Core, Tangible, and Augmented Components of a Product - Essay Example

1. Consumers play different roles in the buying process: initiator, influencer, decider, buyer and user. Describe these roles. Name the person in your household who would adopt each of these roles when buying the following items: breakfast cereal, pantyhose, pet food, a personal computer, and a family car. Answer:‘The Buying Center’ consists of all the individuals that participate in the decision-making process of a purchase. These people tend to have a common goal and bear similar risks from the outcome of any decision.

There are seven main roles that the buying centre can be divided into:a) Initiators: These are the people who request for a certain thing to be boughtb) Users: The people who are expected to use the product falls into this category and these are generally the initiators as well. c) Influencers: The people who assist in the buying decision and provide an influence as to the details of the products.d) Deciders: The main decision-makers for the process of buyinge) Approvers: The people who approve the buying process are referred to as the approversf) Buyers: These are the people who have the authority to select the suppliers and also in terms of negotiating. g) Gatekeepers: These are the people who can control the information of the sellers to reach the buyers.

A few of the best examples will be that of the telephonic operators.Considering the situation at home, the following is the list of items and their roles:a) Breakfast Cereal: Mother – Initiator, Decider, Buyer, User, Other family members – users, and influencersb) Pantyhose: Sister/ Myself- Initiator, Influencer, Decider, User, Mother – Buyer, Influencer, Userc) Pet Food: Siblings & Myself – Initiator, Influencer, Decider, Buyers, Pet - Userd) Personal Computer: Father, Brother – Initiators, Influencers, Deciders, Buyers, UsersMother, Myself - Userse) Family Car: Father, Mother – Initiators, Deciders, Buyers, UsersRest of Family – Influencers, deciders, users2.

Describe the three key components of a product: core, tangible, and augmented. Apply these concepts in the automobile industryAnswer:Products have several levels which allow the companies to reach out to meet the needs of the customers (Jobber, 2004). Considering the three main levels and using the example of the automobile industry to gain a better understanding of the products:a) Core Product: The core product is the actual product or service that the customer is actually buying. In the case of the automobile industry, the core product that the customers buy is ‘transportation’. b) Tangible Product or Actual Product: These are the basic requirements that the sellers will need to provide the customers with the core product.

Hence in this case the actual product is the car/bike by itself. c) Augmented Product: The augmented product is what is provided by the company to exceed the expectations of the customers. In the case of the automobile industry, this will include aspects like the brand image, brand positioning and after-sales services. This however is based on the expected product level.Part 2: Case Study1. Describe Jetstar’s target market segments in demographic, psychographic and behavioural terms.Answer:XXXX’s Target market based on demographic bases is mainly people between the ages of 20 and 40.

This is simply because these people fall into a category where they look for the cheapest and best options available.