In marketing, there are four major types of Consumer Product, they are discussed as follows:
CONVENIENCE PRODUCT
The convenience product is the one bought most frequently, immediately and without great comparison or buying effort. Examples include such product as laundry detergents, fast food, sugar, and magazines. They are usually low-priced and placed in many locations which make them readily available to consumers when needed or wanted. These products are classified into Staples products which are bought on regular basis; Impulse products which are bought with some planning and Emergency products which are those bought in urgency.
CHARACTERISTICS OF CONVENIENCE PRODUCTS
The Convenience Products have the following characteristics:
1. They are bought frequently 2. They are purchased at low price
3. The products are easily available in stores 4. The Brand is always acceptable to customers
5. Price and quality of the product is not usually considered when customers want to make purchase.
SHOPPING PRODUCT
Shopping products are those that the customer usually compares on the basis of their attributes such as quality, price, and style when making selection and purchasing decision. Thus, the difference between shopping and convenience product is that the shopping product is usually less frequently purchased and more carefully compared.
Therefore, consumers spend much more time and effort in gathering information and comparing alternatives when they want to make the purchase. The types of consumer products that can be regarded as shopping products are furniture, clothing, used cars, airline services etc. As a matter of fact, marketers usually distribute these products through fewer outlets but provide deeper sales support in order to help customers in the comparison effort.
CHARACTERISTICS OF SHOPPING PRODUCT 1. They are Purchased less frequently by customers.
2. Planning is needed for the product purchase.
3. Comparison is needed when customer want to purchase the product.
4. They are usually complex than convenience products.
5. In retail outlets, they are not available.
6. The Customer usually shops for the product.
SPECIALTY PRODUCT
The Specialty products are products and services with unique characteristics or brand identification for which a significant group of consumers is willing to make a special purchase effort. There is a need for special purchase effort to be made for specialty products, but this applies only to certain consumers. The product in this category includes designer clothes, luxurious cars, professional and expensive photographic equipment, etc. In order to buy Roll Royce Car, the buyer would make a special effort, by travelling great distances to buy one. However, there is less comparison for specialty products. Rather, the effort must be understood in terms of time buyers invest to reach dealers that sell the products.
CHARACTERISTICS OF SPECIALTY PRODUCT 1. The product has unique characteristics
2. The product is purchased less frequently 3. It has a high price
4. The Brand is not acceptable to all customers 5. There is less comparison for specialty products 6. The products are available at special places 7. The products usually offer high status in mind.
Source: Kotler & Armstrong (2014): Principles of Marketing (15 Edition). Pearson Education Ltd. Pp 251.
Marketing consideration
Types of Consumer Products
Convenience Shopping Specialty Unsought
Customer buying behaviour
Frequent
purchase, little effort (planning, comparison), low customer
involvement
Less frequent purchase, much effort (planning and comparison of brands on price, quality, style etc.)
Strong brand preference and loyalty, special purchase effort, little comparison of brands, low price sensitivity
Little product awareness and knowledge or little interest
Price Low price Higher price High price Varies
Distribution
Widespread distribution, convenient locations
Selective distribution, fewer outlets
Exclusive
distribution in only one or a few outlets
Varies
Promotion Mass promotion Advertising and personal selling
More carefully targeted
promotion
Aggressive advertising and personal
selling
Examples
Toothpaste, magazines, laundry detergent
Television, furniture, clothing
Luxury goods (e.g. Rolex watch), designer clothing
Life insurance or pre-planned funeral service
UNSOUGHT PRODUCT
The Unsought products are those which a consumer either does not know about or knows about but does not consider buying under normal conditions. Thus, in this product, the consumers do not think about it normally, at least not until it is needed.
Most new innovations by Companies are unsought products until consumers become aware of them. Other examples of these products are life insurance, pre-planned funeral services etc.
The unsought products, due to their nature, often require much more advertising, selling and marketing efforts than other types of consumer products.
CHARACTERISTICS OF UNSOUGHT PRODUCT 1. The product required a lot of advertisement 2. It also requires Personal selling
3. A lot of Marketing efforts is needed to sell the product.
SELF ASSESSMENT EXERCISE
List the various types of consumer products.
Answer: The various types of consumer products are listed below:
1. Convenience product 2. Shopping product 3. Specialty product 4. Unsought product