Application of Maslow’s Hierarchy of Need Theory, Essay Example

Introduction

The main challenge facing educational progress has been the lack of proper funding and resources to necessitate a smooth learning system. Students have struggled with commuting to their schools, especially in the rural areas where roads and transport facilities are mostly inadequate. Teachers have been working with inadequate resources to provide the necessary practical skills to their students, especially in the arts and sciences.

As a budding entrepreneur in an urban setting, I would consider starting a small retail shop that is made to serve the needs of subsistence buyers who depend on daily wages for sustenance (Sridharan et al., 2014). This shop is made to shoulder the retail needs of the immediate populace of its locality with favorable prices to create a reliable customer foundation. The subsistence nature of the business will also ensure good customer relations as goods will always be relatively fresh due to the constant purchase of subsistent consumers.

Insights from virtual interviews

The interviewees both have a huge admiration and desire to see the progress of education and believe it is a crucial change element to society (Wedgwood, 2007). Funding and investment in education are the keys to ensuring a widespread utilization of this vital development aspect. The desire and the willingness of the main stakeholders are present, and with the correct systems in place, the youth have a chance to maximize their educational and formative years.

The problem, etc. see #below for a list of subsections)

Insights from interviews

Subsistence trade relies on the niche of meager available resources versus basic daily needs. The diversity of the niche is unending and permeates all levels of society and expertise.

Problem

The subsistence industry has no clear rules that govern it, and it can have wildly inaccurate, inconsistent, and unpredictable outcomes without tax and revenue streams for governments.

Need and issues

The glaring need seen is the economic revamp of the earning system in its entirety to ensure systematic changes that reduce the wealth gap. The issue can be a misappropriation of already allocated funds, inequalities in resource allocation, etc.

Drivers of needs

According to Maslow’s hierarchy of needs, the major driver of need is the majority of the population (Jerome,2013). This will see some needs immediately addressed, and others procrastinated depending on their level of importance.

Context elements

These elements are characterized by product versus market interactions and their interdependent nature that results in the subsistence buyer’s decisions on brands, price, and preference.

Opportunity Geography

The areas usually segregated from society due to governmental or other restrictions typically have the opportunity for free and unbridled trading conditions that may still benefit those who choose to supply that which is in short but needed supply like water, electricity, and entertainment in slums.

Beneficiary/customer

Customers tend to devote their resources to familiar enterprises where they trust the business’s prices compared to its competitors. This is especially true in a subsistence-style market economy where loyalty and fidelity are bred and maintained for long periods.

Usage situation

The situation illustrates one crucial driving force of subsistence market conditions where the fixation of the populace is on their next meal, and only the surplus income is used for symbolic and investment pawns to be utilized in times of need.

Who you would like to interview the next weekend (needed even for those groups who are doing their interviews in other geographies)

I would want to interview stock market authorities and try to decipher how all the bankrupt companies handle their financial losses and who, in the end, loses their investment and who gains from market crashes.

References

Jerome, N. (2013). Application of Maslow’s hierarchy of need theory; impacts and implications on organizational culture, human resource, and employee’s performance. International Journal of Business and Management Invention, 2(3), 39-45.

Sridharan, S., Maltz, E., Viswanathan, M., & Gupta, S. (2014). Transformative subsistence entrepreneurship: a study in India. Journal of Macromarketing, 34(4), 486-504.

Wedgwood, R. (2007). Education and poverty reduction in Tanzania. International Journal of Educational Development, 27(4), 383-396