Types of Consumer Products

Must Read

Can You Refinance a Manufactured Home?

The answer to that question is yes. Most lenders treat manufactured and mobile homes much the same as a...

5 Ways To Make The Most Out Of Your Black Friday Shopping

Black Friday is an event that is celebrated in U.S following the thanks giving day which traditionally comes in...

Refinance Your House – Avoid Prepayment Penalties and Other Potential Fees

Refinancing your home can save you money on interest charges while tapping into your home's equity. However, you can...

Pros and Cons of Federal Student Loan Consolidation

Not sure if you should opt for student loan consolidation?It may help you weigh your options and decide if...

Online Black Friday Shopping Tips and Suggestions

Black Friday is known as the busiest shopping day of the year. On this day, online and in-stores come...

Why Consumer-Generated Media Is Important

Consumer-generated media is the fastest growing media online and should be as important to your business as it is...
Admin
test

There are differing classification schemes that companies may use to help develop a product strategy. Non-durable goods are goods normally consumed fairly quickly such as soap, toothpaste and juice. Durable goods normally survive many uses, such as clothing, automobiles and camping equipment. Services are intangibles and include haircuts, tours and automobile repair shops.

Consumer products can also be classified according to how people buy them. There are four classifications generally used:

1. Convenience products
Consumers want these products to be readily available, and will not spend time searching for them. Examples are cigarettes, soft drinks and milk.

2. Shopping products
These are products that consumers are willing to spend time shopping for, in order to get the exact product they want. Examples are televisions, cars, and clothing.

3. Specialty products
Consumers make special efforts to obtain these products and will not accept substitutes. An example is Christian Dior fashions or Cuban cigars.

4. Unsought products
These goods are either new products which the consumer is not yet aware of or is not specifically shopping for at the time. Such products usually require a special kind of promotion to generate sales. An example is a set of encyclopaedias.

The classification of a particular product varies from person to person. What may be a convenience good to a wealthy person could easily be a shopping good to someone with less expendable income.

Understanding what type of product or service you have will assist in making decisions on how to market. For example, if you are selling a specialty good or service, your location may not be as important as other factors in your marketing mix. Why? Because, people will invest the time to obtain the good. However, you will need to let them know about you and where you are!

1 COMMENT

Comments are closed.

Latest News

Digital Marketing for Beginners

Digital marketing for starter, Let to basic learning about connecting with your audience in the right place at the...

More Articles Like This