Provide an example of each type of consumer products, be sure to use the definitions of each type, and the information from Table 7.1 to support your answer.
There are four primary categories of consumer products; convenience, shopping, specialty, and unsought products. Convenience products are low-priced, widespread, mass promoted, frequently purchased with little planning or comparison, and low consumer involvement. An example of a convenience product is a pack of gum, a widely available, low-cost product typically purchased with very little planning or thought on the part of the consumer. Shopping products are less frequently purchased than convenience products. Purchasing shopping goods involves a great deal of planning and comparing brands …show more content…
An example of a shopping product is a washing machine. Specialty products enjoy strong brand preference from consumers, require special purchasing effort, little comparison to other brands, and little price sensitivity. Specialty goods are high priced, often exclusively distributed in selected outlets, and producers and resellers utilize carefully targeted promotional tactics. An example of a specialty good is a luxury handbag designed by a fashion house. Luxury handbag and fine leather goods manufacturers like Louis Vuitton enjoy very strong brand loyalty among consumers, command a high price tag, and distribute products in limited numbers in exclusive locations. Unsought products face little interest from consumers, and consumers possess little to no knowledge or awareness of unsought goods. Price and distribution for unsought products varies, and they are aggressively advertised by producers and resellers. An example of an unsought product is a fire extinguisher. A consumer does not typically think about purchasing a fire extinguisher, and the purchase may be deferred and …show more content…
During the introduction stage sales are low, there are high costs per customer, customers are classified as innovators, and there are negative profits, and few competitors. During this stage the marketing strategy is to create awareness and introduce product trials. An example of a product in the introduction stage is home 3D televisions. Although 3D TVs have existed for decades, they have experienced little adoption from consumers and remain the introduction phase. During the growth stage sales rapidly rise, cost per customer is average, customers are classified as early adopters, profits rise, and the number of competitors grows. While in the growth stage, the marketing strategy entails maximizing market share and building brand preference. An example of a product in the growth stage is tablet PCs. Tablet computers are widespread and many brands compete for consumer tablet market share. As a product enters the maturity stage, sales peak, cost per customer is low, customers are classified as middle majority, profits are high, and the number of competitors is stable, but beginning to decline. During the maturity stage, the marketing strategy is to maximize profit while defending market share, offer incentives, and enhance existing products. An example of a product in the maturity stage is laptop computers. Laptops have been around for decades, and the number of companies developing
There are four primary categories of consumer products; convenience, shopping, specialty, and unsought products. Convenience products are low-priced, widespread, mass promoted, frequently purchased with little planning or comparison, and low consumer involvement. An example of a convenience product is a pack of gum, a widely available, low-cost product typically purchased with very little planning or thought on the part of the consumer. Shopping products are less frequently purchased than convenience products. Purchasing shopping goods involves a great deal of planning and comparing brands …show more content…
An example of a shopping product is a washing machine. Specialty products enjoy strong brand preference from consumers, require special purchasing effort, little comparison to other brands, and little price sensitivity. Specialty goods are high priced, often exclusively distributed in selected outlets, and producers and resellers utilize carefully targeted promotional tactics. An example of a specialty good is a luxury handbag designed by a fashion house. Luxury handbag and fine leather goods manufacturers like Louis Vuitton enjoy very strong brand loyalty among consumers, command a high price tag, and distribute products in limited numbers in exclusive locations. Unsought products face little interest from consumers, and consumers possess little to no knowledge or awareness of unsought goods. Price and distribution for unsought products varies, and they are aggressively advertised by producers and resellers. An example of an unsought product is a fire extinguisher. A consumer does not typically think about purchasing a fire extinguisher, and the purchase may be deferred and …show more content…
During the introduction stage sales are low, there are high costs per customer, customers are classified as innovators, and there are negative profits, and few competitors. During this stage the marketing strategy is to create awareness and introduce product trials. An example of a product in the introduction stage is home 3D televisions. Although 3D TVs have existed for decades, they have experienced little adoption from consumers and remain the introduction phase. During the growth stage sales rapidly rise, cost per customer is average, customers are classified as early adopters, profits rise, and the number of competitors grows. While in the growth stage, the marketing strategy entails maximizing market share and building brand preference. An example of a product in the growth stage is tablet PCs. Tablet computers are widespread and many brands compete for consumer tablet market share. As a product enters the maturity stage, sales peak, cost per customer is low, customers are classified as middle majority, profits are high, and the number of competitors is stable, but beginning to decline. During the maturity stage, the marketing strategy is to maximize profit while defending market share, offer incentives, and enhance existing products. An example of a product in the maturity stage is laptop computers. Laptops have been around for decades, and the number of companies developing