Maslow’s Hierarchy of Needs
Maslow’s hierarchy of needs is a psychological conjecture projected by Abraham Maslow in 1943. His first assumption affirmed that individuals are motivated to accomplish particular needs. Furthermore, when one need is satisfied, an individual seeks to accomplish the subsequent need, and so on.
The first level in Maslow’s ladder includes Physiological wants. In this case, the car is strongly designed to give passengers the physiological satisfaction they require, such as shelter. The second level involves safety needs. According to the manufacturer, the car is designed to secure the occupant against external interference. The third stage covers possessions needs. The car is designed to give the owner a sense of ownership due to its customized features. The fourth level is self-esteem. For instance, the car has been designed in an executive manner, and its external and internal appearance gives its occupant a high sense of esteem. In addition, the car is colorfully painted and designed with the ability to accommodate family members.
The fifth level consists of cognitive requirements that involve having knowledge of something. In this context, the car’s presentation details its shape, performance, and appearance. The sixth level involves aesthetic needs. In this case, the advert portrays how the car is luxurious and comfortable, giving pleasure and stability to the owner. Finally, there is a level of self-actualization need. The level involves recognizing individual perspective, self-satisfaction, and climax experiences (Cianci & Gambrel, 2008). In the demonstration, the passengers in the car have an absolute satisfaction that indicates the acme of their contentment. In fact, the level that fascinates me most is the stage of aesthetic needs, which focuses on the splendor and the pleasure the car endows.
Market segments
In this case, two marketing segments should be considered. The first target market should be the low income-earners. I will reach developing countries such as China and India, hubs for low-income earners. The Second target market should be a high class and rich individuals mostly in Europe and America. The rationale for this segment is anchored on the premise that the rich look for luxury and comfort (Siddathrth, 2013).
Marketing Plan
I will consider the four P’s market plan as a marketing manager. The first P is the product; I will describe the brand, its components, and what makes it unique from other competitors’ products. The second P is the price; I will fix attractive prices for my customers. The prices will be affordable compared to the competitors’ prices. The third P is where I will identify the target market according to the buyer’s ability and willingness. Therefore, I will practice price discrimination in the marketplace. Finally, the last P is promotions which involve designing ways that make the information reach the consumer. To achieve this, I will advertise on social media, create a website, and through seminars and conferences.
References
Cianci, R., Gambrel, P. A. (2008). “Maslow’s hierarchy of needs”; Journal of Applied Management and Entrepreneurship 8 (2): 143–161.
Siddathrth, P (April 11, 2013) Tata’s Nano, the World’s Cheapest Car, Is Sputtering: Bloomberg; BloombergBusinessweek.