Products have a broad category. In this marketing management tutorial, we will discuss the important category of products known as consumer products. In marketing, consumer products are considered those types of products bought for personal consumption by consumers.
What are Consumer Products
All those products consumers buy for personal consumption are known as consumer products. These products are different and not the same. Every product offered in the market have different characteristics and based on the different purchasing behavior of consumers.
Types of Consumer Products
According to Philip Kolter, these products can be classified into 4 types of consumer products. Here we will discuss it with marketing considerations.
- Convenience Products
- Shopping Products
- Speciality Products
- Unsought Products
Convenience products are frequently purchased by customers. There are required very little buying efforts when drawing a comparison to buying these products. These consumer products are low priced. Due to widespread distribution, these are available in different convenience locations according to consumer wants and needs. Producers adopt mass promotion strategies.
Convenience Products Examples. Newspapers, matchbox, Soups, Toothpastes etc.
Shopping Products are those consumer products that are less frequently purchase. Consumers need shopping efforts and planning to decide and compare this type of consumer products.
In the selecting and purchasing process, customers keep in mind the attributes like product quality price and design. Consumers spend more of their time and efforts to gather information and compare available alternatives.
Examples of consumer products include television, clothing, furniture, airline services.
These shopping products have higher prices and distribute through fewer outlets. Marketers promote these products through personal selling and different advertisement campaigns.
Specialty Products are those consumer goods having distinctive characteristics and brand identification for which a significant group of buyers is ready to make a specific purchase effort. This type of consumer products, consumers make efforts in the decision-making process. Speciality products need serious efforts to make a purchase. Specific consumers are involved in purchasing efforts.
Specialty products examples include legal and professional services, luxury goods and cars, designer clothes and many more.
Another good example of specialty products is Mercedes-Benz Maybach Exelero and Bugatti Veyron these are one of the world most expensive cars. If a certain consumer wants to buy one, he can even travel from one country to another. These types of products are less comparable with each other. Those willing to buy these cars invest their time to reach dealers who carrying their desired product.
These products are highly priced and follow exclusive distribution and available in fewer outlets. For example, Bugatti is available in 17 countries throughout the world. Promotional strategies are carefully targeted to reach the targeted consumers.
Unsought products are types of consumer products that consumers don’t know and even if they know about it they don’t buy these products under normal circumstances. Consumers don’t care about these types of product and think about it when they need it.
Unsought Products Examples include Life Insurance, Smoke detectors, Home alarms and pre-planned funnel service.
Unsought product pricing and distribution varies, and promotion strategies need aggressive marketing efforts i.e. more advertising and personal selling than other types of products.
Following are the marketing consideration for four types of consumer products