Types of products/ 4 Types of consumer products
In this article, we will discuss on 4 types of products in economics.
Types of Products
A product is usually labeled based on the type of user it is aimed at. If the final user is consumer than it is known as a consumer product. On the other hand, if the end-user is business than it is known as a business product.
For example, a stapler can be categorized as both consumer products or business products on the end-user.
Consumers usually buy consumer products for personal use while business products are used to produce other goods for reselling to end users commercially.
In this article, we will discuss types of consumer products such as convenience, shopping, specialty, and unsought.
Convenience products
Candy bar an example of convenience products
These are goods which consumers buy frequently, routinely and immediately with little thought and efforts from a nearby shop or department store. for example, our favorite sumo fighter things that he immediately needs some energy bar before jumping into his next fight.
So, he rushes down to the nearby grocery shop and buys 100 Ninja candy bar for immediate consumption. Other examples of convenience stores include water, bread, cookies, Coca-Cola, etc.
Features of convenience product
ü Frequent purchase by consumers.
ü Needed and bought by a large number of target markets.
ü Need widespread availability in the market to be profitable.
ü Often comparatively low priced.
ü Bought with little effort and planning.
Shopping products
An example of a shopping product
A shopping product refers to those type of products which consumers buy after extensive research and comparison of brands. This research and comparison are based on various elements such as suitability, quality, price, and style.
For example, say, both of our friends Micky has got married recently and he wants to gift some furniture to his newly wedded wife. Now what he will do?
He and his wife will go to the nearest furniture market, roam around the different showroom, compare between different brands in terms of suitability, quality, price, and style. And finally will buy the most affordable and suitable one.
Other examples of shopping products include clothing, jewelry, shoes, electronics, etc.
Features of shopping product
ü Planning and research is required before buying.
ü Consumers will make final buying decisions based on suitability, quality, price, and style of the product.
ü Consumers need to spend more time and effort to buy a product.
Specialty products
An example of a specialty product
Specialty products are characterized by unique features and brand identification. These are products for which you will not accept any substitute. For example, my girl ftiend Jessica is a great fan of Ferrari sports car and will not accept the “X” brand of the sports car. S
Specialty products usually have a bunch of loyal customer base who are obsessed with the product’s brand image. For example, I am a great fan of Mercedez Benz.
These are products for which loyal consumers are willing to spend special time and effort. Other examples include Redo watch, BMW car, etc.
Features of Speciality products
ü Consumers are willing to spend more time on research, time and effort.
üDon't make a comparison between different brands. since buyers are usually obsessed with the brand.
ü Potential consumers might even willing to sacrifice some other wants to buy this kind of product.
ü Consumers willingly take buying initiatives without much effort from the manuufacturer.
An example of unsought product
Due to its nature, unsought products need huge marketing efforts. These are products that are either unknown to consumers. Or if even known, consumers don’t think of buying them under normal conditions. For example, we can talk about fire extinguishers, insurance policies, etc.
Features of unsought products
ü Requires a huge marketing effort to be successful in the market.
ü Consumers are usually don’t know about them or don’t feel that they need to be bought.
