Maslow’s Hierarchy of Needs is a psychological theory used across disciplines to understand human behavior. It defines humans’ basic needs as follows: safety and security, love and belongingness, self-esteem and self-actualization. Marketers can use this information to identify the needs of their target customers and develop products and strategies.
For this Assignment, you evaluate your product in relationship to Maslow’s Hierarchy of Needs. You also consider the Boston Strategic Portfolio Model, also known as Boston Group Method and Product Life Cycle, as tools to evaluate your product and marketing strategy. The Boston Group Method is based on the work of the Boston Consulting Group where products are classified as a “cash cow,” “star,” “problem child,” or “dog.” Cash cow is a product that delivers high profits for the least effort. Stars require more investment of time and money but are strong performers. Problem children have growth potential and dogs need to be cut from the product line.
To Prepare:
• Review the Learning Resources
• Consider your Final Project product and its Life Cycle
• Determine which phase of Maslow’s Hierarchy of Needs applies to your product or service
• Evaluate your product on the Boston Group Method’s scale
Submit by Day 7:
Develop a 5 to 6-page APA formatted paper with five references and citations addressing the bullets. Please note the title page, references, and graphics do not apply to the total page count.
• Describe and evaluate the product or service based on the Product’s Life Cycle (PLC) and the Boston Group Model
• Include an analysis of how this product relates to Maslow’s Hierarchy of Needs. Where on the hierarchy does your product fall and how can you ensure its place in the Hierarchy in the future?
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Ferreira, P., Telang, R., & De Matos, M. G. (2019). Effect of friends’ churn on consumer behavior in mobile networks. Journal of Management Information Systems, 36(2), 355-390.
Available through the Kettering University Library.
Harrison, M., & Firth C. (2017). Introducing the business-to business hierarchy of needs. https://www.b2binternational.com/publications/introducing-the-business-to-business-hierarchy-of-needs/
Hirsh, A. (2016). What is the BCG model in marketing? Demand Media. http://smallbusiness.chron.com/bcg-model-marketing-12953.html
Learn Marketing. (2020, February 4). Factors influencing consumer buying behaviour . https://www.learnmarketing.net/Factors%20influencing%20consumer%20buying%20behaviour.html
Marketingteacher.com (2016). The product life cycle. http://www.marketingteacher.com/the-product-life-cycle-plc/
McFarlin, K. (n.d.). Sample marketing plan competitive analysis. Demand Media. http://smallbusiness.chron.com/sample-marketing-plan-competitive-analysis-10660.html
Productlifecyclestages .com (2016). Product lifecycle stages . http :// productlifecyclestages .com/
Qualtrics. (2021). Market segmentation: Types, benefits and best practices. https://www.qualtrics.com/experience-management/brand/what-is-market-segmentation
Stanford, K. (2016, June). What marketers can learn from voter behavior online. Think with Google.https://www.thinkwithgoogle.com/marketing-strategies/video/marketer-lessons-online-voter-behavior-data/
StrategicBusinessInsights (2017). US framework and VALS types . http://www.strategicbusinessinsights.com/vals/ustypes.shtml
The School of Life (2019, April 10). Why maslow’s hierarchy of needs matters [Video]. YouTube. https://www.youtube.com/watch?v=L0PKWTta7lU
