The classification of products
How are products classified in marketing?
Products can be classified in marketing based on different criteria. One common classification is based on their tangibility or intangibility. Tangible products are physical goods that can be seen and touched, such as smartphones, clothing, or furniture. Intangible products, on the other hand, are services or experiences that cannot be physically possessed, such as consulting services, education, or entertainment. Products can also be classified based on their durability or perishability. Some products are durable and can be used repeatedly over an extended period, such as automobiles or appliances. Perishable products, on the other hand, have a limited lifespan and cannot be stored or used indefinitely, such as fresh food or event tickets. Another classification is based on their consumer buying behavior, such as convenience products (low involvement purchases), shopping products (moderate involvement purchases), and specialty products (high involvement purchases). These classifications help marketers understand the unique characteristics and marketing strategies associated with different types of products.
What are the characteristics of convenience products?
Convenience products are consumer goods that are inexpensive, frequently purchased, and require minimal effort in terms of comparison shopping and decision-making. Characteristics of convenience products include wide availability, easy accessibility, familiarity, low price, and frequent usage. Convenience products are often items that consumers need on a regular basis, such as basic food items, toiletries, snacks, and household supplies. They are typically mass-produced and widely distributed through supermarkets, convenience stores, or online platforms. Convenience products often have well-established brands and packaging that are recognizable to consumers, reducing the need for extensive information search or evaluation. Consumers tend to have strong brand preferences or loyalty for convenience products, making repeat purchases without much consideration or deliberation. Marketing strategies for convenience products focus on creating brand visibility, ensuring product availability, and utilizing point-of-purchase displays or promotions to attract impulse purchases. The convenience and ease of acquiring these products are key factors in their success in the market.