committed to positive social and environmental impact. Esteem needs get fulfilled and also for certain individuals, such goods satisfy their self actualization needs as these match their values and depict their responsible behavior towards environment.
As stated in my previous analysis, need is basic human requirement which is universal. Like the safety, esteem, self-actualisation need mentioned here, which every individual living in any part of the world will have, though importance & prominence of each may differ in different stages of one’s life cycle. Form that a human need takes as shaped by culture, environment of the place and individual personality, it is called want. Ongoing pandemic has made safety need most prominent in everyone’s life, shaping into want for healthy products.
Increasing income levels have made fulfilling of esteem needs also important for many by looking out for healthy products even at high price. Attitudinal changes and build-up of higher values, is progressing many towards fulfilling self-actualisation needs and thus wanting healthy products which are high priced and which stand tall on sustainability promise.
Need-want-demand analysis in the light of the article covered here, can be summarised:
Need of safety, esteem and self-actualisation get highlighted
Wants which are getting shaped out of these needs as per the current pandemic situation, various developments in social-economic front and high awareness towards environment protection is the want of healthy, eco-friendly products, even if high priced. So, today slow fashion, ethical, sustainable fashion are some new categories fast emerging.
Agile marketers who correctly identify the need gaps, introduce fashion brands fitting into these current needs of customers, target aptly to their changing wants, when succeed in making the customers spend their money in buying these products, that becomes demand generated for the marketer.
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