Chapter 1: Economic Basics Topic: Wants vs Needs Unit 1: Business Fundamentals BBI 201 King City Secondary School Fall 2013 Chapter 1: Economic Basics Topic: Wants vs Needs

What is the difference between a want and a need? A need is a necessity, you have to have it A want is something that you would like to have but can live without it ***The role of advertising is to make wants seem like they are needs We live in a world of wants but feel like we need everything

Maslow’s Hierarchy of Needs Abraham Maslow (1908-1970) was an American psychologist Best known for creating the hierarchy of needs which all humans attempt fulfill in an attempt to reach ultimate satisfaction and happiness

Maslow’s Hierarchy of Needs Self-Actualization Esteem Social Safety Physiological

Level One: Physiological Needs/Wants MOST NEEDS HAVE TO DO WITH SURVIVAL PHYSICALLY AND PSYCHOLOGICALLY Ex. Food, Water, Roadside Assistance PHYSIOLOGICAL OR SURVIVAL NEEDS 5

Level Two: Safety Needs/Wants Ex. Physical Safety, Economic Safety, Personal Security, Financial Security, Health and Well Being SAFETY NEEDS PHYSIOLOGICAL OR SURVIVAL NEEDS

ON THE WHOLE AN INDIVIDUAL CANNOT SATISFY ANY LEVEL UNLESS NEEDS BELOW ARE SATISFIED

Level Three: Social Needs/Wants Ex. Friendship, Family, Love SOCIAL NEEDS SAFETY NEEDS PHYSIOLOGICAL OR SURVIVAL NEEDS 7

Level Four: Esteem Needs/Wants Ex. Need for respect from others (Low Esteem Needs) Note: High Esteem Needs is achieved by respecting yourself ESTEEM NEEDS LOVE, AFFECTION, AND BELONGINGNESS NEEDS SAFETY NEEDS PHYSIOLOGICAL OR SURVIVAL NEEDS 8

MASLOW EMPHASIZES NEED FOR SELF A HEALTHY INDIVIDUAL’S PRIME Maslow’s Hierarchy of Needs NEED FOR SELF- ACTUALIZATION MASLOW EMPHASIZES NEED FOR SELF ACTUALIZATION IS A HEALTHY INDIVIDUAL’S PRIME MOTIVATION 9

Maslow’s Hierarchy of Needs FOR SELF- ACTUALIZATION SELF-ACTUALIZATION MEANS ACTUALIZING ONE’S POTENTIAL BECOMING ALL ONE IS CAPABLE OF BECOMING 10

Maslow’s Hierarchy of Needs SELF- ACTUALIZATION ESTEEM NEEDS SOCIAL NEEDS SAFETY NEEDS PHYSIOLOGICAL OR SURVIVAL NEEDS 11

HoN/W in Advertising Physiological Needs/Wants- roadside recovery services, wife/child abuse help lines Safety Needs/Wants- home security products, home insurance, life insurance, schools Social Needs/Wants- dating and match making services, clubs and memberships, Esteem Needs/Wants- cosmetics, fast cars, home improvements, fashion clothes, lifestyle products and services Self-Actualization Needs/Wants- ???

Your Task for the remainder of the period… Is to find advertisements that best represent each of Maslow’s different needs/wants. You will be given magazines to look through and if you cannot find an example in the magazines you are allowed to look online for the outstanding examples. You will be placed in groups of two or three students You will be given a limited amount of time to complete the activity After we will discuss your findings as a class

Your groups are Zaid and Aidan Sebastian B. and Victoria Murphy and Trevor Luca C. and Kristian Pratham and Jake P Andrea and Kaitlin Luca F and Jake P 8. Victoria and Nick 9. Jake H. and Amelia 10. Nathan Tamara 11. Sebastian O. and Emma 12. Adam and Sonia 13. Mohammed and Alex 14. Paul, Edward and Daniel

Example of a Physiological Needs/Wants Advertisement This ad demonstrates the physiological need of Maslow’s hierarchy of needs.  The strategy of this need is expressing that water is very important and it is impossible to survive without it.  This ad fits the physiological need because water is something that people will always need and thirst is something that people will always have.

Example of a Safety Needs/Wants Advertisement This ad is an example of the Safety need of Maslow’s hierarchy of needs.  The strategy of this ad is conveying that if you rent a home or an apartment and do not have insurance it is equivalent to doing the most dangerous activities in your home.  This ad fits the safety need because people feel secure and safe when they have insurance

Example of a Social Needs/Wants Advertisement This ad is an example of the love and belongingness need of Maslow’s hierarchy of needs.  The strategy of this ad is expressing that the Salvation Army is always looking out to help people in need.  This ad conveys the love and belongingness need because it is expressing that there are people who will help anybody in need and those people will feel like they belong.

Example of an Esteem Needs/Wants Advertisement This ad demonstrates the esteem need of Maslow’s hierarchy of needs.  The strategy of this ad is suggesting that the design of this car is so much like a plane and it is hard to differentiate between the two.  This ad expresses the esteem need because people will feel very prestigious.  They will also feel as if they have a very high status because their car is compared to a plane.

Example of a Self Actualization Needs/Wants Advertisement This ad expresses the self-actualization need of Maslow’s hierarchy of needs.  The strategy of this ad is conveying that the U.S. Marines only wants people who are able to live up to their highest potential and push others to do the same.  This ad fits the self-actualization ad because it is expressing people to be the best they can be and then they will feel self-fulfillment.