On the surface, it may seem difficult to develop a classification system for the

Question

On the surface, it may seem difficult to develop a classification system for the variety of products consumers purchase, but the reality is that consumer purchase habits fall into four broad categories: convenience, shopping, specialty, and unsought. What are the differences between convenience, shopping, specialty, and unsought goods?

Select various products as an example of each of the stages of the Product Life Cycle concept. Identify and discuss the marketing characteristics that are present for that particular life cycle stage with the product you selected.

Explanation / Answer

Convenience: Convenience means that customer normally will buy in frequently basis, immediately without comparing any similar product. Like Toothpaste, Detergent Powder

Shopping: Shopping is refers to that consumers purchase and consume on a less frequent schedule compared to convenience products. Like: TV, Furniture

Specialty: Consumer products and services with unique characteristics or brand identification for which a significant group of consumers is willing to make a special purchase effort. Here want a specific or expensive brand and product to maintain the loyalty status. Like: Iphone, Rolex Watch

Unsought: Here consumer is normally not interested to buy product but want to know about the product and specification. Like: Life Insurance Policy, Loan

Example:

1.       Introduction – 3D TVs

2.       Growth  – Blueray discs/DVR

3.       Maturity – DVD

4.       Decline – Video cassette

Marketing Characteristics:

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