Consider the number of products available in the U.S. consumer market. In virtua

Question

Consider the number of products available in the U.S. consumer market. In virtually every product category, consumers have many options to fulfill their needs. Are all of these options really necessary? Is having this many choices a good thing for consumers? Why or why not? Is it a good thing for marketers and retailers that have to support and carry all of these product choices? Why or why not?
Consider the number of products available in the U.S. consumer market. In virtually every product category, consumers have many options to fulfill their needs. Are all of these options really necessary? Is having this many choices a good thing for consumers? Why or why not? Is it a good thing for marketers and retailers that have to support and carry all of these product choices? Why or why not?
Consider the number of products available in the U.S. consumer market. In virtually every product category, consumers have many options to fulfill their needs. Are all of these options really necessary? Is having this many choices a good thing for consumers? Why or why not? Is it a good thing for marketers and retailers that have to support and carry all of these product choices? Why or why not?

Explanation / Answer

There are different consumer segments on the basis of demographic factors, geographical areas and psychographic factors. Here, each consumer segment is different from others on the basis price sensitivities, quality, features, ability to fulfill the status and lifestyle. So, needs of each consumer group can only be satisfied when different alternatives are offered to these consumers. Hence, it is important and necessary to offer different options under the each category of products.

Further, each consumer has different budget, expectation, service required to fulfill the requirements. These requirements can only be fulfilled when different alternatives are offered to the consumers. Therefore, it is a good thing to offer, different alternatives to the consumers.

It may not be a good thing for a marketer and retailers to maintain such a high variety in certain extent as follows.

1. More number of alternatives cause high inventory, so cash is trapped.

2. Difficult to manage the different alternatives when offered to consumers

3. It has the scope of confusion to the consumers when more than required options are shown to them.

4. Production cost is high, so prices will also be high.

Though, it can also help marketers to convince the consumers to buy a product. So, marketers should conduct an exploratory research to jot down the specific choices of the consumers of their target market. Finally, create a product line or mix to offer the products to the consumer segment. It will bring the optimum number of alternatives to the consumers.

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