Transcript Needs, Wants and Priorities

OUTLINE
• Luna’s Story
• Purchase history and categorization
• Perception, lifestyle and choices
• Priorities
• Quick Quiz
• Media response
Why it’s important to talk
about—NOW
• If we fail to separate needs from wants, we cannot establish
spending priorities—we can’t live within a realistic budget.
• Learning the difference between needs and wants will help
you manage your money throughout life
• why now?
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Youth are key targets for marketers
Teens see shopping as a recreational pastime.
Almost all income is disposable
Influencers of family spending
• Spending becomes habitual.
Luna’s Story
1.Why was it important for Luna to separate
her needs from her wants?
2.How were her choices influenced by
factors like excitement, short-term
thinking, style, etc.?
In your Groups of 3:
1.On the provided worksheet, create a list
of your recent purchases (everyone’s)
2.Write 3 items from your list on the board
You have 10 minutes 
Needs and Wants
• What is a need?
• a necessity, something required,
something essential for life
• What is a want?
• a desire, something wished for,
something non-essential
In your words:
• “needs are necessary to survival: like water, shelter, food and
clothes…wants are things that are NOT needed to survive like
excess clothing, video games, television…wants make life
more comfortable, which is why they are desired, but not
needed”
• “even the needs sometimes get over inflated; we think that
we need expensive jewelry /clothing or a giant fancy house…
the truth is, almost all of what we buy is wants”
• “I think the difference between needs and wants is that the
things you need are essential to survive… but to a certain
extent. Not $100 a month on clothing and unhealthy food…”
Your recent purchases:
Wants
Or
Needs
Maslow’s Hierarchy of Needs:
Priorities 1, 2, 3:
• Not all needs (or wants) have the same priority or importance.
• Varies from person to person…culture to culture
• Priority 1: items that are essential for healthy living
• Regardless of culture, etc.
• Priority 2: Items that are not essential but important
• Bicycle, entertainment, education, info-tech
• Priority 3: Items that are not essential, and not important.
• Popcorn @ movies, new music, iphone5 (versus your totally fine
4)
In your groups
• Review the list of purchases you compiled as a
group
• Rate each item purchased using the 1,2, 3
system.
• Total the amount of money spent on low-priority
or non-essential items (categories 2 and 3)
• Discuss what else you could do with that money
Why it all matters
• What you define as a need or want, and what priority you
place on those will influence how much money you will need
in life.
• In truth, expense for wants can be reduced or even
eliminated.
• Usually though, you will have enough to buy some, just.not.all
• Learning to distinguish between needs and wants and to set
priorities is an important skill that will help you throughout life
• Start right meow!
Quick Quiz! _____/7
• Complete the Quick Quiz.
• Include your NAME
• You can use your notes!
• HAND it in!
• Finished? Write a paragraph explaining
how media advertising promotes a culture
of “wants” rather than “needs”. Include
examples! (5 marks)