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Analysis for Marketing Decisions

Research and discuss Maslow's theory of needs and how it is applied to marketing.

Define the stages of the consumer behavior model (or industrial model, if appropriate) and apply how the concepts affect the marketing effort.

The response addresses the queries posted in 1093 words with references.

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The response addresses the queries posted in 1093 words with references.

//This article will explore the significance and application of the Maslow's theory of hierarchy needs in the marketing. The applicability and the use of the theory in formulating effective marketing strategies will be briefly discussed.//

Introduction

Maslow's theory of hierarchy needs and the analysis of the consumer behavior model have a wide significance and application in many areas of business, especially in marketing the product. They are very helpful in formulating effective marketing and promotional strategies of a product.

Maslow's theory of needs and its application to marketing

Abraham Maslow proposed a theory in Psychology called as Maslow's hierarchy of needs to realize the behavior of human needs. He explained that the needs are the trigger and motivate a person to satisfy the unmet needs. The Hierarchy of need theory by Abraham Maslow (1943) addresses the issue of need and relies on two basic fundamentals. Firstly, our needs depend on what we have and what we don't. Unfulfilled needs influence the behavior of the person and always motivate the person to fulfill them. Secondly, the needs are arranged in the hierarchy. Once the needs at lower levels get fulfilled, only then the person strives to fulfill the needs at the higher levels. The needs are arranged in a hierarchy based on five levels, which is classified into Physiological needs, Safety needs, Love/Belonging needs, Esteem needs and self actualization needs. Physiological needs include the basic requirements of food, clothing water, sex, sleep etc. Safety needs include the need of security for an individual, such as the job security, personal security, financial security etc. After the physiological and safety needs are fulfilled, the third stage of human needs include the social needs, involving the need of sense of ...

Solution Summary

The response addresses the queries posted in 1093 words with references.

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