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Maslows Hierarchy of Needs Used in Marketing
The position that seems to be the most rational and acceptable in marketing is a reflection of the needs, wants, and desires of consumers. As a rule, lack generates an individual need, which, supported by income, is expressed in demand, and it, in turn, is satisfied by exchanging money for the necessary goods. Buyers present and realize the need in the products and services markets; therefore, the market is the main object of marketing research and regulation.
It is necessary to indicate real examples from the literature and additional resources based on this situation. For example, American Express achieved excellent results in the fourth quarter of 2010 since it correctly approached the question of peoples needs on the eve of Thanksgiving (Kotler & Keller, 2015). According to Kotler and Keller (2015), such skillful marketing is determined by competent adaptation in rapidly changing times. Furthermore, many other interesting cases have a similar approach to business. For instance, against the background of the COVID-19 pandemic, the coronavirus outbreak has created the need to generate more methods to fight against the dangerous virus. Thus, Bluesail, taking advantage of the opportunity, expanded its production of personal protective equipment (Kang et al., 2020). One should recognize that the deployment of such output brought the company extraordinary success because none of the people wanted to get infected or get sick.
In particular, marketing tactics and strategies are best revealed within the framework of A. Maslows pyramid of needs. Based on this concept, people need security, love, self-respect, self-realization, and the satisfaction of basic needs. For example, a stylish, innovative, and modern Tesla electric car can solve the problem of self-realization and self-actualization, and a reliable and comfortable Volvo car can solve the problem of safety (Jess the Avocado, 2021). Indeed, many companies use these aspects and even manipulate people with their help.
References
Jess the Avocado. (2021). Real-life examples of Maslows hierarchy of needs. Medium. Web.
Kang, J., Diao, Z., & Zanini, M. T. (2020). Business-to-business marketing responses to COVID-19 crisis: A business process perspective. Marketing Intelligence & Planning, 39(3), 454-468. Web.
Kotler, P., & Keller, K.L. (2015). Marketing management (15th ed.). Pearson Education.
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