Consumer products are the products or services provided in the market for the end consumers to purchase to satisfy their personal needs and wants. These products differ based on the need of the customers, purchasing power and purchasing intention. It is important to categorize the consumer products based on the different characteristics they show in the market.
The categorization of the consumer products varies based on the buying techniques of the consumers as well. That links with the purchasing intention as the necessary goods and services should have an uninterrupted easy to purchase supply.
Consumer products can be identified in four types based on their main characteristics and the buying patterns of the customers.
- Convenience Products
- Shopping Products
- Specialty Products
- Unsought Products
Each product type has its characteristics that can be identified and highlight the product type out of all the other product types.
These are the consumer products that customers purchase frequently to satisfy their day-to-day needs and wants. These purchases happen frequently and with a minimum comparison and without much effort. These are the daily household purchases we do. The products are available everywhere and at any time for the customer to purchase whenever necessary. The prices are usually low and the purchase happens repeatedly.
Shopping products are another type of consumer product. These are less frequently purchased by consumers compared to convenience products. The customers usually compare the product wit rivalry products, spend time on investigating on product qualities and gather information and compare to find the best possible product under this type. When buying price and the quality that can be gained stand as an important element for the buying decision. This buying type is better for furniture, home appliances, jewelry and airline services. Shopping products are available in fewer outlets for the customer but they have better and knowledgeable sales help for the customer to create a knowledgeable decision.
Specialty products are another type of consumer product. Specialty products are produced in the market with special characteristics. Those products create brand identification for a significant group of consumers who are willing to put a special effort to purchase the product. The consumers are willing to purchase the product as it highlights their social status or income. The buyer does not usually compare the product with any rivalry products. They simply purchase as the brand works as a highlighting technique of the customers’ lifestyle. Usually, the investment is one time or several times but there is no frequent purchase. Usually, this kind of product is sold to the customers through dealers and added benefits and after-sales are included in the product price.
Unsought products are consumer products that the customer does not know about the product existence or not considering buying even if they know about the existence of the product. There is no driving need for the customer to purchase this kind of product. Most of the newly invented products are unsought until they become popular in the market. Organizations use various types of advertising methods to make the product popular in the market. Unsought products need a huge amount of effort for advertising, personal selling, campaigns and many other methods to make the product popular in the market.
The above-mentioned consumer product types help the organizations to categorize their product line and to make strategic plans by the product type and the required marketing method. The organizations need to have a proper understanding of the consumer product type they are introducing to the market. Organizations can get the help of the research team and conduct surveys to gain knowledge on the consumer product types.