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

[Sir Afzal Shad]

06 Analyse one reason why wants are more important than needs for a business that sells luxury watches.
Hint: KN: Product is purely a want > APP: Rolex watch vs checking time on phone > AN: Brand image is everything.

Possible Structure - 3 Marker
[KN] >> [APP] >> [AN]

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Sample Answer:
[KN] Luxury watches are bought for status or prestige not for survival.
[APP] For example Rolex; is a well-known brand making high quality watches known for its high price.
[AN] This can attract more buyers, with higher prices business can improve their profit margins which can be invested in R&D of new designs /features to be launched in near future.

[hassanalizafar]

[KN] For a luxury watch business, wants are more important than needs because the product is not essential.
[AAP]For instance, Rolex sells watches that people buy for prestige, even though they could check the time on their phone.
[AN] This leads to status appeal, premium pricing, and brand differentiation.As a result, the entire value of the business depends on maintaining a strong brand image and customer desire rather than meeting basic needs.

[shamaim shakeel]

[KN] In the luxury watch industry, wants are more important than needs because the business focuses on added value through branding, design, and image.
[AAP] For example, Rolex adds value through its stylish designs, strong brand name, and premium packaging.
[AN+] This encourages customers to pay a higher price than the production cost, increases the business’s profit margins, and strengthens customer loyalty to the brand.

[Muaz Aamir]

KN: For a luxury watch business, wants are more important than needs because customers don’t buy them for survival.

AP: For example, people may want a Rolex to show wealth and status.

AN: This makes the product more than just a timekeeping device.

AN+: As a result, the business can charge premium prices, increase profit margins, and strengthen its brand image in the luxury market.

[Abdullah Mohsin]

[KN]Wants are more important than needs for a luxury watch business because the product is not essential.
[APP]Customers already have their need (telling the time) met through cheaper watches or phones. Demand for luxury watches like Rolex depends on the customers desire for exclusivity.
[AN] Focusing on branding and custom made watches (a want for consumers) is necessary for the business as those are the main things that increase demand for a luxury watch business.

[Uqbah hadeed kayani]

[Kn] as luxury watches are purely a want and not a need [app] as one can fulfil the need of knowing the time by using there phone or a clock rather than buying luxury watches such as a cartier [an] furthermore brand image is everything for a luxury business as if they dont have a good one consumers may not buy from them this may lead to revenue losses which further lead to budget cuts within the company

[Subhan Zafar]

{KN}Watches are not needs they are wants and luxury watches are customized according to customer prefrences.
{APP}For instance,Frank Muller makes watches according to its customer want which they customize for them.It s luxury product and people can see time on phone.
{AN}This is due to high status of people which brands charge high prices for all this is is due to customer satisfaction.

[abdurrehman waseem]

KN:luxury watches are not need but pure want.
App:Rolex vs checking time on smartphone
AN:customer pay for design,status and exclusivity.

[Abdul Hadi]

KN: Wants are more important for a luxury watch business as the need for checking time can also be fulfilled with mobile phone whereas the luxury watches are just a want.
APP: For Example a luxury watch brand like rolex provides the option for customizing the watch for limited editions and its value appreciates with time, which also attracts the customers as an investment opportunity.
AN: By fulfilling the wants of the customers the company can charge higher prices, Earn More profits and differentiate itself from other brands.

[Aarib Saad]

(KN)Because people will purchase luxury watches only for the purpose of fashion, they would buy any cheaper watch if they wanted a watch just for functionality.
(APP)For instance, "Rolex" is a popular watch producer which sells watches with unique designs because of which it charges a higher price as compared to a watch manufacturer that just produces basic and plain watches, because people want to buy it's watches to boost social status.
(AN)This in turn means that the business that sells luxury watches will earn more sales revenue in comparison to a business that produces simple watches, allowing it to expand through advertising or releasing more designs to attract more customers leading to an increase in popularity and market share.

[Shaliza khawaja]

(KN)when in a competing business environment a business would want to stand out and showcase unique features
(APP)eg Rolex customers don’t just buy watches to tell time but it also a status symbol,
(AN)meaning wants for luxury watches are driven by emotions, this also allows them to charge premium prices depending on how many unique features are there or how much the resources that were used to make it costed.

[Fatima ibtehaj]

[KN]Because luxury watches can only be afforded by rich people therefore wants are more important in this case.
[APP]The basic role of a watch is to tell time which can be done by a cheaper watch aswell but in the case of luxury watches brands like rolex creates prestige for the user wearing it making it a want.
[AN]Thus wants drive the demand for luxury products which leads towards long term brand loyalty hence a rise in consumer base and generating large sums of revenue.

[Wahaj Ashraf]

[KN]Wants are products that people desire to improve their lifestyle which is important for a business selling watches
[APP]A business selling high end watches relies on customers who demand high end products. Thus focusing on wants allows the business to charge premium prices as customers are willing to pay more
[AN+]Thus this leads to higher profit margins compared to other businesses thus leading to potential brand loyalty

[Hajra]

[kn] Wants are things people desire but don’t actually need for survival while needs are essentials. [Ap] A business that sells luxury watches relies on people’s wants because no one really needs a Rolex or Omega to tell the time, they already have phones or cheaper watches. [An] This means wants are more important than needs for such a business, since customers buy luxury watches to show status, style, or success. Without focusing on these wants the business wouldn’t have much demand so wants drive sales and profit.

[Abdullah Altaf]

[KN] Luxury watches are primarily wants, not needs.
[APP] Since Customers purchase them for desires like uniqueness and status, so features like AI enhance sales.
[AN] Increased sales allow for product diversification, attracting more customers and boosting both profits and market share.