300 words, minimum Maslow\'s Hierarchy of Needs (the five elements of personal m

Question

300 words, minimum

Maslow's Hierarchy of Needs (the five elements of personal motives) is a strong tool for understanding human desires, and how those desires relate to purchase. Explain each of the five stages of Maslow's hierarchy, including an example of each. Then, explain how a company's understanding of Maslow's hierarchy can help them better market the product.

Is it possible that a product that falls into one area of need for consumers in a developed nation would fall in another area of need for consumers in a developing nation?

Explanation / Answer

The Maslow's hierarchy of needs explain the level of needs which an individual possesses in order to derive satisfaction, grow and possess growth. It can be used in selecting the products while purchasing. The hierarchy levels (from bottom to top) are-

1. Physiological needs: The first and foremost needs of an individual is the need to have basic amenities like food, clothing and shelter. Without it, the individual can't survive and grow. Before satisfying any other needs, the physiological need of every individual need to be satisfied.

2. Safety: The safety need of the individual incorporates the safety from any prospective danger (to life, to his well being or any other possession vital for his survival).

3. Sense of belonging: Every individual has a belonging need which aligns with social nature of living. The need for making companions, partner and friends align with this need.

4. Esteem need: This is the need which caters the recognition, status and materialistic requirements of the individual and provides a stand in the society. It gives a status to an individual in the society.

5. Self Actualization need: self Actualization is the need where one has achieved his true passion and desire. In this stage he has achieved his true passion. This need is the most difficult to attain and is obtained only by a few like Nelson Mandela, Mother Teresa.

A company's understanding of the product helps to understand the hierarchy in which the products should fulfill customers needs.
It must satisfy lower level needs such as phycological needs, security needs and belonging needs then only should move to esteem needs and self actualisation needs.

If the company realises the requirement of the customer according to the needs they would be able to make the product as per unfulfilled need, advertise it better and thereby increasing demand of the product.

However, a product in a developed country may be a lower level need but a higher in the hierarchy for the developing country. example having a house or a car is a basic phycological need in a developed country however, it is classified as an esteemed need in a developing country.

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