MKT640_U2IP_2011 - Analysis for Marketing Decisions 1 Bobby...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Analysis for Marketing Decisions 1 Bobby J. Barnes III American Intercontinental University Analysis for Marketing Decisions MKT640 – A Managerial Approach to Marketing Project Type: Unit 2 Individual Project  October 12, 2011
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Analysis for Marketing Decisions 2 Abstract Understanding of consumers is needed in order to define the marketing approach to take when developing a new product. Analysis of consumer behavior gives a more insightful view of spending behavior and characteristics. This knowledge will enable the marketing manager to position the new product in a manner that appeals to the targeted consumer(s). Keywords: Maslow, consumer, behavior, marketing, management
Background image of page 2
Analysis for Marketing Decisions 3 Analysis for Marketing Decisions Introduction In an effort to understand and recognize what consumers need or want marketing managers need to dig deep and understand the composition of the consumer. Understanding relationships between needs and wants and implementing practices will conceptualize the companies’ goals. Maslow’s Theory of Needs and its Application to Marketing From conducting research Maslow’s Theory of Needs is best represented by a visual display, usually a pyramid to show the hierarchy effect of needs by the consumer. Consumer behavior is characterized by fulfilling initial needs and gradually moving up the pyramid after satisfying the preceding need. The five levels mentioned are derived from the text: Managerial Marketing, (Winder & Dahl, 20011) and are shown in Figure 1.1. 1. Physiological a. Basic human needs are met, i.e. food, water, and sleep. All variables are essential to survival. 2. Safety a. Include the need for physical, financial, and job security. Health and well being as well. Employment, income, insurance, etc meet this need. 3. Social a. Seeking love, companionship, and belonging. Friendships and romantic relationships help fulfill this need. 4. Ego a. Also considered esteem needs, such as prestige, success, and self-esteem.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Analysis for Marketing Decisions 4 5. Self-actualization a. Maximizing ones potential after all needs have been met. Able to reflect and apply yourself and concerned with advancing personal gain. This is the highest level of the model. Figure 1.1 P Application of Maslow’s Theory of Needs is finding a product that the consumer will see as a benefit. Minivans are targeted towards families with multiple kids. Automobile industries attempt to target this demographic by satisfying the basic need to have a vehicle that fits multiple kids. The need is very basic (vehicle to fit a family) but in most instances companies attempt to go beyond the basic need e.g. safety, entertainment, fuel economy, and style are addressed simultaneously. Hence marketers are also satisfying other elements that will make the product more appealing. This gives the product a greater chance of being bought. Safety features can be classified as a social need, whereas fuel economy, style or the even the price of a car can be
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 12

MKT640_U2IP_2011 - Analysis for Marketing Decisions 1 Bobby...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online