Maslow’s Hierarchy of Needs, Categories of Needs | Lessons From the Fire | Behavioral Economics in Marketing

Maslow's hierarchy of needs is a rudimentary motivational theory by Abraham Maslow in 1943 in his article entitled "A Theory of Human Motivation" originally published in Psychological Review. The psychology theory asserts that humans are motivated by five basic categories of needs: physiological, safety, love, esteem, and self-actualization. In this episode, I went more in depth on Maslow's Hierarchy of Needs by defining each of the categories of needs and motivations, especially how they relate to marketing. And I also discuss some of the criticisms of Maslow's Hierarchy of Needs. 

Behavioral Economics in Marketing Podcast | Understanding how we as humans make decisions is an important part of marketing. Behavioral economics is the study of decision-making and can give keen insight into buyer behavior and help to shape your marketing mix. Marketers can tap into Behavioral Economics to create environments that nudge people towards their products and services, to conduct better market research and analyze their marketing mix.

Sandra Thomas-Comenole | Host | Marketing professional with over 15 years of experience leading marketing and sales teams and a rigorously quantitative Master’s degree in economics from Rensselaer Polytechnic Institute. Check out her Linkedin profile here: Sandra Thomas-Comenole, Head of Marketing, Travel & Tourism

Lessons From the Fire | Lessons From the Fire, Season 5 of the Behavioral Economics in Marketing podcast will be dedicated to those that along with our family lost everything in the Marshall Fire in Boulder, Colorado, as well as to those that have been affected by natural disasters. My hope is that listening to this season of the Behavioral Economics in Marketing podcast will help others in their healing process. But I also believe that this season will be full of marketing wisdom for marketing professionals and business leaders.