A Luxury Marketer Must Balance the Need to Develop a Product

question 17

True/False

A luxury marketer must balance the need to develop a product image of quality and prestige and the need to appeal to as broad a group of consumers as possible.

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Definitions:

Hierarchy Of Needs

A theory in psychology proposed by Abraham Maslow, suggesting that people are motivated by five basic categories of needs: physiological, safety, love, esteem, and self-actualization, in that order.

Abraham H. Maslow

An American psychologist best known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs.

Physical Needs

Basic human requirements for survival and well-being, such as food, water, shelter, and sleep.

Intrinsic Benefits

Advantages or positive aspects inherent to something, not dependent on external factors.