ICE Task 1:
Business & Management Chapter 1 Summary
, Table of Contents
DISCUSS MASLOW’S HIERARCHY OF NEEDS THEORY.............................................................................1
IDENTIFY THE ‘FACTORS OF PRODUCTION’............................................................................................2
DISTINGUISH BETWEEN THE FOLLOWING:............................................................................................3
Product & Service..............................................................................................................................3
Need & Want.....................................................................................................................................3
DISCUSS THE 4 MAIN TYPES OF ECONOMIC SYSTEMS THAT WE HAVE IN THE WORLD.........................3
DISCUSS THE 3 DIFFERENT INDUSTRY TYPES.........................................................................................4
LIST THE FUNCTIONAL MANAGEMENT AREAS OF A BUSINESS..............................................................4
DISCUSS THE VARIABLES IN THE ‘MARKET ENVIRONMENT’..................................................................4
DISCUSS THE ‘MACRO ENVIRONMENT’ BY USING THE PESTLE MODEL.................................................5
REFERENCE LIST....................................................................................................................................5
DISCUSS MASLOW’S HIERARCHY OF NEEDS THEORY
The theory of ‘Maslow’s hierarchy of needs’ describes the different needs of humans that
needs to be satisfied. This theory is normally represented in a pyramid form starting from
the most important need at the base. These needs are the following: Physiological needs,
safety needs, love or belonging needs, esteem needs, and self-actualization needs
(Baumgardt, Dalla Pria, Du Plessis, Kamala, McKinlay, Paul, Porthen, Renard & Van Rooyen,
2017).
1
Business & Management Chapter 1 Summary
, Table of Contents
DISCUSS MASLOW’S HIERARCHY OF NEEDS THEORY.............................................................................1
IDENTIFY THE ‘FACTORS OF PRODUCTION’............................................................................................2
DISTINGUISH BETWEEN THE FOLLOWING:............................................................................................3
Product & Service..............................................................................................................................3
Need & Want.....................................................................................................................................3
DISCUSS THE 4 MAIN TYPES OF ECONOMIC SYSTEMS THAT WE HAVE IN THE WORLD.........................3
DISCUSS THE 3 DIFFERENT INDUSTRY TYPES.........................................................................................4
LIST THE FUNCTIONAL MANAGEMENT AREAS OF A BUSINESS..............................................................4
DISCUSS THE VARIABLES IN THE ‘MARKET ENVIRONMENT’..................................................................4
DISCUSS THE ‘MACRO ENVIRONMENT’ BY USING THE PESTLE MODEL.................................................5
REFERENCE LIST....................................................................................................................................5
DISCUSS MASLOW’S HIERARCHY OF NEEDS THEORY
The theory of ‘Maslow’s hierarchy of needs’ describes the different needs of humans that
needs to be satisfied. This theory is normally represented in a pyramid form starting from
the most important need at the base. These needs are the following: Physiological needs,
safety needs, love or belonging needs, esteem needs, and self-actualization needs
(Baumgardt, Dalla Pria, Du Plessis, Kamala, McKinlay, Paul, Porthen, Renard & Van Rooyen,
2017).
1
