Convenience, Shopping & Specialty product
The marketing of products and services are categorized according to the features and attributes that they have, and depending on their usage and the intended target market the products are labeled accordingly, most prominently in relation to the frequency of the product usage (Marketing-Insider, 2015).
Convenience Products
The first product under discussion is Convenience; these are produced in large numbers, in view of the fact that they are purchased frequently and consumed regularly. The purchasing decision by the consumers is more often ‘immediate’, the decision lacks any comparison, given that, the buying effort is minimal, in relation to checking out the alternatives since, the value in terms of savings is very minimal and practically nonexistent.
The purchase volumes are high and therefore, the prices of the products are low, and from a marketing view point the profits generally break even and for profits the convenience products need to be sold in large volumes.
Some commonly purchased convenience products are predominantly Fast Moving Consumer Goods (FMCG), such as bakery items, food products, cleaning products, personal care and print media such as newspapers and magazines.
The three brand names that are categorized in the convenience product category are P&G’s world famous Ariel washing powder; Unilever’s soap Lux and Lifebuoy and Reckitt Benckiser Group plc, Dettol.
Shopping Products
The shopping products are consumed and purchased on a less frequent level, and the time factor with regards to the willingness to spend more time in terms of research and looking for better alternatives is high, the main reason is that these products have a cost attached to them and most significantly the shopping products has an associated advantage of making the consumer instantly more socially presentable in their peer group.
The products in discussion are personal services, clothing lines, electric products, and furniture and airline services to name a few.
The three brands that are categorized in the shopping products are Qantas Airlines from Australia, IKEA of Sweden and Banana Republic the fashion brand from America.
Specialty Product
This product is categorized as the high price, luxury product, and these products are only accessible by consumers having the means to pay the high price that the specialty product entails and also one the key feature of the products are that they are not easily substituted.
The time to make a decision for the purchase may vary a bit longer depending on the consumers, however, the time frame is the same as the consumer research the product, but most of the times the consumers knows what they are looking for so the time frame doesn’t matter in the end.
The social factor in terms of belonging to a certain or a group is very high for the consumers, high end designers dress, luxury and sports cars, designer jewelry, and holidays to name a few are some of the specialty products.
The marketing is done on a niche level and only those communication channels are utilized that directly impacts the consumer base and create an intrigue and interest level.
Some of the most revered high end specialty brands that are globally recognized and are desired by all, but afforded by few, are Ferrari sports car, De beer Diamond jewelry line, Versace or Burberry dress and accessories.
References
Marketing-Insider. (2015). 4 Types of Consumer Products and Marketing Considerations – Convenience, Shopping, Specialty and Unsought Products.
Retrieved from http://marketing-insider.eu/4-types-of-consumer-products/
