Product Types - convenience, shopping, specialty, unsought Goods скачать в хорошем качестве

Product Types - convenience, shopping, specialty, unsought Goods

0:00 Introduction 0:30 What is a convenience product? 2:30 What is a shopping product? 5:05 What is a specialty product? 7:38 What is an unsought product? 8:55 Marketing mix implications This video explores the four main categories of products in marketing: convenience, shopping, specialty, and unsought goods. These classifications help businesses tailor their distribution and pricing strategies based on consumer behavior and preferences. Convenience products are items that consumers purchase frequently with minimal effort, like groceries, water, or snacks. Consumers expect these products to be readily available in a wide variety of locations for ease of access. If a preferred brand is unavailable, they’re likely to substitute with an alternative. Therefore, businesses must adopt extensive distribution strategies to ensure availability in grocery stores, gas stations, and other convenient locations. Pricing for these products tends to be competitive, as consumers are sensitive to price differences. Shopping products, such as televisions or furniture, are items for which consumers compare options before making a purchase. These products are more expensive and involve greater consumer deliberation, often based on attributes like price, quality, or style. Unlike convenience products, shopping products don’t need to be available everywhere. Selective distribution is sufficient, as consumers are willing to visit multiple stores to find the best fit. Businesses have more flexibility in pricing these products due to the emphasis on value and features rather than immediate availability. Specialty products are unique or high-value items that hold significant importance for the buyer, such as luxury cars, Rolex watches, or niche grocery items. Consumers are willing to make considerable effort, such as traveling long distances, to obtain these products. Distribution for specialty products is exclusive, often limited to select locations. Pricing is less elastic because consumers prioritize the unique characteristics of the product over its cost. Unsought products are items that consumers don’t actively seek out, such as life insurance or burial plots. Since these products are not top-of-mind, businesses must invest heavily in advertising and promotional efforts to raise awareness and stay in the consumer’s memory for when the need arises. In summary, understanding the differences between these product categories—convenience, shopping, specialty, and unsought goods—helps marketers optimize their distribution and pricing strategies to meet consumer expectations and drive sales effectively. Dr. Chanchal Tamrakar The Marketing Channel https://www.youtube.com/themarketingc...