Products and services fall into two broad classes based on the tupes of consumers that use them
A – (1) Consumer Product
B – (2) Industrial Product
01. Consumer Product:- “Product bought by final consumer for personal consumption”
Its includes or consumer products divided into four classes.
i) Convenience Product:-
Consumer product that the customer usually buyers frequently, immediately, and with a minimum of comparison and buying effort consumer products can be divided further into staples, impulse products, and emergency products.
Staples Products are those product that consumers buy on a regular basis, such as ketchup, tooth path etc., impulse products are those product that purchased with little planning or search effort, such as Candy bar, and magazine, emergency product is those when consumer need is urgent, e.g. umbrellas during a rainstorm etc.
ii) Shopping Product
Consumer good that the consumer, in the process of selection and purchase, characteristically compares as such bases as suitability, quality, price, and style. Example: Furniture, clothing, used cars, major appliances and hotel and motel services.
iii) Specialty Products
Consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. e.g. Specific brands and types of cars, high-priced photographic equipment, designer clothes etc.
iv) Unsought Products:-
Unsought products are consumer products that the consumer either does not knows about or knows about but does not normally think of buying.
Most major new inventions are unsought until the consumer become aware of them through advertising. Classes example of know but unsought products and services are life insurance and blood donations to the Red Cross.