Maslow’s Hierarchy of Needs and the VALS-2 Lifestyle model - 1100 Words

Maslow's Hierarchy of Needs and the VALS-2 Lifestyle model (Essay Sample) Content: Marketing 400 Test 2 - Spring of 2015NameInstitutional AffiliationThis test covers Chapters 1-9.Five essays at 14 possible points each (for a total of 70 points possible).1. - Compare and contrast Maslows Hierarchy of Needs and the VALS-2 Lifestyle model (that is, tell how they are the same and how they are different from each other).Both the Maslows hierarchy of needs and the VALS-2 lifestyle model are theories that attempt to describe why people behave the way they do. Both theories are represented in a hierarchical order whereby the ones placed at the lowest points of the triangles represent those people who can only afford the most basic needs and those with the lowest income respectively. On the other hand, the ones placed at the top most level of the triangles represent those people who have achieved the transcendence needs and the innovators who have the highest incomes and can afford living luxurious. However, one theory focus on consumer behavior, that is, wh y people make buying decisions the way they do while the other describes why people find the motivation to work hard. Maslows hierarchy of needs explains why people are motivated to work hard that is, in order to achieve the next level of needs, while VALS-2 lifestyle model explains why consumers purchase certain types of goods as opposed to others. Therefore, Maslows hierarchy of needs relates to people's behavior due to motivation by their needs while VALS-2 lifestyle model relates to peoples way of life due to motivation by what they have in terms of knowledge and wealth.2. - Pick one of the following four products: (1) toaster; (2) cat food; (3) Cheverolet Camaro; (4) refrigerator.Tell whether the buyers of the product you pick are highly involved or not, and whether or not there are substantial differences among brands in that product category. Based on these considerations, describe the buyers likely behavior.A buyer who intends to buy a refrigerator is a highly involved buye r. This is due to the fact that buying a refrigerator is something that does not fall under the routine response behaviour or impulsive buying, rather it is a decision that is intended to solve an extended problem. For this reason, such a buyer is likely to go through a very serious process before making a decision on which model of a refrigerator to buy. However, this will be affected by whether the buyer is replacing an old refrigerator or is buying the first one. A buyer who is looking to replace might not have a hard time because he/she already has an idea of the various features that the different models in the market have. In addition, he/she will have in mind the exact model to purchase, especially if he/she was happy with the model owned previously, and if not, then he/she already knows knows which models to avoid. A new buyer on the other hand might not have an idea of the various models available in the market, their price ranges nor the features that they posses. For this reason, he/she will spend more time comparing them before making the final decision. After making the decision to buy, the buyer also goes through the dissonance stage whereby he/she evaluates whether the decision he/she made was the best depending on the functionality of the refrigerator.3. - In class and in the videos we studied the marketing efforts of several musical groups and one large consumer products firm (Patricia Kaas, Bad Livers, Peter Kingsbery, and Nestle). Write a brief paragraph (4-5 sentences should be enough) comparing the various strategies of these four marketers.The marketing strategies embraced by musical groups are different from those employed by a large consumer product firm because one is a service oriented industry while the other deals with tangible consumer goods. For this reason, nestle employs the use of the four Ps in its marketing mix which include production of a wide range of products, maintaining competitive prices for these products, employing an effective placement strategy that is one that involves efficient supply chain management, and awarding promotions to customers. The musical groups on the other hand, employ marketing strategies that target improving the customer experience. Such strategies include two way communication between the musical groups and the fans to ensure that the fans feel cared for. Therefore, the marketing strategies employed by the musical groups involve the consumers more as compared to those used by the consumer products firm.4.- Explain the many purposes we discussed (February 26th) for the use of perceptual mapping.Organizations use perceptual mapping as a market positioning strategy. Perception maps are based on the perceptions of consumers towards existing products and/or services. Businesses use conceptual maps to find out what the consumers think about their products and/or services, as well as those of their competitors. By understanding the trends in the consumer behaviour, organization s can position themselves in a way that consumers will consider them as the first choice before shifting to sample what others have. In addition, they can predict the shift in demand for the future based on the trends that they observe. For this reason, organizations can easily identify positions in which they can competitively place their products with optimum customer attraction. This can be achieved by either identifying a gap in existing products and filling it, or identifying a position within existing products and placing their products in an effort to compete in this ready market. Perception maps are therefore based on the various competitive elements of a business which include price, features, quality, reliability, safety among others. A business can therefore use perceptual maps to identify areas of potential growth in terms of introducing new brands. A concept...