The Environment and Market
Summary
TLDRThis script discusses the fundamental differences between needs and wants, emphasizing that needs are essential for survival while wants are desires for comfort and luxury. It also explores the market's variety of products and services, distinguishing between tangible and intangible items, and the challenges in evaluating service quality. The script highlights the importance of understanding these concepts for generating business ideas and meeting customer expectations.
Takeaways
- 🍲 Basic needs are essential for human survival and include food, clothing, shelter, education, and healthcare.
- 🛍 Wants are desires that are not essential for survival but add comfort and luxury to life.
- 🚶♂️ Needs are limited and must be fulfilled, whereas wants are unlimited and are optional.
- 🏡 The ancient three basic needs of man were food, clothing, and shelter.
- 📈 Over time, education and healthcare became integral to improving the quality of life.
- 💡 Needs can help generate business ideas as they are essential to every individual.
- 🛒 Products are tangible items available in the market for acquisition, use, or consumption.
- 🛠 Services are intangible and arise from the output of one or more individuals.
- 📦 Tangible goods are physical objects that can be touched, while intangible goods have value but are not physical entities.
- 📈 Digital files, such as music and software, are examples of intangible goods that can become tangible if physically produced.
- 🔄 Products can be perishable or imperishable, while services are considered perishable and not stored for later use.
Q & A
What are the learning objectives of the module discussing needs and wants?
-The learning objectives are to identify the players, the different products and services available in the market, and the profile of potential customers.
What are the basic needs of a human being according to the transcript?
-The basic needs of a human being include food, clothing, shelter, education, and healthcare.
How do needs differ from wants in terms of necessity?
-Needs are essential for survival and are limited, while wants are desires for comfort and luxury and are unlimited.
What is the impact on a person if their needs are not satisfied?
-If needs are not satisfied, it may result in illness, inability to function properly, or even death.
How are wants characterized in the context of the script?
-Wants are characterized as optional, varying from person to person and time to time, and signifying wealth and an expensive way of living.
What is the primary difference between a product and a service as discussed in the transcript?
-The primary difference is that a product is a tangible item, while a service is an intangible item arising from the output of one or more individuals.
Why are tangible goods easier to return than intangible goods?
-Tangible goods are easier to return because they are physical objects that can be tracked and have a physical state that can be assessed for return, unlike intangible goods which can be copied or used without leaving a trace.
What is an example of an intangible good mentioned in the script?
-An example of an intangible good is a music file that is downloaded from the internet.
How can intangible goods be assessed for quality before purchase?
-Intangible goods can be assessed through samples, free trial periods, or by reviewing the credentials and past work of the service provider.
What is the difference between perishable and imperishable products?
-Perishable products are those that spoil or become unusable over time, like fresh foods. Imperishable products do not spoil and can be stored for long periods, such as jewelry and automobile parts.
How do services differ from products in terms of perishability?
-Services are considered perishable as they are consumed at the moment of production and cannot be stored for later use, unlike products which can be manufactured and stored for sale.
What are some examples of intangible services mentioned in the script?
-Examples of intangible services include education, financial services, legal advice, consulting, and entertainment.
Outlines
📚 Understanding Needs and Wants
This paragraph discusses the difference between needs and wants. Needs are essential requirements for human survival, such as food, clothing, shelter, education, and healthcare. These are considered basic and have been a priority since ancient times. Wants, on the other hand, are desires that are not necessary for survival but add comfort and luxury to life. The paragraph emphasizes the importance of understanding this distinction for business ideas, as it helps in identifying potential customers and the products and services they might require.
🛍️ Distinguishing Needs and Wants
The second paragraph delves deeper into the differences between needs and wants. Needs are limited and essential for survival, while wants are unlimited and add to life's comforts. The paragraph explains that needs are constant and necessary, whereas wants can change over time and are not as crucial. It also introduces a comparison chart to highlight these differences, categorizing needs and wants based on their nature, necessity, and impact on life.
🚗 The Nature of Products and Services
This paragraph explores the concepts of tangible and intangible products and services. Products are tangible items like cars or groceries that can be touched and seen, while services are intangible and arise from individual efforts. The paragraph explains that products can be differentiated based on their tangibility, perishability, and whether they are produced or interactive. It also discusses the challenges of returning intangible goods and the ease of assessing tangible products.
🏠 Evaluating Tangible and Intangible Goods
The fourth paragraph continues the discussion on tangible and intangible goods, providing examples of each. It explains that tangible goods are physical and can be assessed for quality before purchase, while intangible goods, like digital files or services, cannot be physically touched or evaluated beforehand. The paragraph also touches on the concept of production versus interaction and how services are often intangible and perishable, unlike products that can be stored and sold later.
🚗💺 The Distinction Between Perishable and Imperishable
The final paragraph focuses on the perishability of products and services. It uses examples like food spoilage in restaurants and the obsolescence of technology to illustrate the concept of perishable goods. The paragraph also discusses imperishable products, such as jewelry and automobile parts, which do not spoil over time. It concludes by differentiating products and services based on factors like tangibility, perishability, variability, and heterogeneity, emphasizing the importance of understanding these differences for business operations.
Mindmap
Keywords
💡Needs
💡Wants
💡Products
💡Services
💡Tangibility
💡Perishability
💡Variability
💡Heterogeneity
💡Potential Customers
💡Dignity
💡Wealth
Highlights
Needs are essential requirements for human survival, including food, clothing, shelter, education, and healthcare.
Wants are desires for luxury and extravagance that signify wealth and an expensive lifestyle.
Needs are limited and must be fulfilled for survival, while wants are unlimited and add comfort to life.
Products are tangible items available in the market for acquisition, use, or consumption.
Services are intangible and arise from the output of individuals, often accompanied by a product.
Tangible goods are physical and can be touched, like cars or groceries.
Intangible goods have value but are not physical entities, such as digital files or services.
Tangible products are easier to return and track than intangible items.
Assessing the quality of tangible goods is straightforward as they are countable, touchable, and visible.
Services cannot be felt or tried before purchase, making their quality assessment more challenging.
Intangible goods like digital files or services are difficult to assign monetary value to and are often provided with samples or trials.
Products can be differentiated by being tangible or intangible, perishable or imperishable.
Services are intangible, perishable, and their quality is evaluated as the service is being rendered.
Products are manufactured, stored, transported, advertised, and sold, while services are intangible and their supply and demand must be balanced.
The distinction between products and services is based on factors like tangibility, perishability, variability, and heterogeneity.
Products can become outdated and need to be replaced or substituted by services or updated versions.
Streaming services like Netflix have become a substitute for physical DVDs and cable television.
Transcripts
[Musika]
L one of module 2 Talks
about needs and wants of
people the learning objectives are the
following identify the players comp
the identify the different products and
services available in the
market and finally identify the profile
of potential
customers Let us try to differentiate
needs and
wants by the ter needs we mean those
requirements which are extremely
necessary for a human being to live a
healthy life they are personal
psychological cultural social and others
that are important for an organism to
survive in Ancient times the three basic
needs of man are food clothing and
Shelter but with a passage of time
education and health care also became
integral as they improve the quality of
life they are a person's first priority
as they are the things that they keep us
healthy and safe
therefore if needs are not satisfied in
time it May result in illness inability
in functioning properly or even
death basic needs are essential to every
individual so he or she may be able to
live with dignity and pride in the
community of
people these needs can obviously help
you generate business idea
What are this
needs
first are the basic commodities for
consumption like
food cereal which includes
cals
grains fruits and vegetables and any
other staple
food the
second need is the clothing and other
personal
belongings the
third basic need is
Shelter for sanitation and health
care and the
fth is education
in economics ones are defined as
something that a person would like to
possess either immediately or at a later
time simply put ons are the desires that
cause business activities to produce
such products and services that are
demanded by the
economy they are optional for example
an individual is going to survive even
if not satisfied fur on
mayy from person to person and time to
time once are desires luxury and
extravagance that signify wealth and an
expensive way of living wants or desires
are considered
B of
life we all know that human on are
unlimited while the means to satisfy
those ones are
limited h all the on of an individual
cannot be and they must se for
alterna try to study the key differences
needs and wants
first the term needs is defined as an
individual's basic requirement That must
be fulfilled in order to
survive on are described as the goods
and services which an individual like to
have as part of his
caprices
second aniv needs limit while on unlit
the
third needs are something that you must
have in order to live on the contrary
ones are something that you wish to have
so as to add comforts in your
life the
fourth needs represents the necessities
while wants indicate
desires fth
needs are important for the human being
to survive as against this ones are not
as important as needs because a person
can live without
wants
six needs are those items that are
required for life and does not change
with time as opposed to ones are those
items that are desired by
either right now in future
therefore once my change over
time the seven difference as needs are
essential to life non fulfillment may
lead to illness or even death in
contrast ones are not essential for
living and so non does not Have a great
impact on a person's life however
disappointment may be
there so to
summarize need and wants Let us try to
study the comparison
chart the chart is divided into three
columns the first colum are the bases
for comparison the second
the needs and the third colum the ones
so in terms of meaning needs refers to
an individual's basic requirement That
must be fulfilled in order to survive
while ones are describe as the goods and
services which an individual like to
have as a part of his
caprices in terms of
nature needs are limited while are
unlimited What is it needs something you
must
have something you wish to have
represents needs
necessity while once
desire in terms of Survival needs are
essential while ones are
intial in terms of change needs may
remain constant over
time while
wants may change over
time in terms of non
fullfillment may result in onset of
disas or even
death in
disappointment so
the We will discuss
is about the
different products and services
available in the
market a product is a tangible item that
is put on the market for
acquisition attention or
consumption while a service is an
intangible item which arises from the
output of one or more
individuals Although It seems like the
main distinction between the two
concepts is founded under tangibility
that is not always the case in most
cases services are intangible but
products are not always
tangible one more thing to keep in mind
Andes in a majority ofs carry with them
an element of
service for
example when a consumer buys a car the
product Comes with a lot of other
service responsibilities
such as tun up and main
nonetheless there is a clear difference
between the two concepts and it's
imperative for one to understand their
working
definitions so products are defined and
differentiated in terms of tangible
versus
intangible production versus interaction
perishable versus imperishable
a tangible good is a physical object
such as a car or sweer that can be
touch some tangible goods have
expiration day
tangible goods are physical products
defined by the ability to be touch they
are distinct from intangible goods which
may have value but are not physical
entities goods that are tangible play a
large Part in ril though the purchasing
of intangible goods is now widely
available through the
internet they are also from
serv result serv
not prod
touch including things like printed
books CDs and dvds LS Groceries and
baseball
bats one of the easiest ways to
determine Whether a good is tangible or
not is to ask if a person could
physically Touch it or pick it up if the
answer is Yes the
is tangible
a music file and Burns them into a CD
however he or she has created a tangible
product the finish CD from initially
intangible
ones downloaded music from the internet
is an intangible good as the good is not
a physical object
one of the benefits of tangible products
is that they are often easier to return
and track than intangible items
returning a suiter to the store often
requires only that the owner has not
damaged it and has kept their tags or
receipts as proof of
purchase returning an intangible good on
the other hand can be much more
complicated if a person downlo a music
file the opportunity for return ro is
enormous as there is no way for the
merchant to track with the person has
copied or burned the file before
attempting to
return while with traditional computers
it is also usually impossible for a
merchant to remove a file from a remote
computer once it has been initially
purchased or downloaded for reason
intangible products often provide
samples or free trial periods so that
the buyer Can Be sure of what he or she
is
purchasing assessing the quality of a
tanib product is very easy since most
products are
countable touchable and visible a
consumer can assess its durability by
examining it a good case in point is
when an individual is buying a home the
buyer of course will check every and
cranny of the house including the artic
the basement the foundation its
individual room and more in contrast a
service is not something that one can
feel or try out before paying for it say
an individual needs a professional to
identif any hidden issues
before to purchase a home or a
house just how experience is the
inspector with regards to planing
roofing and other structural
matters in a nutshell the client lacks
sufficient knowledge about inspector
expertise until the tas is already in
Progress the customer can line reviews
As for the inspector credentials as well
as before and after pictures of his
previous work but there's no definite
way of evaluating the quality of a
service until it is
rendered intangible goods means
considerations which are difficult to
assign monetary value to and other value
adding to the
offerings digital files though
technically goods are examples of
intangible products downloaded video
games
applications music files or movies
cannot physically be touched though they
can be bought and sold Just As easily as
tangible items
digital files are not inherently
physical if a person buys music files
And Burns them into a CD however he or
she has created a tangible product the
finished CD from initially intangible
goods so examples of intangible goods
are
Education knowledge software business
services culture financial
services art film and music events
digital
experiences public goods information and
data advice
entertainment
communication media consulting Travel
and products when talk about
software this includes sales automation
platform software includes both
applications used by people and systems
that Automate
things while art film and music the
Digital Media that has artistic value
such as music
video for
advice we have the legal advice from the
lawyer
consulting example the services that
provide intangible work products such as
knowledge and
software business services they are the
services that produce value for a
business such as a cloud computing
platform that provides a business with
computer or computing
power events such as musical
performance entertainment such as theme
part travel experiences such as tour of
a historical
attraction in terms of culture we have
the cultural experiences such as
traditional
Festival knowledge say as electronic
document that gives advice on how to be
a good public
speaker Education such as class that
teaches computer programming
information and data incl information
design to be consum by people and data
designed to be consumed by Machine for
example a Navigation
service in terms of media the Digital
Media such as
photogs and
content the second
is production versus
interaction a potential car buyer
usually checks the car's body lines FS
the le used on the seats and takes the
car for a test drive before deciding
whether to buy the car or not since It's
a product the buyer is aware of the
specific production line the vehicle
from and there are many more like it in
fact there are other cars identical to
the one being
B But what about the service the car
buyer receives from the car
dealer the way a car sales person
explain to
them let's come to the vers
imper the best way to illustrate
perishable products is to consider a
restaurant owner if such an individual
does not understand the concept of
spoilage and waste reduction he risks
rining his business since most fres
foods spoil within a few
days another example is
technology even some intangible products
like software become obsolete some point
imper products include items like
jewelry and automobile
parts however does the distinction
between perishable and imperishable
exist in
services services can be described as
perishable but not imperishable
a perishable service simply means that
it's
short I
such a service is consumed as soon as it
is produced un products the service
cannot be stored for a later
useable services are such as airline
flights aut
repair theater entertainment and
manicures and pedicures and the services
in
salons if an individual purchases An Air
ticket for a day and then he suffers a
Cold and is not able to travel the
ticket expires the perishable attribute
of some services makes it hard to
balance supply and
demand based on history it is evident
that
producers need to adopt or replace
products Once they become
outdated consider the way websites and
ebooks have replaced the paper books of
how compact dis have replaced cassettes
and
dvds in other instances services have
also become a substitute for certain
products For instance the streaming
services offered by the
entertainment firms like Netflix are now
preferred over many to DVD and cable or
satellite television programs
so products are simply objects that are
manufactured stored transported
advertised and then sold while products
can either be tangible or
intangible services are
intangible the differences between
products and services are based on
different factors including tangibility
perishability
variability and
Heritage
heterogeneity
So are we now ready to discus the next
topic the
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