Examples of Consumer Single Products and Brands: Not Industrial or B2B
In today's consumer-driven market, understanding the different types of consumer products is crucial for businesses aiming to market their goods effectively. Consumer products, also referred to as final goods, are items purchased by individuals or households for personal use, ranging from everyday necessities to luxury items. This article will explore the four primary types of consumer products and provide examples for each category.
Types of Consumer Products
Convenience Products
Convenience products are items that are frequently purchased and bought immediately without much comparison to other options. They are typically low-priced, not differentiated among other products, and easily accessible. Convenience products require mass promotion and placement in convenient locations for easy purchase.
Examples of Convenience Products: Sugar Laundry detergent Pencils Pens Paper
Characteristics of Convenience Products: Purchased frequently At a low price point Easily available Not commonly compared with other products
Shopping Products
Shopping products are less frequently purchased and often involve careful comparison among different brands and options. Consumers usually compare attributes such as quality, price, and style before making a purchase. These products typically require personal selling and advertising, and are selectively placed in fewer outlets.
Examples of Shopping Products: Airline tickets Furniture Electronics Clothing Mobile phones
Characteristics of Shopping Products: Purchased less frequently At a medium price point Commonly compared among other products
Specialty Products
Specialty products are goods with unique characteristics or brand identification, and consumers usually exert special effort to source them. These products are generally high-priced and are seldom compared to other products; buyers are willing to spend more time and effort in purchasing such items.
Examples of Specialty Products: Ferrari Sports cars Designer clothing Exotic perfumes Luxury watches Famous paintings
Characteristics of Specialty Products: With unique characteristics or brand perception Purchased less frequently At a high price point Seldom compared between other products Only available at select/special places
Unsought Products
Unsought products are items that consumers do not usually purchase or consider purchasing. They require extensive advertising and marketing efforts as these products are not top-of-mind for consumers. Examples include luxury items like diamond rings, pre-planned funeral services, and life insurance.
Examples of Unsought Products: Diamond rings Pre-planned funeral services Life insurance
Characteristics of Unsought Products: Not top-of-mind of consumers Requires extensive advertising and marketing efforts
Importance of Understanding Consumer Product Types
Understanding the differences between these types of consumer products is essential for developing an effective marketing strategy. Conspicuously, the amount of marketing effort required varies significantly among these categories. For example, there is little value in pouring significant resources into the marketing of convenience products like sugar, as there is little differentiation among brands and minimal need for advertising. Conversely, unsought products, such as life insurance, require extensive marketing to ensure they are top-of-mind for consumers and to justify the purchase.
Businesses that can accurately identify and target the appropriate type of consumer product will find it easier to develop successful marketing campaigns and ultimately achieve their business goals.
Connect with me on LinkedIn: Aachri Tyagi to ask more questions about consumer products and marketing strategies.