A Firm in the Process of Developing a ________ ________

question 159

Short Answer

A firm in the process of developing a ________ ________ might ask these questions: What is our business? Who is our customer? What is our value to the customer? and What should our business be?

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Definitions:

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, suggesting that people are motivated by five basic categories of needs: physiological, safety, love/belonging, esteem, and self-actualization, which must be fulfilled hierarchically.

Physiological Needs

The basic physical requirements for human survival, such as air, water, food, shelter, and sleep, which are the foundation of Maslow's hierarchy of needs.

Basic To Survival

Fundamental needs or activities that are essential for an entity's continued existence and prosperity.

Safety Needs

Second level in Maslow's hierarchy of needs, regarding an individual's requirement for security, protection, and stability in their environment.