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Transcript
As you may recall, a product is a good or service for sale in a market. For example, we buy products when we get our haircut or buy food. Products are marketed to reach specific target markets Decisions concerning distribution, pricing and promotion are affected by the classification in which a product is placed. 3 Consumer Products Industrial Products 4 Consumer Products • Products and services bought by final consumers for personal consumption. – Also includes other marketable entities. • Classified by how consumers buy them: – Convenience goods – Shopping goods – Specialty goods – Unsought goods 5 Specialty & Unsought Products • Specialty Products – Special purchase efforts – High price – Unique characteristics – Brand identification – Few purchase locations – Example: Rolex watches, Ferrari cars • Unsought Products – New innovations that may not be known by the buyer – Are often products consumers do not want to think about – Require a lot of advertising and personal selling – Examples: blood donation, cemetery plots, insurance 7
