Needs & Wants Business Overview PDF

Needs &Wants  Intro to Business Recap Profit vs. Non-profit vs not for profit? Most businesses in Canada are big? Medium? Small? Good vs. Service? Producer? Consumer? Marketplace? Competition Obsolete  Needs vs. Wants Why do businesses provide goods and services?? H...

Needs &Wants  Intro to Business Recap Profit vs. Non-profit vs not for profit? Most businesses in Canada are big? Medium? Small? Good vs. Service? Producer? Consumer? Marketplace? Competition Obsolete  Needs vs. Wants Why do businesses provide goods and services?? How do they know what to make? They satisfy needs and wants! Need: things that are necessary for survival  Maslow’s Hierarchy of Needs -describes human motivation and growth As a group, come up with at least one need that fits in each level and write it on a sticky note!  Needs & Wants Wants: Things that are not necessary for survival, but add comfort and pleasure to our lives It is crucial for businesses to listen to consumers needs and wants!  14 – Year Old who bought a house https://www.youtube.com/watch?v=GTTczC27fko 1. Identify the wants/needs that created the business opportunity for this young entrepreneur 2. What further want/needs did she identify to create a further business opportunity? 3. What other businesses are competitors that address similar wants and needs? Explain.