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MK 351 Park Marketing and Maslow Hierarchy of Needs Questions

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Marketing

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Park University

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MK 351

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Jessica Agnew

MK351

Unit 2: Analysis Assignment

1. You are opening a new, high end restaurant in a large city, explain how you would

utilize Maslow’s Hierarchy of needs to appeal to the needs of your targeted

market.

I would use Maslow’s Hierarchy to target my consumers by using the starting with the

most affordable aspect of the hierarchy first. I would first ensure that my restaurant is

in a safe location. Consumers want to feel safe when they are dining out at high end

restaurants. I would then focus on the physiological aspect even though its at the

bottom of the pyramid. I have to be sure that my food is good and that all my consumers

needs can be met. After those to aspects have been met I can focus on the fun stuff such

as creativity and belongingness, and esteem. “Products and services that aim for

consumers in this area are typically referred to as “luxury brands.” The obvious

examples are in the automobile industry” (Walker, 2017). Although many people put

emphasis on name brands they also feel a certain way when they eat at high end

restaurants.

2. Explain the relationship between extensive, limited, and routine decision making

relative to high- and low-involvement decisions. Identify examples of extensive,

limited, and routine decision making based on your personal consumption

behavior.

Decision making typically relies upon the support of the consumer. Along these lines

there are merchandise and enterprises with either high or low investments being

included especially in industrial or consumer products. Moreover, customers

contribution in industrial products will generally be large compared to commercial

products as the measure of investment in industrial products is large. Extensive

decision making process is executed when the merchandise and services offered

includes huge investment in the preparing component of the product. For example, an

individual obtaining a home or business getting a new manufacturing plant. In either

case there are various individuals involved and decision making process included is

extensive in nature as the consumer wants to get maximum benefits. Moreover, there

are additionally risks included with advert occasions occurring therefore there is a

broad decision process involved. An example would be if a consumer is buying a

television or vehicle regularly it will include a limited decision making process as the

investment concerned with such goods are typically ostensible and not very high. You

additionally indeed have some great understanding and knowledge about the product

as regularly either you watch television or sit in the vehicle. In this manner you don’t

use a lot of time while obtaining these sorts of products. These days limited decision

making process is further encouraged with the presence of online content where an

individual is provided with adequate discernment and information about the product.

The speed of the limited decision making also to a great extent depends on the

consumer experience, comprehension and knowledge about the item and amount of

time he must take the decision. Routine decision making process is concerned with a

person’s normal decision making process for example purchasing a soap or shampoo.

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Jessica Agnew

MK351

Unit 2: Analysis Assignment

Therefore under such conditions since the consumer is not expected to change to other

brands he is most likely to bond with a single brand for a longer period of time as he

desires to invest very little time towards his routine decision making process.

3. Consider a company where marketing and sales are two different departments.

Their customers are other businesses. Using both the buying center and buying

process, describe what the marketing department actually does. What do

salespeople actually do?

Marketing department is responsible for obtaining customers by communicating with

them. They recognize potential consumers and give them details about organization

then attempt to make a business deal with those companies. They are in charge of

giving expenses and all the cost related disclosure. Whne the agreement is signed the

business is given to sales reps who are responsible for taking requests, doing follow up

and ensuring that the business is going in a smooth manner. Consequently both

marketing and sales are different and have various capacities.

4. Locate three different types of websites that cater to markets discussed in this

chapter.

www.target.com, www.amazon.com, www.walmart.com

How do these differ from sites like eBay or Overstock.com?

There are several differences between these and the above stated websites: Target

Audience, Business strategies, for sale Product differentiation, Delivery partners, and

Market reach.

How are they similar?

They are similar in the aspects of: Multiple product lines. Packaging and service

agencies. Advertising strategies.

B2C models like Groupon and LivingSocial are being adopted by B2B companies.

Examples include Bizy Deal; take a look at their site and identify the types of

offerings that seem prevalent.

The offerings that seem prevalent: Specification of contents. Customer feedback

options. Brief index for deliverables. Reviews and ratings.

What characteristics of the product or service would make such a model right for

a B2B company?

Characteristics of the product or service would make such a model right for a B2B

company are: Easy access to the database of the company. Customization as per client

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Jessica Agnew MK351 Unit 2: Analysis Assignment 1. You are opening a new, high end restaurant in a large city, explain how you would utilize Maslow’s Hierarchy of needs to appeal to the needs of your targeted market. I would use Maslow’s Hierarchy to target my consumers by using the starting with the most affordable aspect of the hierarchy first. I would first ensure that my restaurant is in a safe location. Consumers want to feel safe when they are dining out at high end restaurants. I would then focus on the physiological aspect even though its at the bottom of the pyramid. I have to be sure that my food is good and that all my consumers needs can be met. After those to aspects have been met I can focus on the fun stuff such as creativity and belongingness, and esteem. “Products and services that aim for consumers in this area are typically referred to as “luxury brands.” The obvious examples are in the automobile industry” (Walker, 2017). Although many people put emphasis on name brands they also feel a certain way when they eat at high end restaurants. 2. Explain the relationship between extensive, limited, and routine decision making relative to high- and low-inv ...
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Tags: marketing strategies Maslow Hierarchy of needs routine decision making Consumption Behavior marketing and sales