Inputs Transformation Process Outputs International airline Passengers; Pilots, freights. Change of location of passengers and cargo such as cars. Passengers and airline freights at new destinations. Cheese Manufacturer Factory workers, milk, machines, equipment, and other raw materials. Make the cheese, cutting, stirring, innovative cheese ideas, selling of cheese to wholesalers such as dairy companies or retail stores such as supermarkets. Completed cheese to eat for consumers. (BJ ERASMUS, 2013) Q.1.2 Maslow’s hierarchy of needs theory discusses five basic needs which are arranged in a hierarchy from lowest level needs to highest, which are, physiological, safety, social, esteem, and self-actualisation needs. Physiological needs …show more content…
Motivation would depend mostly on the customer as he/she must have an interest in this particular product, as well as the dealership to provide this motivation by many different techniques such as advertising, proving that is better than other vehicles and being able to persuade and interest the customer with regards to this product by simply providing information which the customer would demand. Another factor which determines purchasing patterns is attitudes, as a customer with an optimistic attitude towards this product can more likely be persuaded to purchase it than a person with an undesirable attitude. Hence this product must create a great marketing strategy in order to prevent customers from having a negative attitude towards this product as it would not create success for this Skoda Octavia vehicle. Perception of consumers determine what they focus their attention to and what motivates their interest, therefore marketers of this product would need to be careful of creating marketing messages as customers would assign their own interpretation to the message, which leads to influencing their decision making. The learning ability of customers decides whether they are capable to learn the seller’s ‘tutorial’ benefits of this new vehicle that make it worth paying for, …show more content…
A family can be considered as a decision-making unit as they make a decision between each person, who fulfils a specific role of the decision-making process, which then leads to a final decision which the dominant member of the family would then decide based on the other members’ choices. Hence to purchase this product, it would highly impact the decision-making process of a family as this is seen as a family vehicle, and all have an equal say in whether they are comfortable with this choice. Reference groups are groups against which people can evaluate their own behaviour and decision-making, for example being with a group of friends or colleagues and discussing the purchase which you are going to make on this vehicle, would influence your decision-making as they would give their comments and try persuade you to not purchase it due to their personal reasons or simply guiding you on your financial planning. An opinion leader is someone who alerts you for things which you do not think of before purchasing a product, for example in this scenario of this product, the opinion leader will tell you to test drive this vehicle before making a purchase rapidly and to consider the financial loss. This would then influence the purchasing decision as it buys time to think more about the
Akerlof explored the problem associated with pricing second hand cars, which he called a lemons market – a ‘lemon’ is a derogatory term for a poor quality second-hand car. Since, the buyer doesn’t have all the information, the buyer can solve this problem by doing their research before purchasing the car. The buyer can look into the seller’s reputation, hire a mechanic to inspect the car, look at the car history by using CARFAX and also acquiring
Marketing Simulation Managing Segments and Customers A Reflective Essay Debanjan Mal As the newly appointed CEO of Minnesota Micromotors, I was responsible for designing and executing the company’s marketing strategy. This was my opportunity to integrate and apply the mantra of marketing that I have learnt during my course: “Create, communicate and deliver value to a target market at a profit”. Before I started the simulation, I needed to understand the big picture and try to figure out the following in order to come up with my marketing strategy and execute it during the simulation: • Understand the overall market and the competitive landscape where Minnesota Micromotors has to operate. • Understand my company’s marketing
1. Collective decision making, such as determining the level of public goods, differs from standard decision making within a household in two important ways. First, there is a problem of eliciting preferences. If the amount that individuals have to pay depends on their statements, they may tend to understate their true preferences. If the amount that individuals have to pay does not depend at all on their statements, they may tend to overstate their true preferences.
The Road: A Breakdown of Maslow’s Hierarchy of Needs In Cormac McCarthy’s post-apocalyptic novel, “The Road”, a man and his young son find themselves on a journey fighting for survival through a dark and desolate world. With no identity or any hope in the future, the characters are faced with many compromising decisions. Two levels of Maslow’s Hierarchy of Needs, the physiological and safety levels provide the most motivation and validation for the characters’ actions throughout the novel. There are 5 major levels to Maslow’s Hierarchy of needs; physiological, safety, emotional, esteem, and self-actualization (Maslow 1).
he movie titled “The Pursuit of Happyness”, there was a problematic family living in San Francisco in 1981. The main character, Chris Gardner worked as a salesman invested his entire life savings in portable bone density scanner to support his family including his wife Linda and a five years old son Christopher. However, Chris’ business was not doing well and his wife was forced to work. Day after day, Linda was suffering and she always quarrelled with Chris and blamed him for didn’t play the role as a responsible father and a good husband. Luckily, this was not the end for Chris.
Reforms touchest the farthest of places, yet it has not reached cars. It is time that reform makes its way into the automobile industry. After all, this change must be made to keep the streets safer, a pressing area of concern for people. It does this through eliminating desires and only placing those on the streets with a need to be on the streets. Also, people with eighteen years of learning under their belt are infinitely wiser than those who lack the additional two years.
It has five doors fastback. So, the above differences between those cars influence the buying decision process of customer. Here, first stages of buying process i.e. need recognition is required for both customer groups of Cayenne and Panamera. Traditional customers of Porsche may ignore the second stage i.e. information search because the information regarding the cars of Porsche is already known to them. But
Maslow’s Hierarchy of needs and the four principles of Ethics are also evident in this assignment. 1.1 Maslow Hierarchy of needs This pyramid concept was created by a psychologist named Abraham Maslow. [Figure 1] The most basic needs are at the base and the more complex needs of the patient is at the top of the pyramid ¹. The lower four needs are referred to as deficiency needs, these needs are due to a lack of something and they have to be satisfied to avoid unpleasantness.¹
According to Maslow’s hierarchy of needs theory, there are five broad motivational needs classified into basic needs and growth needs (Kaur, 2013). The basic needs include, esteem, psychological, love and safety. On the other hand, growth needs involve self-actualization. In this regard, Maslow stipulated that individuals are motivated to attain certain needs (Kaur, 2013). These needs are arranged in such a way that the lower needs must be met before the higher ones.
Maslow’s Hierarchy of Needs Countless psychologists have theorized about human behavior, but few theories have had the impact that Abraham Maslow’s Hierarchy of Needs has had. Maslow was looking to explain the motivation behind people’s actions. He developed his theory to represent the needs people need to meet to be comfortable in their living situations. Based on Maslow’s theory, phycologists can determine why people partake in the actions they do. For example, people who do not feel belonging and love as children are more likely to join gangs or other organizations to gain a sense of belonging.
Name: Jasmit Singh ID: J13013948 Section: DB 4 Lecturer: Ms Lingkeswari Table of contents Content Page Introduction 3 Market segmentation 4-5 Product strategy 6-7 Pricing strategy 8 Place strategy 9 Promotion strategy 10 Conclusion 11 Reference 12 Introduction BMW (Bayerische Motoren Werke AG) is a German automobile company which was founded in 1916 and is headquartered in Munich, Bavaria, Germany. BMW is now one of the largest car manufacturer in the world for its exceptional level of quality and producing cars with sporty driving characteristics. The BMW company 's slogan in English is "The Ultimate Driving Machine" or Sheer Driving Pleasure" which was originally translated from German slogan which is
This theory is proposed by Araham Harold Maslow by year 1954. There are 5 different needs in this theory which consists of: Physiological; Safety; Belongingness; Need for esteem and Self-actualization. Maslow believed that a man being motivated by the needs he wants to satisfy. So, the fundamental needs must be satisfy in order to begin motivating behavior (Adiele and Abraham, 2013). 1) Physiological Physiological needs is fundamental and most basic need for human survival.
The customers of Mercedes Benz look for products that have certain benefits that hold value for them. Therefore, in terms of benefits sought, they seek for high-end integrated technology and functioning of the car, along with consistency in performance and most importantly they will look to purchase cars that will offer high sustainability and reliability. The Mercedes is purchased among customers that heavily use the product on a daily basis. As mentioned in the demographics segmentation section that people who purchase these cars are in the high income class group, which means that these customers will regularly use a mode of transportation to travel to workplaces.
Interaction with the final customers As a company, it's crucial to interact with the final customers because we sell directly to the final customer. By this, Tesla makes sure that our final customer gets a memorable experience and has access to all the services which a luxury car should offer. Once you have registered yourself in my Tesla, it provides you numerous features like Customizing your car, tracking your car lead time, finding the nearest charging stations,
2.0 Inputs - Transformation Process - Outputs 2.1 Inputs Operations management concerns with the conversion of inputs into revenue-creating outputs through the transformation process (Mahadevan, 2010, p.5). Slack et al. (1995 cited in McMahon-Beattie and Yeoman 2004, p.30) mention that inputs are divided in transformed and transforming. Transformed are those that are transformed in some way and transforming inputs are those that are used to carry out the transforming process.