Understanding consumer needs and wants is important to marketers. Which of the following statements reflects how we have

discussed needs and wants in this class?

Needs are only relevant for understanding purchases of necessities such as toilet paper.

In marketing, needs and wants are the same thing.

A decision to buy a luxury item, like an expensive purse, is driven by a perceived need.

Wants are products that we cannot afford but would like to buy.

Needs are the same as low involvement purchases.