What concept involves understanding both what consumers want and what they need?

The concept of understanding both what consumers want and what they need is best encapsulated by the study of consumer behavior. This area focuses on analyzing the decision-making processes of individuals or groups when selecting, purchasing, using, and disposing of products or services. It encompasses various factors, including psychological, social, and cultural influences that affect consumers' choices.

In consumer behavior, marketers aim to gain insights into the motivations, preferences, and pain points of their target audience. This understanding helps companies tailor their offerings, marketing strategies, and customer experiences to better meet the desires and necessities of consumers.

While market segmentation, product differentiation, and brand equity are important concepts within marketing, they do not primarily focus on the understanding of consumer wants and needs in the same comprehensive way as consumer behavior does. Market segmentation is about dividing a market into distinct groups, product differentiation emphasizes how products are distinct from one another, and brand equity relates to the value that a brand adds to a product or service based on consumer perceptions.