According to Abraham Maslow's Hierarchy of Needs,human Beings Have Five

question 21

Multiple Choice

According to Abraham Maslow's hierarchy of needs,human beings have five levels of needs they are constantly seeking to satisfy.Marketers who are knowledgeable of the hierarchy of needs are able to manufacture products accordingly,and develop marketing strategies that help make consumer purchase decisions easier. ​
​Amos is in the market for a luxury car and has been researching different brands,their costs,and expenses associated with maintaining these vehicles.The luxury car commercials he has seen deal with social status,feeling good,and the esteem needs of potential consumers.For the most part,all of the brands he was considering were similar until he saw an ad for a luxury car company that was highlighting efficiency rates of the car's airbags and seat belts in crash control tests.Amos decided to buy this company's all wheel drive.
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Which of the following statements can be inferred from the scenario provided above?

• A)​Amos's decision to buy a luxury car was an impulsive purchase decision.
• B)​Amos was able to reach self-actualization with his purchase of the luxury car.
• C)​Amos's decision about which car to purchase was ultimately based on his self esteem.
• D)​Marketers who consider Maslow's hierarchy of needs in their advertising campaigns sell more product.
• E)​A consumer purchase decision may be informed by more than one aspect of Maslow's hierarchy of needs.

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Definitions:

Consumer Surplus

The misalignment between the price consumers are willing to allocate for a good or service and the price they actually allocate.

Producer Surplus

The difference between what producers are willing to sell a good for and the actual market price they receive, representing the profit producers make.

Tax

A compulsory charge by the government on individuals or entities' income, property, or goods, used to fund public services and government obligations.

Deadweight Loss

Deadweight loss refers to the loss of economic efficiency when the equilibrium outcome is not achievable or is not achieved in the market.