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Maslow’s hierarchy of needs focuses on the needs of an individual beginning from the most fundamental one which is the physiological need. This includes food and health which every individual can’t live without. The second need is the need for security which is both financial and physical. In addition to that, an individual also needs love and a sense of belonging which contributes to satisfying the next need that is esteem. Self-esteem goes hand in hand with self-confidence and self-respect. Self-actualization is achieved after gaining the first needs. It involves an individual’s ability to realize their potential and maximize it (Vandome 9).
In the business field, Maslow’s theory should be put in practise especially in an effort to motivate employees. In a business, the main should not only be the satisfaction of consumers but also should focus on satisfying the employees. In the light of Maslow’s theory, managers should contribute to the employees’ physiological needs by giving a good pay. This satisfies the second need, which is security, especially in financial matters. Managers can also motivate their employees by showing them love no matter what kind of job they are doing. This should also be accompanied by providing them with a sense of belonging.
By doing this, an employee will gain self-esteem which goes hand in hand with self-confidence. An employee with self-confidence is more competent since he or she is able to point out the major issues affecting business and also share his/her opinions without the fear of being criticised. They are also able to know their potential and maximize it, thus satisfying the self-actualization need.
In an effort to motivate their employees, managers may face various problems. These include some employees lacking self-esteem thus reducing in competence. This may be developed from the previous experiences with the employer like being unappreciated or being condemned for their efforts. Another problem that managers may face in an effort to motivate their employees is having employees who are not intent on improving their skills. This is brought about by the lack of self-actualization such that the employee does not know his or her potential so they cannot maximize it, thus the business does not achieve its goals.
For employees to be motivated, the employers should show appreciation of what is done. They should also be corrected politely keeping in mind that people learn from their mistakes. Another technique of motivating employees is by giving awards to various employees who have done exceptional work. This helps in motivating other employees to strive in order to get the award. In doing this, the employees will maximize their potential and eventually improve the business.
A company that focuses only on its most profitable customers is most likely going to fail. This is because the customers who are believed to be non-profitable may eventually be profitable. Customers who are believed to be most profitable, in most cases, are not permanent customers. They always find a better company to do business with due to the competition. If a company focuses on such customers only, it may end up losing a lot of clients.
The marketing concept focuses on analyzing the needs of a customer and working towards satisfaction of the customer. A company benefits by adopting this concept since it is able to meet its goals as a company. The company is also able to improve on its weak areas. The customer also benefits since his or her needs are met. This is because the marketing concept focuses on analyzing the customer’s needs and produces products keyed on satisfying the customer (Association 23).