In: Economics
"Possible measures that would be beneficial to restaurant businesses impacted by a pandemic crisis? Out of the following three theories. Which one can be best used to discuss this topic and why?
Maslow's Hierarchy of needs
Porters Five Forces
Marketing Mix and the 4 Ps
Out of the following three theories, Maslow's Hierarchy of needs theory should be used to explain the above topic.
Maslow's Hierarchy of needs theory suggests all people seek to satisfy five basic needs.This theory is often depicted as an hierarchical pyramid .From the bottom of the hierarchy upwards the needs are as follows- physiological, safety, love and belongings self esteem and self actualization. In this pandemic situation where most businesses are more or less suffering loss,every individual needs to satisfy lower level needs then move above. Once these needs are satisfied one can achieve the highest level of self actualization.
Porter's Five Forces and Marketing Mix and 4 Ps are not used because the former is an important tool for understanding the forces that shape of competition within an industry. This does not talks about how to restore business during a crisis period.
Marketing Mix and the 4 Ps uses Price, Product, Promotion and Place to pursue its marketing objectives in the target market.This also do not suggest how a businesses should enhance their business during their pandemic situation.