Needs as the Motivation for Buying Products Flashcards
Basic needs are the requirements for human existence. If these requirements are not met, the human body cannot function properly
Examples include air, water, and food as requirements for survival in all animals, including
humans. Clothing and shelter provide necessary protection. While maintaining an adequate birth
rate shapes the intensity of the human sexual instinct, sexual competition may also shape said
instinct.
Physiological Needs
_______ needs take precedence and dictates behavior.
Example, in the absence of physical safety, people may experience post-traumatic stress
disorder or trauma. Safety needs include personal security, financial security, health and
wellbeing, safety net against accidents and illness and their adverse impacts.
Safety needs
stage for love
and belongingness
Social Needs
begin to cultivate positive
feelings of self-worth and self-esteem.
These needs include:
✔ Self esteem
✔ Respect
✔ Achievement
✔ Confidence
✔ Recognition
✔ Accomplishment
Esteem Needs
highest level of the Maslow’s hierarchy. This level pertains to what a person’s optimum potential is and
realizing that potential
Self-actualization Needs
tangible item that is put on the market for acquisition, attention, or
consumption
Product
intangible item, which arises from the output of one or more individuals
Service
process in which the marketing activities are aligned to promote and sell a specific product for a particular segment
Product Marketing
implies the marketing of economic activities, offered by the business to its clients for adequate
consideration.
Service Marketing
Sources of Business Ideas
(STEHTMGEM)
Surveys, Training, Experience, Hobbies, Talents, Market Gaps, Events, Media
Life Cycle Through the Stages
Introduction, Growth, Maturity, Decline
- Establishing branding and assuring the market of the quality of the new product.
- An initial low pricing policy to get into the market, though with little competition, price
may be high initially to recoup development costs. - Selection of a distribution model to get the product onto the market.
- Promotion of the product through aiming it at specific target groups such as online
forums.
(Life Cycle Through the Stages)
Introduction
- Maintaining the quality of the product and adding any extra services or support that
becomes obvious during introduction. - Keeping the price at a good level to maintain sales growth.
- Increasing distribution and sourcing new, faster ways of getting the product onto the
shelves. - Marketing campaigns aimed at a broader audience and at growing market share for
the product.
(Life Cycle Through the Stages)
Growth
- Adding features that will make the product differ from the inevitable competitors that
enter the market. - Cutting price to counter competition.
- Revising distribution channels and using incentives to encourage stores to stock the
original product in preference to newcomers. - New promotions that aim to show differences between products.
(Life Cycle Through the Stages)
Maturity
- Keeping the product on the market but adding or removing features or finding new
uses for it. - Reducing costs and production and keeping it just for a niche segment of the market.
- Discontinuing the product or selling the production rights to another company.
(Life Cycle Through the Stages)
Decline
