Customers are individuals or businesses who purchase products and services produced by a business. The purchase of products and services depends upon the willingness and the ability of the customer to pay in accordance to their needs and wants. Needs and wants are different from each other, wherein needs are those products/services which are necessities such as food, water, clothing or home.
Alternatively, wants are those products / services which an individual aspires to have in addition to the necessities which an individual can do without. For example, gold or diamond jewellery, an expensive and branded watch, designer clothes, lottery tickets, etc.
