Name and describe the types of consumer products and give an

Name and describe the types of consumer products and give an example of each. How does the marketing differ for each product type?

Solution

There are 5 types of consumer products. These are convenience, shopping, specialty, unsought, and industrial.

Convenience products: This type of products is purchased frequently by consumers without much thinking. Examples are toothpaste, soap, salt, sugar, etc.

Shopping products: Consumers used to think before purchasing this type of products. This thinking process is based on analysing alternatives. A product is selected for purchasing if it passed through such thinking process. Examples are LED TV, Smartphone, etc.

Specialty products: If products are unique and have no alternative then these are specialty products. Examples are XX brand T-shirt, LT store, etc.

Unsought products: If consumers are unaware about the existence of a product in the market then this is an unsought product. A mutual fund investment opportunity is an example of it. The consumer would never know the product until an agent explains it.

Industrial products: The products which are purchased by business houses from manufacturers for reprocessing are known industrial products. Example is computer spare parts. Spare parts are purchased for making a computer.

Marketing differs for each product type as below:

Convenience products require continuous advertisement in TV, radio, internet, etc.

Shopping products require advertisement, discount in price, and free gifts.

Specialty products require referral act through the existing consumers. Suppose if an existing consumer refers a new consumer he/she will get discount on product purchasing.

Unsought products require personal contact with consumers.

Industrial products require advertisements and face-to-face meeting.