Marketing Classification of Products

Types of Goods

• Convenience goods: Inexpensive, frequently purchased without brand loyalty.
• Shopping goods: Consumers search and compare options like clothes and electronics.
• Specialty goods: Consumers are brand loyal and willing to pay more for premium products.

Consumer Goods

• Defined as items used for personal, family, or household purposes.

Convenience

• Key characteristic includes low price and high purchase frequency; typically no commitment to specific brands.

Staples

• Basic food items, such as bread and milk, essential for everyday consumption.

Impulse Purchases

• Unplanned buys that often include items like magazines or candy.

Emergency Goods

• Products purchased to satisfy immediate needs, such as medicine or batteries.

Rented Goods Service

• Involves renting products for temporary use, examples include limousines and rental trucks.

Owned Goods Service

• Services that improve or repair products already owned by customers, such as tailoring or car repairs.

Non-Good Services

• Personal or professional services without a physical product, like medical consultations.

Product Planning

• Encompasses all decisions related to the production and sale of products.

Product Mix, Line, and Item

• Product mix: All different products a business offers.
• Product line: A group of related products.
• Product item: A specific variant within a product line.

Product Width and Depth

• Product width: Number of different product lines a company has.
• Product depth: Variety of products within each line.

Packaging

• Functions: Promotes the product, provides information, protects the product, and meets design preferences of customers.

Packaging Innovations

• Package altering: Enhancements to existing packaging.
• 2nd use packaging: Reusable packaging designs.
• Multiple packaging: Packaging several units together instead of individually.

Labeling

• Part of packaging that conveys crucial information about the product through seals or messages.

Branding

• Identifies and distinguishes the products of a company, contributing to consumer recognition and loyalty.

Brand Elements

• Brand name: Actual name given to a product.
• Types of brands include:
  • Descriptive (e.g., Pop-Tarts)
  • Invented (e.g., Jell-O)
  • Eponymous (named after the manufacturer)
  • Suggestive (e.g., Nike, associated with victory).

Brand Mark and Trade Character

• Brand mark: A symbol or design with unique coloring or lettering.
• Trade character: A brand mark with human traits or characteristics.

Branding Strategies

• Individual family branding: Different names for each product from the same manufacturer.
• Overall family branding: Common or partial name used across multiple products.

Warranty Types

• Warranty: A promise about product quality and standards.
• Express warranty: Explicitly stated terms in a contract.
• Full warranty: Product replaced or repaired at no charge.
• Limited warranty: Some parts or conditions may incur costs.
• Implied warranty: Automatically exists under law regardless of explicit mention.