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Products and Product and Pricing Strategies > Types of Products
Types of Products
• Consumer Products
• Shopping Products
• Specialty Products
• Unsought Products
• Business Products
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Products and Product and Pricing Strategies > Types of Products
Consumer Products
• Consumer products are defined on a case-by-case basis, under guidelines
defined by the US CPSA.
• The production and sale of consumer products is an important component of US
GDP and employment.
• The Consumer Product Safety Act, enacted in 1972, established the United
States Consumer Product Safety Commission (CPSC) as an independent agency
of the United States Federal Government and defined its basic authority.
iPod Classic
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Products and Product and Pricing Strategies > Types of Products
Shopping Products
• Since little planning or effort goes into buying convenience goods, markets need
to establish a high level of brand awareness and recognition.
• Since shopping goods are highly researched, and product information is
evaluated by buyers, a retailer's ability to differentiate themselves becomes
important.
• With shopping goods, retailers attempt to provide strong promotions to sway the
buyer. They also expect strong support from manufacturers.
Buying a car
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Products and Product and Pricing Strategies > Types of Products
Specialty Products
• Price is almost never a determining factor in choosing between specialty goods.
Consumers instead choose specialty goods primarily based on quality, style,
scarcity, or personal preference.
• Sellers of specialty goods need not be conveniently located, because buyers will
seek them out, even if it involves considerable effort.
• Some goods may be considered shopping goods by some buyers, and specialty
goods by other buyers.
Louis Vuiton Flagship Store in Paris, France
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Products and Product and Pricing Strategies > Types of Products
Unsought Products
• As opposed to convenience, shopping, and luxury goods, consumers do not
actively seek out unsought goods.
• Marketers must actively and aggressively market such goods in order to arouse
interest in them.
• There are many examples of unsought goods becoming sought goods, either due
to increased awareness of their positive aspects by consumers, or by marketers
who have successfully changed the consumer psyche.
Fire extinguisher
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Products and Product and Pricing Strategies > Types of Products
Business Products
• Business products are marketed differently than convenience, shopping and
specialty products, due to their different nature as well as the different nature of
the prospective buyers.
• A useful way to divide business products is into farm products and manufactured
products, as they are marketed differently.
• There are different types of manufactured products, such as semi-manufactured
products, parts, raw materials, and machinery.
Lumber: A Business Product
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Appendix
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Products and Product and Pricing Strategies
Key terms
• business products Products that are sold to other businesses as opposed to end consumers, and used to produce other
products.
• consumer product Any tangible product used for personal, family, and household non-business purposes.
• Consumer Product Safety Act Act enacted by US Congress in 1972, establishing the Consumer Product Safety Commission as
an independent agency of the US Federal Government.
• convenience good a good that requires a minimum amount of effort on the part of the consumer.
• durability Permanence by virtue of the power to resist stress or force.
• shopping good goods that consumers will want to be able to compare and contrast with others before they make a purchasing
decision.
• specialty good Products that are considered so unique by the consumer that they will go to any length to seek out and
purchase them.
• specialty store small retailers which offer a specific range of merchandise and related items
• Unsought good Goods that a consumer does not seek out, but purchases out of fear, precaution, or need.
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Products and Product and Pricing Strategies
Buying a car
Most buyers invest a lot of time and effort into choosing the right car for them.
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Public Domain Images. "Front bumper oldtimer car royalty free stock photograph." Public domain http://www.public-domain-image.com/full-image/transportationvehicles-public-domain-images-pictures/cars-automobile-public-domain-images-pictures/front-bumper-oldtimer-car.jpg-royalty-free-stock-photograph.html View on
Products and Product and Pricing Strategies
iPod Classic
An example of a consumer product.
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Fotopedia. CC BY http://www.fotopedia.com/items/flickr-3475937686 View on Boundless.com
Products and Product and Pricing Strategies
Fire extinguisher
This is a classic example of an unsought good.
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Blogspot. "Fire Extinguisher Behind Glass." CC BY http://bestandworstever.blogspot.com/2012/07/best-way-to-get-fire-extinguisher-ever.html View on
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Products and Product and Pricing Strategies
Lumber: A Business Product
Lumber is an example of a business product.
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Geograph. "Growth Rings on Felled Timber (C) David Wright :: Geograph Britain and Ireland." CC BY-SA http://www.geograph.org.uk/photo/2496992 View on
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Products and Product and Pricing Strategies
Louis Vuiton Flagship Store in Paris, France
People will travel miles to buy a LV bag even though there are plenty of options in their local department store.
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Flickr. "Louis Vuiton Megastore | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/9610484@N05/846863808/ View on Boundless.com
Products and Product and Pricing Strategies
Which of the following are examples of consumer products?
A) Vulcanized rubber, a tractor trailer, a cash register and a case of
dynamite.
B) Chewing gum, a pair of sneakers, a cell phone and a basketball.
C) An internet server system, 5000 yards of textile products, a 10 unit
telephone system.
D) Sheet metal, a hydraulic lift, die casting machinery and a public
address system.
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Products and Product and Pricing Strategies
Which of the following are examples of consumer products?
A) Vulcanized rubber, a tractor trailer, a cash register and a case of
dynamite.
B) Chewing gum, a pair of sneakers, a cell phone and a basketball.
C) An internet server system, 5000 yards of textile products, a 10 unit
telephone system.
D) Sheet metal, a hydraulic lift, die casting machinery and a public
address system.
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Products and Product and Pricing Strategies
How does consumer behavior change when purchasing shopping
goods versus convenience products?
A) Buying is planned and the product's benefits and price have been
thoroughly researched.
B) Buying is spontaneous, price and value are low end and the brand is
not important.
C) Buying is unplanned and impulse driven.
D) Pricing becomes less important than the brand purchased.
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Products and Product and Pricing Strategies
How does consumer behavior change when purchasing shopping
goods versus convenience products?
A) Buying is planned and the product's benefits and price have been
thoroughly researched.
B) Buying is spontaneous, price and value are low end and the brand is
not important.
C) Buying is unplanned and impulse driven.
D) Pricing becomes less important than the brand purchased.
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Products and Product and Pricing Strategies
Marketers establish a high level of brand awareness and
recognition by engaging in which of the following promotional
activities?
A) Extensive distribution
B) Product development
C) Focus groups
D) Mass advertising
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Products and Product and Pricing Strategies
Marketers establish a high level of brand awareness and
recognition by engaging in which of the following promotional
activities?
A) Extensive distribution
B) Product development
C) Focus groups
D) Mass advertising
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Saylor OER. "Business Administration « Saylor.org – Free Online Courses Built by Professors." CC BY 3.0 http://www.saylor.org/majors/Business/
Products and Product and Pricing Strategies
What differentiates specialty products from other types of
products?
A) Chain stores, a lower price and different brands.
B) Mass market appeal and wide range of pricing options.
C) Brand loyalty, a higher price and retail outlets specific to the product.
D) Convenient and multiple retail outlets and bargain pricing.
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Products and Product and Pricing Strategies
What differentiates specialty products from other types of
products?
A) Chain stores, a lower price and different brands.
B) Mass market appeal and wide range of pricing options.
C) Brand loyalty, a higher price and retail outlets specific to the product.
D) Convenient and multiple retail outlets and bargain pricing.
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Products and Product and Pricing Strategies
In order for a product's status to change from unsought to sought,
the consumer must be _________.
A) In need of the product's features.
B) Educated about its features and how it will meet his or her needs.
C) In the market for tangible goods.
D) Willing to pay the price for the product he or she is looking for.
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Products and Product and Pricing Strategies
In order for a product's status to change from unsought to sought,
the consumer must be _________.
A) In need of the product's features.
B) Educated about its features and how it will meet his or her needs.
C) In the market for tangible goods.
D) Willing to pay the price for the product he or she is looking for.
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Products and Product and Pricing Strategies
Dawn leaves her home and its sunny. During the day it begins to
rain hard. Dawn sees a man selling umbrellas on the street and
she buys one. Her unexpected need to keep dry has caused her
to purchase _______.
A) A durable product.
B) An unsought product
C) A tangible product.
D) A usable good.
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Products and Product and Pricing Strategies
Dawn leaves her home and its sunny. During the day it begins to
rain hard. Dawn sees a man selling umbrellas on the street and
she buys one. Her unexpected need to keep dry has caused her
to purchase _______.
A) A durable product.
B) An unsought product
C) A tangible product.
D) A usable good.
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Products and Product and Pricing Strategies
A machine that caps soda bottles is an example of _______.
A) Process machinery.
B) Equipment.
C) Manufactured products.
D) Supplies.
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Products and Product and Pricing Strategies
A machine that caps soda bottles is an example of _______.
A) Process machinery.
B) Equipment.
C) Manufactured products.
D) Supplies.
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Products and Product and Pricing Strategies
An automobile tire is an example of what type of business
product?
A) Equipment.
B) Manufactured.
C) Service.
D) Parts.
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Products and Product and Pricing Strategies
An automobile tire is an example of what type of business
product?
A) Equipment.
B) Manufactured.
C) Service.
D) Parts.
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Products and Product and Pricing Strategies
Vulcanized rubber is an example of a ________.
A) Supplies.
B) Manufactured product.
C) Parts.
D) Equipment.
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Products and Product and Pricing Strategies
Vulcanized rubber is an example of a ________.
A) Supplies.
B) Manufactured product.
C) Parts.
D) Equipment.
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Products and Product and Pricing Strategies
Attribution
• Wikipedia. "Consumer Product Safety Act." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Consumer_Product_Safety_Act
• Wikipedia. "Consumer product." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Consumer_product
• Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//marketing/definition/consumer-product-safety-act
• Wiktionary. "durability." CC BY-SA 3.0 http://en.wiktionary.org/wiki/durability
• Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//marketing/definition/consumer-product
• Wikipedia. "Sauerkraut." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Sauerkraut
• Wikipedia. "Unsought goods." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Unsought_goods
• Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//marketing/definition/unsought-good
• Wikispaces. "MK300-1-4-S12 - Product Classification." CC BY-SA http://mk300-1-4-s12.wikispaces.com/Product+Classification
• Dropbox. CC BY http://dl.dropbox.com/u/31779972/Introducing%2520Marketing.pdf
• Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//marketing/definition/business-products
• Dropbox. CC BY http://dl.dropbox.com/u/31779972/Introducing%2520Marketing.pdf
• Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//marketing/definition/convenience-good
• Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//marketing/definition/shopping-good
• Wikipedia. "Speciality goods." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Speciality_goods
• Wikipedia. "Specialty store." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Specialty_store
• Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//marketing/definition/specialty-good
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Products and Product and Pricing Strategies
• Dropbox. CC BY http://dl.dropbox.com/u/31779972/Introducing%2520Marketing.pdf
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