Maslow hierarchy of needs works
Maslow’s hierarchy of needs is a theory that was proposed by Abraham Maslow’s in 1943 that explains on individual’s motivation and development. According to Maslow's human beings are motivated by the attempt of fulfilling their basic needs; Physiological, safety, social, self-esteem and self-actualization. These basic needs are believed to create an internal pressure that influences a person’s behavior. It means that human beings have a hierarchy of needs that is portrayed in a triangle. However, a person should act towards addressing basic needs before moving on to meet more complex needs in the hierarchy (Ahmad, 2013).
Hyundai is mostly recognized for its ability to move technological features from expensive automobiles into less expensive vehicles. The company targets in meeting its customers’ needs by providing affordable cars which are on high demand in the market.
Consumers’ behavior on reaching a decision to buy a product is influenced by many factors such as their experience and knowledge. High-involvement products are those that a consumer‘s personality, status and lifestyle are demonstrated; for example buying a home theater. On the other hand, low-involvement products it’s where a consumer purchasing decisions is a routine; for example buying of an ice cream.
Situational factors are the external factors whose influence is caused by the surroundings and do not occur within an individual such as environment and people around you. Professional marketers should design their products in a way that meets consumers’ needs by considering the physical factors. For example offering customers with discounts such as travel discount during bad weathers or providing an online platform where a consumer can purchase a certain product.
Culture, sub-culture, social class and family are societal factors that affect people buying behaviors. Culture is defined as ways in which people should live in a society where there are shared beliefs, customs, attitude and behaviors that influences buyers buying decision. Consumers in a sub-culture have something in common with one another such as religion, jobs and ethnic background. However, people in these groups have specific interest and behaviors that affects the buying decision.
Social class refers to people in the society with similar social, economic and educational status. Consumers have the same purchasing power thus influencing their buying behaviors. Families buying decisions is influenced by the members of the family.
References
Ahmad, M. (2013). Marketing Case Studies and Swot Analysis. Saarbrücken: LAP LAMBERT Academic Publishing.
