The basics – need versus wants. Let’s talk. Do you remember learning about Need versus Want in second grade? Not only was that one of my favorite lessons (the one that really stuck with me), but I also took the opportunity to teach it to my children in their classrooms when they were in second grade.
The concept behind Need versus Want is both universal and constant. A need is something that you require because it is essential (like shelter, food, water). A want is something that is desired (like electronics, music, fashion).
In elementary school, the Need versus Want lesson is relatively straightforward. As we grow older, we know that there is some gray area that makes its way into the equation especially in business….Need becomes more like “must have” and want becomes more of a “nice to have”
Basics – Need versus Want
A must–have product is something essential to the customer’s life or business. A nice-to-have product is something the consumer might enjoy but does not need. In the business world, a more complex acronym was created to flush out the Need versus Want concept….
- M stands for “must-haves”
- S stands for “should-haves”
- C stands for “could-haves”
- W stands for “will not have right now” (or “wishes”)
The MoSCoW method involves ranking concerns. Reaching agreement about the importance of various issues and actions enables the construction of a framework. This blueprint guides progress and allows for the successful allocation of resources.
When we are developing spending plans for our clients, this MoSCoW method is critical to go through the process of the items that can be eliminated, placed on hold, or must be continually purchased.
It is never too late to re-evaluate your spending plan and learn how to use the MoSCoW method with us at JHA…contact us now!