When Frank buys his own house, he would like to have a home theater system and a jacuzzi. He plans to save enough money in the next three years so that he can fulfill his wish. Frank's desire for the home theater and the jacuzzi is an example of a(n) ________.
A) need
B) want
C) demand
D) unstated need
E) latent demand

Question

Quizplus · Accepted Answer

Frank's desire for the home theater and jacuzzi is a want, which is a desire for a particular product or service that is not necessary for survival but contributes to the enjoyment and satisfaction of life. A need is a basic requirement for survival, such as food, shelter, and clothing. Demand is the willingness and ability to buy a product or service at a particular price. Unstated need refers to a need that the customer may not be aware of but can be inferred from their behavior or expressed wishes. Latent demand refers to a situation where a customer has an unfulfilled need or want that has not yet been addressed by the market.

When Frank Buys His Own House, He Would Like to Have