Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What are four ways to classify consumer products?
What are four ways to classify consumer products?
- Specialty products (correct)
- Unsought products (correct)
- Shopping products (correct)
- Luxury products
- Convenience products (correct)
What is a convenience product?
What is a convenience product?
A relatively inexpensive item that merits little shopping effort.
How do consumers typically purchase convenience products?
How do consumers typically purchase convenience products?
Consumers buy products regularly, usually without much planning.
Can you give examples of convenience products?
Can you give examples of convenience products?
Signup and view all the answers
What characterizes shopping products?
What characterizes shopping products?
Signup and view all the answers
What is a specialty product?
What is a specialty product?
Signup and view all the answers
What are examples of specialty products?
What are examples of specialty products?
Signup and view all the answers
What defines an unsought product?
What defines an unsought product?
Signup and view all the answers
What are examples of unsought products?
What are examples of unsought products?
Signup and view all the answers
Flashcards are hidden until you start studying
Study Notes
Classification of Consumer Products
- Four main categories: convenience products, shopping products, specialty products, and unsought products.
Convenience Products
- Inexpensive items that require minimal shopping effort.
- Consumers typically purchase without extensive planning.
- Examples include candy, soft drinks, aspirin, dry cleaning, and car washes.
- Widely accessible in stores like Walmart, Walgreens, and vending machines.
- Popular brands include Coca-Cola, Bayer aspirin, and Right Guard.
Shopping Products
- Require comparison shopping due to higher prices and limited availability.
- Consumers assess various brands and stores based on style, practicality, price, and suitability.
- Comparison process involves a consumer's willingness to invest effort to achieve desired outcomes.
Shopping Products Variability
- Two types: homogeneous and heterogeneous.
- Homogeneous products: perceived as similar; consumers often seek the lowest-priced option with desired features (e.g., washers, refrigerators).
- Heterogeneous products: seen as distinct; differences in price, quality, and features make comparison challenging. This process is highly personal, leading to individual results (e.g., comparing universities).
Specialty Products
- Items for which consumers extensively search and are unwilling to accept substitutes.
- Examples include luxury brands like Rolex watches, Rolls Royce vehicles, and specialized medical services.
Unsought Products
- Products that potential buyers are unaware of or do not actively seek out.
- Examples include insurance and burial plots, which necessitate proactive selling and convincing advertising techniques.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
