Types of Products and Consumer Behavior

Products that are consumed quickly and have a short shelf life, such as food, fuel, and newspapers.

Products that are durable and can be used for a relatively long period of time, such as cars, appliances, and furniture.

Products that are intangible and do not have a physical form, such as services, financial advice, and entertainment.

Products that are purchased frequently and with little effort, such as groceries, gasoline, and newspapers.

Products that consumers are willing to spend time and effort comparing before making a purchase. They are often more expensive and purchased less frequently, like a car or a computer.

Products that have a unique appeal and are not easily substituted. Consumers are willing to go to great lengths to find these products, such as specialty foods or designer clothing.

Products that offer additional features and services that go beyond the basic tangible product. Think of extras like warranties or customer support.

The core benefit that a product provides to the customer, such as nourishment, convenience, or entertainment. It is the fundamental reason why consumers buy the product.

A strategy where you introduce a new variation of your existing product to the market, aiming to capture a larger market share.

A strategy where you reach out to new customer segments with your existing product, expanding your market presence.

A stage where the product is first launched and introduced to the market, with limited customer awareness.

A stage where the product starts gaining traction, sales rise, and customer awareness grows.

A stage where the product has reached widespread adoption and sales peak, but growth slows down.

A stage where sales decline as customer demand decreases and the product faces potential competition.

A pricing strategy where you set the price of your product based on the value it delivers to customers.

A pricing strategy where you set the price of your product based on the prices of similar products in the market.

Setting prices low initially to gain market share quickly, then gradually increasing prices as demand grows. Think of attracting customers with a super-low price, then raising the price once they're hooked.

Charging a high price for a product or service that is perceived to have high quality or exclusivity. Think of luxury brands with expensive, but desirable items

Using a variety of pricing strategies for different customer segments, geographical locations, or product variations.Think of tailored prices for specific groups.

Offering a lower price for a product or service to customers who are willing to purchase it in bulk. Think of buying in bulk at wholesale prices.

Setting a high price for a product during its initial launch, which then gradually declines over time.Think of a new phone model with high price, then dropping later.

Bundling several products together at a discounted price compared to buying them individually.Think of 'value meals' combining a drink, burger, and fries.

Using a high initial price to signal high quality or value. Think of a premium brand with a very expensive product.

A pricing strategy where a seller offers goods or services at a loss to attract customers, hoping to make up for it through increased sales of other products. Think of an advertisement offering a product at a 'loss leader' price, but promoting related items.

The process of gathering information about a company's target audience, competitors, and market trends to identify problems and opportunities.

Developing a strategic plan that outlines objectives, target audiences, key messages, tactics, timeline and budget for a PR campaign.

The execution of the PR plan, using various tools and strategies to communicate key messages to target audiences.

Evaluating the effectiveness of PR campaigns by measuring their impact on key metrics like media coverage, brand awareness, customer engagement, and sales.

Any activity that generates publicity for a company or brand without paying for it directly. It can include news coverage, social media buzz, and public events.

Advertising that aims to build a positive image for a company or organization, rather than promoting specific products or services.

Advertising that specifically targets a specific group of people or market segment.

The process of deciding on the right media channels to reach your target audience.

The number of unique individuals who are exposed to an advertisement at least once during a specific time.

The number of times a consumer is exposed to an advertisement within a specific timeframe.

Trade promotions that offer incentives for retailers to carry or promote a product.

Promotions that offer incentives for consumers to purchase a product.

Promotional strategies designed to give consumers an immediate reward or incentive for purchasing a product.

A channel of distribution where a company appoints an individual or firm to handle the distribution of their products. They can operate exclusively for a single manufacturer or distribute multiple brands. They sell to wholesalers, retailers, or end-users.

A channel of distribution where individuals or firms purchase goods in bulk from producers and then sell smaller quantities to retailers. They facilitate the movement of goods by breaking down large quantities into smaller ones.

A channel of distribution primarily used in international markets. They act as intermediaries but don't take ownership of the goods. They secure orders and earn commission for facilitating sales.

A channel of distribution where goods are carried and displayed in small vehicles (like vans or trucks). They sell on a cash-on-delivery basis and serve smaller retailers (e.g., sari-sari stores) in specific territories.

The final stage in the distribution channel where products are sold to the end consumer. Examples include supermarkets, grocery stores, and convenience stores.

A method of distribution where a business license is granted for the operation of a certain business model. Franchisees pay fees to the franchisor for access to the company's systems and support. Examples include Mini-Stop and 7-Eleven.

A promotional tool that aims to create awareness and build a positive image for a brand or company in the public's mind.

A promotional tool that aims to stimulate immediate action and sales, often involving short-term incentives or promotions.