06 Analyse one reason why wants are more important than needs for a business that sells luxury watches.

[Arham Qadri]

[KN] Because the product is not essential for survival
[APP] For example people buy watch from Rolex for fashion Even though they can check the time on the home clocks and phone
[AN] Hence this leads to the brands charging high prices, also improves the brands image and strengthen the customers loyalty to the brand

[Abdur Rehman khan]

[KN] For a luxury watch business, its product itself is not a need because consumers do not require it for survival and it is a want based on style or status.
[APP] For example, consumers can check the time on their phone, but some may buy a Rolex for status and prestige.
[AN] This means the business relies heavily on customers wants, since its sales depend on people choosing its brand for prestige rather than necessity making wants far more important than needs.

[areeshasaber]

[kn] Wants create higher profit margins as they buy them because they want status, style, or exclusivity.
[app] Rolex sells watches for thousands of dollars, not because people need them, but because they want the prestige and brand image.
[an+] This can lead to higher revenues and profits, long-term growth, and increases customer loyalty.

Examiner Remarks:

• Impressive Development with Crisp Answer

[Mamoona Hussain]

KN: One of the reasons the business selling luxury watches would focus more on wants than needs is that it would help them secure more customers.
APP: For instance, if the business knows what their customers want, if elite packaging, then they would be investing more on the boxing of their watches.
AN: This would help them attract more customers, due to which their sales would increase, leading to a higher revenue and profit earned which can later be reinvested in R&D to further offer unique designs for the luxury watches

Examiner Comments:
KN is not clear
APP is fine
AN needs to cover 3 points..

[Areeba Arshad]

[KN] Luxury products like watches are not essential needs; they exist mainly to satisfy customer wants.
[APP] For example, a Rolex is bought for style and status, while people can already check the time on their phone.
[AN] This makes wants more important because:
Customers buy the watch for the brand image and exclusivity rather than function. This allows Rolex to charge premium prices and maintain high profit margins, which strengthens its brand reputation and keeps demand among wealthy customers.

[Qasim_Mahmud]

Kn: Wants are add ons which give customers comfort and status
App:Customer ls have basic smart watches or phones to tell time but they want luxury watches like rolex to build an image Analysis
Analysis: Wants are important because businesses can charge higher prices as customers demand is high

[sarah_naeem]

(kn) Wants are goods and services that people desire but do not need for basic survival however, needs are important and essential for survival.
(app) A company that sells luxury watches is not providing for a basic need like food or shelter, but rather, it offers overpriced items so people can show off their wealth status and money.
(an) Since the business depends heavily on people choosing to spend money on such items, understanding and targeting customer wants like exclusivity, brand image, design etc is important to gain more customers and retain existing ones.

[Dania Farooq]

(KN) A business that sells luxury watches relies more on wants than needs because its product isn’t essential, its a luxury item.
(APP)For example, someone can check the time on their phone or any simple or basic watch, but they might still buy a Rolex to show wealth or success.
(AN) This means the business depends on creating a strong brand image and emotional appeal to attract customers, satisfying wants like status or style is what drives sales, not meeting a basic need.

[Arham Qadri]

[KN] Because the product is not essential
[APP] For example people buy Rolex watch for fashion and showing off even though they could see the time on their phones and home clocks
[AN] hence this leads to the watch company/brands charging high price and when people will buy the watch, it will lead to more sales revenue and will improve the brands image.

[Arham Qadri]

[KN] Because the product is not essential
[APP] For example people buy Rolex watches for fashion and showing off even though they can check the time on their phones and home clocks
[AN] Hence this will cause the brand to charge high price and when more people will buy the watch it will increase the sales revenue and will improve the brands image

[M huzaifa jillani]

(KN)
A need is something people must have to live ,like food or water. A want is something extra that people like to have , even if they dont need it.
(APP)
Luxury watches are not needed , because people can see the time on their phones.
But people want a Luxury watch because it makes them feel special ,rich and proud.
(AN)
This is good for the business because when people want a watch, they are ready to pay a big price. The company can make more money even if it sells fewer watches because each watch has a lot of profit .

[amaimatif]

Wants are more important than needs for a luxury watch business because the product itself is a want, not a survival need. For example, a Rolex is desired for style and prestige, while people can already check the time on their phone. The brand image and status make customers pay high prices, which drives profit.

[Haiderabbas]

KN: For luxury watch selers, wants are more importnt because customers buy status, exclusivity and brand image, not just timekeeping.
APp: for e.g a buyer chooses a Rolex for brand prestige rather than accurate time as he could've jsut used the phone for that.
AN: Wants drive higher margins and brand loyalty so businesses focus on image and features over pure utility.

[Naveen fatima]

[KN]For a luxury watch business, wants are more important than needs because customers buy them for status or style, not survival.
[APP] For example, people purchase a Rolex to show wealth and success, not just to tell the time.
[AN] This lets the business charge higher prices. It also builds brand loyalty as people desire exclusivity. In addition, it helps the business stand out against cheaper basic watches.

[SofiaRazaKhan]

[KN] for a luxury watch company wants matter more than needs because customers buy these products for enjoyment and image rather than for necessity.
[APP] someone might buy an expensive watch to show success or to impress others , even though a cheaper watch could do the same job of telling the time.
[AN] this enables the business to set higher prices and market the watches as exclusive items. it also strengthens the brands reputation and attracts customers.