Why Incomplete Products Increase Consumption
Episode Description
If a product is seen as 'incomplete' -- half a sandwich, say -- people consume more of it. Wharton's Barbara Kahn explains the lessons that can be drawn from this for branded consumer goods.
Read the full story: http://knlg.net/PUJEZ2 📂 Marketing 🏷️ Research
Brief Summary
Barbara Khan discusses how product completeness affects consumer behavior and decision-making in retail contexts.
Key points
- Research on Product Completeness. Barbara Khan discusses how perceptions of product completeness affect consumer behavior.
- Visual vs. Verbal Assortments. Khan reveals surprising findings about consumer preferences for visual representations of products.
- Understanding Retailer Decisions. Retailers often rely on trial and error without knowing why certain strategies work. 'They don’t know why, they just know it works.'
- The Evolution of Shopping. The shopping process has evolved into a 24-7 world with multiple channels affecting decision making. 'You might look on your phone for one, you might look on the computer for something else.'
- Warby Parker's Unique Model. Warby Parker's model of online decision-making followed by home trials is under research. 'How did that time between the two stages affect your decision making?'
Ask about Knowledge at Wharton
Episode highlights
- Research on Product CompletenessBarbara Khan discusses how perceptions of product completeness affect consumer behavior.“People decide what to buy based on perceptions, not objective measures.”0:54Mar 20, 2014
- Visual vs. Verbal AssortmentsKhan reveals surprising findings about consumer preferences for visual representations of products.“The overwhelming majority would prefer it visually.”9:19Mar 20, 2014
- Understanding Retailer DecisionsRetailers often rely on trial and error without knowing why certain strategies work. 'They don’t know why, they just know it works.'17:46Mar 20, 2014
- The Evolution of ShoppingThe shopping process has evolved into a 24-7 world with multiple channels affecting decision making. 'You might look on your phone for one, you might look on the computer for something else.'20:00Mar 20, 2014
- Warby Parker's Unique ModelWarby Parker's model of online decision-making followed by home trials is under research. 'How did that time between the two stages affect your decision making?'20:44Mar 20, 2014
Tension
30/ 100Low tension
