Needs
Needs are requirements people seek to satisfy, such as basic wellbeing, security or the ability to carry out an activity. What counts as necessary can depend on circumstances. Business analysis distinguishes the underlying need from the particular product or method chosen to meet it.
Worked example
A commuter needs reliable access to work. A bus service, bicycle or other arrangement may meet that need; owning a particular premium car is one possible preference rather than the need itself.
Common mistake
Assuming the first product a customer requests is the only way to meet the underlying need, or equating need with effective market demand without considering ability to pay.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | BT | Supporting | September 2026–June 2027 |
| FIA | FBT | Supporting | September 2026–June 2027 |