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Running Head: Unit 2 IP 1 Margaret Burnett Unit 2 IP: A Managerial Approach to Marketing American Intercontinental University Unit 2 Individual Project MKT640-A Managerial Approach to Marketing Running Head: Unit 2 IP 2 Abstract This paper will discuss in two parts, Maslow's Theory of Needs, and how it is applied to marketing, and the second part will discuss the service for the project provided, including the target market, and all that it entails such as the demographic profile, size of market, and purchasing power, and also the competition. The competition involves who are the competition, the big time competitors, and trends in the industry. Finally, how the service provided will fit into all these components. Running Head: Unit 2 IP 3 Part 1 Introduction Maslow's theory of needs build a realistic marketing idea that suggests consumer targets can turn over in one's mind, certain point of views, an Application to Marketing from these views they can make decisions. The product makers and servicers are becoming aware of the needs and wants, says a lot to the participation of consumers, and if you understand this, and how it is connected to human behavior, it does have an impact and powerful marketing plan. Technology, the way it has skyrocketed today with its constant innovations and a market that is forever changing, forms a constant change of diversity that indicates a point of view in organizational needs. Selecting the ones whose decision making on consumer products for the firms, can make more widespread population that takes part, and it can be a powerful marketing tool (Winer, 2007). Maslow's Theory of Needs and its Application to Marketing According to Korthagen (2005), Maslow's theory of needs gives thoughts to simple human needs and wants, and highlights a continuous sequence of motivations that brings outcomes. Maslow was unlike any other in his studies, as he tried to find the meaning of what a person seemed to be, and how that is combined with behavior. Combining instinctiveness and a quiet nature, add up to a decision that is stable in making decisions. If you can show a customer that a product or service shows what they need, it will definitely lead to a much powerful action by the consumer (Korthagen, 2005). When it comes to the larger global markets, there needs to be leaders associated with their firms to know the importance of products and services, and how it turns over in one's mind the Running Head: Unit 2 IP 4 dynamics. Their decision making on practices and production can impact the market purpose and how it competes. The changing market needs strong consumer practices which could be a big advantage in the firm's leader's decision making. There needs to be a lot of changes in production practices by the firm's leaders so that they can have a better understanding of consumer needs and wants of today, and have a much better outcome. This is so crucial to our environment, because it will affect our life and practices, and that is why it is so important that firm's leaders take responsibility, and bring in \"NEW\" practices and products (Korthagen, 2005). The Consumer Behavior Model According to (Wilson & Madsen, 2008), there needs to be changing needs systems, that will give thought to the behavior of consumers. Of course human needs will override products or services that are irrelevant to the needs of survival, but, there is new comprehension of the ways needs are put together that can benefit to human consumption. When it comes to the leaders of their firms, they look at product or services that are \"at the top\" of the \"pecking order\" of needs, and will tie in better with a much better functional target market, and knowing the customer needs connected to their point of view, seems to provide a bigger picture with the consumer market. In the marketing industry, if customer needs were the \"center of attention,\" and if one is to market to those needs, can you imagine how that would fit in to reach the target market (Wilson & Madsen, 2008)? The Three-Component Approach to Attitudes-Behavior Relationship The concerns about the environment are being talked about more and more these days and environmental concerns are being studied a lot more, and they look at how a person's attitude is towards the natural environment or elements of it. There are three components of attitude, and they are cognitive, emotional, and intentional. The \"cognitive \"element is what people consider Running Head: Unit 2 IP 5 right or wrong in what they believe in. When it comes to the \"emotional\" element, it is how people feel about a particular subject or topic. In regards to the \"intentional\" element, it means intentions to act in a particular way, and it is also called \"behavioral\" element (Fraj & Martinez, 2007). This study tells us that people have strong points of views when it comes to talking about environmental problems, but do not that much interest when it comes to their shopping habits and daily routines. It could be that people think that as consumers, it is their responsibility for the environment is limited, because it's the government's job to handle environmental issues. There is publicity campaigns that support consumers to be more eco-friendly, and institutions as well can support that consumers make their voices heard, and decide on their purchasing attitudes, and this can encourage environmental standards (Fraj & Martinez, 2007). In picking this model of consumer behavior, this fits in perfectly with Hybrid CO2 Dry Cleaning Services, because that's the main focus for this project, and people are really serious about the environment today, and they really believe that going eco-friendly is good for health reasons, as well as to the environment. This is why having an eco-friendly dry cleaning service is so important to the consumer's needs. Running Head: Unit 2 IP 6 Part 2 The Hybrid CO2 Dry Cleaning Services is a new type of service that's unique and innovative, in that it uses a CO2 non-toxin solvent that is eco-friendly, safe, and you can breathe easy, instead of using that toxin-filled \"PERC,\" which is soon to being phased out for health reasons. Using liquid CO2 as the dry cleaning solvent for cleaning garments, will be processed where it would be safe, odorless, and natural because it comes from the earth, and not man-made, nonhazardous, non-flammable, and of course, \"ECO-FRIENDLY!\" Company's Target Market: An Application of the Concepts The target market would be consumers that are ready to do the right thing for the planet in every way they can. Basically, the general public who lives in the local community and suburbs, as well as the rural sector. The target market will range from the ages of 18-80. The location would preferably be very busy shopping centers, or the mall area. Gender will both female and male. The income level would be average income to the rich and famous. Marital or family status will be single, married, divorced, widowed, and separated. The occupation will be from waitress to the governor. The ethnic background will include all races, because is no discrimination here. Subject SEX AND AGE Total Population Male Female 20 to 24 years 25 to 34 years 35 to 44 years 45 to 54 years Miami City, Florida Estimate 396,069 195,778 200,291 27,051 62,022 59,846 56,215 Running Head: Unit 2 IP 7 55 to 59 years 60 to 64 years 65 to 74 years 75 to 84 years 85 years and over 23,431 18,461 32,303 22,661 8,937 18 years and over Male Female 320,742 157,024 163,718 Race Total population One Race White Black or African American American Indian and Alaska Native Asian Asian Indian Chinese Filipino Japanese Korean Vietnamese Hispanic or Latino Mexican Puerto Rican Cuban Employment Status In Labor Force Civilian labor force Employed Unemployed Armed Forces Civilian labor force 396,069 391,290 291,795 81,693 493 3,363 1,049 888 1,004 55 101 55 279,810 7,005 12,811 137,399 199,876 199,629 177,822 21,807 247 199,629 Occupations Civilian employed 177,822 population 16years and over Management, 47,548 business, science, and art occupations Service Occupations 44,166 Running Head: Unit 2 IP 8 Sales and office 42,217 occupations Natural resources, 24,657 construction, and maintenance occupations Production, 19,234 transportation, and material moving occupations Income and benefits (In 2011 InflationAdjusted Dollars $25,000 to $34,000 $35,000 to $49,000 $50,000 to $74,000 $75,000 to $99,000 $100,000 to $149,000 $150,000 to $199,000 $200,000 or more 18,903 20,587 19,311 9,890 8,393 3,816 4,764 Families $25,000 to $34,000 $35,000 to $49,999 $50,000 to $74,000 $75,000 to $99,000 $100,000 to $149,999 $150,000 to $199,000 $200,000 or more 85,951 12,148 12,961 11,771 6,531 5,715 2,715 3,022 My rationale for this decision is that Hybrid CO2 Dry Cleaning Services is available to the general public and the wealthy, and if they want to protect the environment, people from all walks of life are going to participate in making it stay that way. This demographic profile suggests that it do not matter how low your income is or how rich you are, the prices will be cost effective, until the profits start rolling in, and then it will cost a little more to take care of operational costs. The bottom line is \"ECO-FRIENDLY!\" Also, strengthening and opening CO2 dry cleaning locations in different areas will increase profit over time. Running Head: Unit 2 IP 9 Knowing that dry cleaning services target markets with high population growth, and Miami Florida would be a good choice to live and put up my store front, because in recent years, Florida, Nevada, and Arizona are the states with the highest population growth. In Miami, it stays warm all year round, and people are going to want to have eco-friendly cry cleaning, so when they go to the beaches, they will have nice fresh eco-friendly bikini's to wear. Also Massachusetts, New York, and Ohio were the states with the lowest population growth, and that is not an option (IBIS World, 2013). In considering the size of the market and its purchasing power, savings comes in the form of low regulatory loads, and reduced waste handling and disposal costs. Also, there will be cost savings that will come through minimizing machine and labor processing time. Because of liquid CO2 processing, its costs and performance is commercially viable and eco-friendly fabricare system (EPA, 2013). Company's Competition: An Application of the Concepts The competition involved with Co2dry cleaning or eco-friendly is the other eco-friendly services in the local community, but they are few and far between, and the rest of the dry cleaning market still uses \"PERC,\" so there really is no competition yet! As long as there are no other eco-friendly dry cleaning services in my area, and they can deliver the best quality garment care with reasonable prices, better than Hybrid CO2 Dry Cleaning Services, they are going to have to \"BRING IT\"! The biggest competitors in the dry cleaning industry, and there is no need for me to compete with these \"BIG BOYS\