MARKETING THEORIES - MASLOW'S HIERARCHY OF NEEDS

-

 

MARKETINGTHEORIES-

MASLOW'S HIERARCHY OF NEEDS

Maslow’s hierarchy of needs was developed by Abraham Maslow, a specialist in human behavioral psychology. The hierarchy was first developed to help explain the connection between basic human needs and human desires.

The hierarchy, often visualized as a pyramid is split into five categories. Put simply unless we have the fundamental basic human needs at the bottom of the hierarchy we will not strive to meet any further desires. As each requirement is fulfilled we move up the hierarchy.



  • Physiological needs:
    • These are the underlying needs we as humans can’t live without. E.g. Food, water, sleep, oxygen etc.
  • Safety needs:
    • We all need to feel safe. Whether that be physically, financially or job security and health.
  • Social needs:
    • We all look for social connections in friends and family.
  • Esteem needs:
    • We all desire to have respect and be respected by others, this includes self-esteem, confidence and a sense of self achievement.
  • Self actualization:
    • This is realizing one’s full potential and this will differ from person to person. This is the highest level on the hierarchy and what we are all striving for.

Maslow’s hierarchy in marketing:

If marketers know the wants and needs of their target market (which every good marketer should!) then this can be used as a selling point to influence.

A great deal of research is undertaken to segment, target and position (STP) customers by various criteria such as demographics, social class, geographic and so on. From this marketers will have a very specific idea about who their target consumers are and tailor their marketing strategy accordingly.

For example a car manufacturer targeting young families is not likely to focus on the top speeds and luxury items in their advertising campaigns but instead on the cost effectiveness and safety features.

It is important to note that your target market’s level or needs and desires may not stay the same, especially in times of political and economic change. Therefore remember to keep your marketing strategy up to date and relevant.

 



Comments

Post a Comment

Popular posts from this blog

Stages or phases of international marketing involvement

-
Image
DEFINITION:  International Marketing is  a phase in which domestic companies have the capacity to produce goods to sell abroad on persistent basis and have the possibility to operate globally as well . Discuss the four phases of international marketing involvement. The levels of involvement are not same for all the firms. It varies from firms to firms depending upon its internal and external factors. Internal factors are monetary and non-monetary resources and external factors are govt. policies and market potential.   After a company decides to enter into international market, it must decide the degree of marketing involvement. A firm may get itself involve in foreign marketing in any of the five following ways   (1)    No Direct foreign marketing (2) Infrequent foreign marketing, (3) Regular foreign marketing,  (4) International marketing, and    (5) Global marketing .  The level of involvement differs in every company, as it depend...
Read more

Digital marketing vs. traditional marketing

-
Image
  Digital marketing vs. traditional marketing: what’s the difference? What is digital marketing? Put simply, digital marketing is using digital channels such as websites and social media as tools for marketing communication. If you’re using social media you will be well versed in the adverts that pop up in your stream—that’s digital marketing. What is traditional marketing? Traditional marketing on the other hand involves traditional channels, like billboards and printed media. Think Don Draper in Mad Men brainstorming TV commercial ideas and copy for Coca-Cola. Up until the development of the internet in the 1990’s, traditional marketing was pretty much the only type of marketing. Difference: The main difference between digital and traditional marketing is the medium through which an audience encounters a marketing message. While traditional marketing uses traditional media like magazines and newspapers, digital marketing uses digital media, such as social media or websi...
Read more

PESTLE IN MARKETING TERMS

-
Image
  What is PESTLE? A PESTLE analysis is a tool used to gain a macro picture of an industry environment. PESTLE stands for Political, Economic, Social, Technological, Legal and Environmental factors. It allows a company to form an impression of the factors that might impact a new business or industry. Some factors will be more important to different types of businesses, and a PESTLE analysis will help identity risk factors for the SWOT analysis. Why do a PESTLE Analysis? A PESTLE analysis allows a strategic and systematic evaluation of a business's prospects, risks and opportunities in a new environment. While a SWOT analysis concentrates on a company's internal processes, PESTLE provides information on external factors. PESTLE can be used for large and small scale projects. PESTLE: POLITICAL: Political factors relate to government controls and influences over economy or industry. Government factors may be legislation or economic policies. The political en...
Read more