PART 1: General Research
1. Research and discuss Maslow's theory of needs and how it is applied to marketing. Resources MUST include articles in the library's full-text databases.
2. Define the stages of the consumer behavior model (or industrial model, if appropriate) and apply how the concepts affect the marketing effort.
PART 2: Application to Product/Service
1. Provide a quick overview of a product or service you've created*
2. Even though you have "created" a product or service, the applications and research in this section will be real.
- Identify your target market. Provide a specific demographic profile and rationale for this decision. Another source that may help you: The US Census Bureau's American Fact Finder. Consider the size of the market and its purchasing power. Research is required to back-up your selection and to provide statistics to show that it is a viable market.
- Analyze your competition. Who are they? Who are the biggest players? How large is the market? What are the trends/forecasts in the industry? How does your product/service fit in?
*Please see below for product information:
The following discussion is the market research approach to developing a product and identifying the qualities that make this product exclusive to the marketplace. The rationale behind my decision to pursue this concept involves the current statistics throughout the United States involving deadly vehicle accidents due to cell phone usage.
The approach will include developing the design for the safety device, developing a pricing policy for the product, selecting the method of distribution and implementing a communication strategy for the proposed 'Safety First' Ignition Interlocking System- Cell Phone Device.
The response addresses the queries posted in 2027 words with references.
In this paper, we will discuss about Maslow's theory of needs and its application to marketing management. We will also describe various stages of consumer behavior model and discuss how the concepts will affect the marketing efforts. The paper will be helpful in discussing the target market and main competitors in cell phone industry. It will also discuss the forecast in cell phone industry.
Hierarchy of needs theory proposed by Abharam Maslow is a well known theory in the study of human behavior. This theory has been considered influential in various fields, such as marketing, human behavioral study, etc. Abharam Maslow portrayed this theory in the shape of a pyramid which includes various levels of human needs. The levels of human needs include physiological needs, safety needs, social needs, self-esteem needs and self-actualization from bottom to top respectively. As per his theory, every human being has these needs (Montana & Charnov, 2008).
According to him, human beings first want to fulfill their physiological needs or basic needs, such as food, water, cloth, etc. After fulfilling physiological needs they precede to the next level of needs that is safety needs. Every person needs sort of security and safety after fulfilling the basic needs. Therefore, the safety needs can be defined as the needs for physical and interpersonal security, protection, stability in the lives of individuals. The most appropriate examples of safety needs of an individual in the workplace are job security, seniority, hospitalization, pensions, life insurance, etc. (Montana & Charnov, 2008).
The third levels of this theory include social needs. Every person needs love, affection, sense of belongingness in his life. So, after achieving his safety needs, the person proceeds to social needs. The next level is Self-esteem needs that can be defined as the needs of recognition, prestige, and respect pursued by the individual after fulfilling their safety and social needs. After achieving the above levels, the individual pursue to self-actualization. Self-actualization is simply a pinnacle of achievement and often defined as the maximum potential for achieving highest goals or aspirations by the individuals (Montana & Charnov, 2008).
Maslow theory can be effectively applied to marketing. Maslow's needs hierarchy theory is one of the most powerful marketing tools for marketing professionals. With the help of Maslow's needs hierarchy theory, the marketers get better insight and understanding of motivation for making their marketing campaign successful. The marketing personnel develop their marketing campaign by focusing on the unsatisfied needs of the customers or target audience. Every marketing personnel craft a unique and focused marketing campaign targeting various needs of the customers. The marketing campaign will be more successful, if the marketers effectively fulfill each level and then proceed to the next level of customer's needs (Kurtz, MacKenzie & Snow, 2009).
In the following section, we will describe Maslow's needs hierarchy theory applied in marketing. We will also discuss the stages of consumer behavior model. It will also discuss about target markets and major competitors in cell phone industry. The paper will also describe the forecasting made by professionals in regards to cell phone industry.
When an individual tries to determine what set of needs the customers are looking for, then the Maslow's theory will be very effective for marketers, as ...
The response addresses the queries posted by discussing Maslow's theory and then the target audience and market players for a cell phone company. Around 2027 words with 5 references.