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?

In marketing, needs and wants are the same thing.

Needs are the same as low involvement purchases.

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

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

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