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Source: Very Well MindThis theory was first conceptualized by Maslow, Abraham in 1943. He proposed a five-stage model that is divided by our prime most needs including Physiological, love, safety, self-actualization, and esteem. Maslow argued that everyone first strives to satisfy their lower levels of need before coveting the higher ones in the structure. For example, a person would first ensure basic needs like a roof over his head, food to eat and a family to live with. After one satisfies the basic needs, one would covet growth-related needs and desires. This applies to the marketing world as well. Marketers have to constantly research and innovative methods to generate the need for their products. Marketers should categorize their target audience according to the hierarchy of needs model and then ensure to come up with a marketing strategy that generates the need to fo their products in the minds of their respective targets.
Source: Mind ToolsPorter agreed that companies are likely to keep a careful eye on their competition, but he urged them to look past their competitors' behaviour to consider whether other considerations could influence the market climate. He has identified five factors in the business world that can erode productivity. Those five factors are mentioned as:
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