Consumer Needs Analysis as a Base for Sustainable Development of Entrepreneurship

Abstract

Knowledge about consumer needs, factors and motives affecting behavior is one of the ways of ensuring entrepreneurship competitiveness. Authors present the results of the study on the A. Maslow’s hierarchy of needs within the context of consumer behavior components affecting consumer behavior from a perspective of entrepreneurial decision making. Authors employ well known methods of research – statistical analysis, grouping, evaluation, predicting etc. In the course of the present research by synthesis of theoretical developments and practical experience decision making model is made. A. Maslow’s theory serves as the basis for developing a range of theories dealing with consumer behavior, therefore, when developing the consumer behavior model in Latvia, the author decided to integrate the better known theories. The use of models prepared by the authors in sales, entrepreneurship, and other sectors of economy provide an opportunity to reasonably plan investments for the relevant time period, to avoid mistakes, and to improve the overall economic effectiveness of the company’s operations and usefulness of resource utilization.