Convenience Products - products a consumer needs but isn't willing to spend much time or effort shopping for.
Staples - products that are bought often, routinely, and without much though - like
breakfast cereal and canned soup.
Impulse Products - products that are bought quickly - as unplanned purchases - because of a strongly felt need. Items that the consumer hadn't planned on buying, but then are
bought on site.
Emergency Products - products that are purchased immediately when the need is great. It doesn't matter much what the price is because the consumer needs it so much.
Shopping Products - products that a customer feels are worth the time and effort to compare with competing products.
Homogeneous shopping products - shopping products the customer sees as basically
the same and wants at the lowest price. Some consumers feel that certain sizes and types
of computers, television sets, washing machines, and even cars are very similar.
Heterogeneous shopping products - shopping products the customer sees as different
and wants to inspect for quality and suitability. Furniture and clothing are good
examples. Specialty Products - products that the customer really wants and makes special effort to find. It's the customer's willingness to search, not the extent of searching, that makes it a specialty product.
Unsought Products - products that potential customers don't yet want or know they can buy. Consumers probably won't buy them if they see them, unless promotion can show their value.
New unsought products - products offering really new ideas that potential customers
don't know about yet. Informative promotion can help convince customers to accept the
product, ending its unsought status.
Regularly unsought products - gravestones, life insurance, and encyclopedias. They
stay unsought but not unbought forever. There may be a need, but potential customers
aren't motivated to satisfy it. Personal selling is very important for this kind of product.
Brand Familiarity - how well customers recognize and accept a company's brand.
Brand rejection - potential customers won't buy a brand unless its image is changed.
Rejection may suggest a change in the product or perhaps only a shift to target customers
who have a better image of the brand.
Brand non-recognition - final customers don't recognize the brand at all, even though
intermediaries may use the brand name for identification and inventory control.
Examples are school supplies, inexpensive dinner, and hardware store items.
Brand recognition - customers remember the brand.
Brand preference - target customers usually choose the brand over other brands, perhaps
because of habit or favorable past experience.
Brand insistence - customers insist on a firm's branded product and are willing to search
Family Brand - the same brand for several products. An example is Sears' Kenmore appliances.
Individual Brand - separate brand names for each product. If products are really different, such as Elmer's glue and Borden's ice cream, individual brands can avoid confusion.
Manufacturer Brand - a brand created by producers. These are sometimes called national brands because the brand is promoted all across the country or in large regions.
Dealer Brand - also called private brands, are brands created by intermediaries.
Packaging - involves promoting, protecting, and enhancing the product.
Warranty - explains what the seller promises about its product.
Product Life Cycle:
Market Introduction stage - usually not profitable in this stage; competitive situation is monopolistic or monopolistic competition because there is only one or two products; promotions geared toward "educating" the target market about the product's benefits to build "primary demand": priced to skim or penetrate the market; building distribution channels. Market Growth Stage - profits tend to be highest and peak in this stage;...
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