Kindly ADD to CART and Purchase an Editable Word Document at $5.99 ONLY
Improving Decisions with Marketing Information
In most cases, there are numerous categories of products that consumers purchase for their daily needs. There are those that consumers purchase on regular basis while others are not. In addition, based on the products that consumer use, these products are classified depending on the place they are purchased, and how frequently they are purchased. This paper pays high attention to identification of selected types of consumer products.
These are unsought products since most customers purchase them even when they have not planned to buy them. Most customers purchase them as a result of persuasions form salesperson or when given incentives such as discounts. For these products to be purchased by the consumers, the firms enhance consumer awareness about their existence, through measures such as advertisement (Ovod, 2009).
These products are classified as specialty products as they tend to carry a high price tag compared to other products. Moreover in these products, consumers tend to be more selective, and may even take much time trying to evaluate their value, before purchasing them. Precisely, most customers know in advance the product that they prefer, even before going to purchase them (Farooq, 2011). The firms that deal with these products target selected market segments.
These are products are categorized as convenience products since they are purchased and consumed regularly by the customers. In addition, these products appeal to large market segments and the price per item tends to be relatively low compared to specialty products. Nevertheless, for these products, the profit per unit sold is very low and, therefore, marketers must be determined to sell large volumes in order to make a profit (Farooq, 2011). These marketers distribute these products in mass through as many retail outlets as possible
Farooq U., (2011). Types of Consumer Products, unsought, Convenience, and Shopping products. Retrieved from, http://www.studylecturenotes.com/management-sciences/marketing/173-consumer-products
Ovod A., (2009). Types of Consumer Products and Services in Marketing. Retrieved from, https://suite.io/alla-ovod/3xn422h