IGCSE, A Level Business Student Forum

KN: Needs are already being satisfied by competitors
APP: Eg all watch companies fulfill the basic need of checking the time, but only luxury watch brands like Gucci have luxury elements like gold plating etc.
AN: Hence it provides a USP/Unique Selling Point for the buisness that allows them to stand out and grow in the industry, and it creates a brand image for them that is based on that unique element hence allowing them to make a name in the market for a specific want (in this case, luxury features) creating more popularity hence more customers for their luxury watches rather than going to their competitors , hence generating more market share and hence becoming a larger buisness.

kn] because they have to fulfill the brand image by makig it fancy and elegant.
app] for exp the table and counter is less important than making a fancy entry and skilled salesman with elegant dressing
an]as per people are most focus on the royalty rather than small normal needs which make the brand image and also added value

[KN] For a business that sells luxury watches, wants are more important than needs because the product is bought for status and style, not basic necessity.
[APP] For example, customers buy a Rolex watch to show wealth and prestige, even though they can easily check the time on their phone.
[AN] This means the brand image and emotional appeal are what drive sales, allowing the business to charge premium prices and maintain exclusivity in the market.