Meaning: This quote by Edna Millay encapsulates an essential concept in business and product development – the distinction between what customers demand and what they truly need. It highlights the challenge faced by businesses in understanding and meeting the actual needs of their customers, rather than simply catering to their immediate desires.

In the first part of the quote, Millay points out that customers often seek last year's model at a cheaper price. This reflects the common consumer behavior of desiring the latest products but at a discounted cost. It also underscores the prevalent trend of seeking familiarity and comfort in products that have already been in the market. This behavior can be observed in various industries, from technology to fashion, where customers often look for older models or styles due to their affordability or perceived reliability.

However, Millay goes on to emphasize the importance of understanding what the customer truly needs. She suggests that in order to identify these needs, businesses must comprehend what the customer is doing and understand their activities as deeply as the customers themselves. This insight highlights the significance of customer research and empathy in product development. It implies that businesses need to go beyond surface-level preferences and delve into the actual behaviors and motivations of their target audience to create products that genuinely address their needs.

The quote also alludes to the role of education in shaping customer needs. Millay suggests that once a business has identified what the customer truly needs, it is essential to educate the customer about these needs and the corresponding solutions. This educational aspect is crucial in introducing innovative or unconventional products to the market. It involves not only developing the product but also communicating its value proposition to the customer in a way that fosters understanding and adoption.

From a business perspective, this quote underscores the importance of balancing customer demands with customer needs. While it may be tempting for businesses to focus solely on meeting immediate demands for cheaper, older models, the real value lies in understanding and addressing the underlying needs of the customers. This requires a combination of market research, empathy, and effective communication to bridge the gap between what customers think they want and what they truly need.

In conclusion, Edna Millay's quote serves as a thought-provoking insight into the dynamics of customer demand and need in the context of product development and business. It reminds businesses of the importance of understanding and addressing the genuine needs of their customers, even if it means deviating from the immediate demands for cheaper, older models. By doing so, businesses can create products that truly resonate with their customers and provide meaningful solutions to their needs.