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Lecture 4

MKTG 317 Lecture Notes - Lecture 4: Beavertails, Negative Space, Duracell


Department
Marketing
Course Code
MKTG 317
Professor
Edmund Gee
Lecture
4

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Product Concepts 10/07/2015
What is a Product?
Product
oNeeds-satisfying offering from a firm
oPhysical good, service, idea, person, place, experience
Idea example: Don’t text and drive
Person—like a celebrity
Place—tourism
Experience—zip lining, going to movies/concert
Example: trip to Starbucks—get a physical good
(coffee), service (customer service)
Combination of many factors
oFeatures/attributes
oBenefits – true solutions
oServices
Warranties, support
oInformative packaging
oBrand Name
Product Layers
Product Layer Model
oDescribes all aspects (layers) of a product

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oReveals attributes and benefits
Core product = features/attributes
Function = how does it function, how do you use it
Augmented product = Extra stuff that comes with the basic product
Potential product = true solution, why did they buy it in the first
place
Example: Sunglasses
oCore = grey plastic frames with grey lenses
oFunction = Put it on your face, hang on collar, fold arms up
and down
oAugmented = brand stamp on arms & lenses, case it came
with, warranty
oPotential = to protect eyes from sun, to go with personal
style, to look cool
Product Layer Model – Example
Oreos
oCore = two black circle cookies with white cream filling
oFunction = edible, take them apart, dipped, licked, as a part
of other desserts after you break them or crush them, give it
to someone, stack them
oAugmented = nutritional information, logo/brand is on each
cookie, reseal-able bags, easy open and close
oPotential = might look cool to other kids, satisfy craving for
something sweet (be specific about what kind of craving they
have), can be used to share as a peace offering/make friends,
share experience of eating them with other people, play with
your food by taking them apart, to bond with your kids

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Types of Consumer Products
Convenience good
oRelatively inexpensive
oLittle effort to purchase
oDon’t spend a lot of time on purchasing them
oE.g. Pack of gum, things at grocery store (eggs, milk, bread),
cereal
Shopping Goods
oRequire comparison shopping—more effort required
oMore expensive
oTied to lifestyles
oPurchased less frequently
oi.e. Blender, toaster, clothing, cars, TV
Specialty Goods
oExtensive effort required
oSpend a lot of time, with extensive search
oLuxury items
oSomething you won’t take a substitute for (i.e. Beavertails)
oNot necessarily expensive, but they are unique
oExample: brand name purses
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