Consumer Product Analysis

2.1.7 CONSUMER PRODUCTS

2.1.8 CATEGORIES OF CONSUMER PRODUCTS

Convenience Products – These are products that appeal to a very large market segment. They are generally consumed regularly and purchased frequently. Examples include most household items such as food, cleaning products, and personal care products. Because of the high purchase volume, pricing per item tends to be relatively low and consumers often see little value in shopping around since additional effort yields minimal savings. From the marketer’s perspective the low price of convenience products means that profit per unit sold is very low. In order to make high profits marketers must sell in large volume. Consequently, marketers attempt to distribute these products in mass through

Consumers are willing to spend more time locating these products since they are relatively more expensive than convenience products and because these may possess additional psychological benefits for the purchaser, such as raising their perceived status level within their social group. Examples include many clothing products, personal services, electronic products, and household furnishings. Because consumers are purchasing less frequently and are willing to shop to locate these products, the target market is much smaller than that of convenience goods. Consequently, marketers often are more selective when choosing distribution outlets to sell their products.

A shopping product is a type of product that requires consumer research and comparison of brands. Homogeneous and heterogeneous are the two specific types of shopping products. Homogeneous products are perceived by consumers as very similar in nature and the final purchase is usually determined on the lowest price. If our farmer 's hay compactor needed replacement, he would look for the most affordable one. Other examples of this type of shopping product would be appliances, such as washers, dryers or a

A good example of an unsought product is a fire extinguisher because a consumer usually will know about them but they never think that they will need to use on in their house. The price for these products tends to vary and you can not buy them everywhere. For products like these consumers will accept substitute brands and they do not purchase them very often. Awareness is crucial when it comes to the promotion of unsought products.These are products whose purchase is unplanned by the consumer but occur as a result of marketer’s actions. Such purchase decisions are made when the customer is exposed to promotional activity, such as a salesperson’s persuasion or purchase incentives like special discounts offered to certain online shoppers. These promotional activities often lead customers to engage in Impulse