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Questions and Answers
What type of product is characterized by low price points and frequent purchases with minimal effort?
What type of product is characterized by low price points and frequent purchases with minimal effort?
- Shopping products
- Specialty products
- Convenience products (correct)
- Unsought products
Which of the following is an example of a shopping product?
Which of the following is an example of a shopping product?
- Snickers
- Flat tire
- Hummer
- Grill (correct)
Specialty products have many outlets and high inventory turnover.
Specialty products have many outlets and high inventory turnover.
False (B)
What term describes products that are purchased to solve a sudden problem?
What term describes products that are purchased to solve a sudden problem?
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Match the product types with their characteristics:
Match the product types with their characteristics:
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Study Notes
Convenience Products
- Inexpensive and frequently purchased items.
- Require minimal purchasing effort from buyers.
- Examples include snacks like Snickers and coffee from Starbucks.
- Characterized by low price points, no extensive search needed, and heavy brand recognition.
Shopping Products
- Items for which buyers invest time and effort to plan purchases.
- Buyers typically show no brand loyalty, exploring various options before deciding.
- Examples include grills, televisions, and jeans.
- Available at fewer retail outlets and have a lower inventory turnover rate.
Specialty Products
- Products with distinctive characteristics that attract a specific buyer interest.
- Consumers are willing to invest efforts to acquire these items.
- Limited availability in retail outlets, leading to lower turnover rates.
- An example includes high-end cars like Hummers.
Unsought Products
- Products purchased to solve unexpected problems or urgent needs.
- Customers often unaware of these products until a situation arises.
- Requires no prior search as they are purchased on impulse.
- Price considerations are generally not a priority, as the urgency drives the purchase.
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