Needs And Wants Flashcards
What is a need?
Something that is required to survive.
Food, Water, Shelter
What is a want?
Something that is desired but not required.
Phone, Pillow
What is a motivation?
Biological, Emotional, Rational, and/or Social force that activates and directs behaviour.
What are the three theories that drive motivation?
Maslow’s hierarchy of needs
Thorndike’s Law of Effect
Aldefer’s ERG theory
What does ERG stand for?
Existence Needs
Relatedness Needs
Growth Needs
What need must be satisfied first in ERG?
Existence
What is Thorndike’s Law of Effect?
Consumers want to buy products that produce positive results.
They want to avoid product with negative results.
What is the order of Maslow’s Hierarchy of needs from bottom to top?
- Physiological
- Safety
- Love/Belonging 💘
- Esteem
- Self-Actualization
Which forces motivate consumers to buy?
Biological
Emotional
Rational
Social
Explain Biological Motivation
The most basic motivation. Related to the human need for survival.
Explain Emotional Motivation
Motivate the consumer to dp things that are pleasurable or protect them.
Explain Rational Motivation
When the consumer considers convenience, cost savings, safety, warranties, ease of purchase, etc.
Explain Social Motivation
Peer pressure, parents, and guardians can be a strong motivator
Celebrities also influence the consumer with endorsements.
What is the Value Equation?
Pleasure in owning product = benefits and the effort to earn the money to pay for the product
