Products can be classified according to their durability and tangibility Non-durable products are goods that are normally consumed quickly and used on one or a few usage occasions, such as beer, soap and food products. Durable products are products used over an extended period of time and normally survive for many years. Examples are refrigerators, cars and furniture. Services are activities, benefits and satisfactions offered for sale which are essentially intangible and do not result in the ownership of anything. Examples include haircuts, holiday packages and banking services.
Types of Consumer Products
Convenience Product
A consumer product that the customer usually buys frequently, immediately, and with a minimum of comparison and buying effort.
Consumer buying behavior
Frequent purchase, buying little planning, little comparison or shopping effort, low customer involvement.
Price and distribution
Low price and Widespread distribution, convenient locations.
Promotions
Mass promotions by the producers.
Examples
Toothpaste, magazines, laundry detergent.
Shopping Product
A consumer produce that The customer, in the process of selection and purchase, characteristically compares -with others on such bases as suitability, quality, price and style.
Consumer buying behavior
Less frequent purchase, much planning and shopping effort, comparison of brands on price, quality, style.
Price and distribution
Higher price and Selective distribution in fewer outlets.
Promotions
Advertising and personal selling by both producer and resellers.
Examples
Major appliances televisions, furniture, clothing.
Specialty Product
A consumer product with unique characteristics or brand identification for ‘which a significant group of buyers is ‘willing to make a special purchase effort.
Consumer buying behavior
Strong brand preference and loyalty, special purchase effort, little comparison of brands, low price sensitivity.
Price and distribution
High price Exclusive distribution in only one or a few outlets per market area.
Promotions
More carefully targeted promotion by both producer and resellers.
Examples
Luxury goods, such as Rolex watches or fine crystal.
Unsought Product
A consumer product that the consumer either does not know about or knows about but does not normally think of buying.
Consumer buying behavior
Little product awareness, knowledge (or if aware, little or even negative interest).
Price and distribution
Price and distribution varies in different places.
Promotions
Aggressive advertising and personal selling by producer and resellers.
Examples
Life insurance, Red Cross blood donations.
Industrial Products
A product bought by individuals and organizations for further processing or for use in conducting a business.
Materials
Industrial products that enter the manufacturer’s product completely; including raw materials and manufactured materials and parts.
capital items
Industrial goods that partly enter the finished product, including installations and accessory equipment.
supplies and services
Industrial products that do not enter the finished product at all.