BUS 2201 Assignment UNIT 4 Principles of Marketing (proctored course) PDF

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Assignment UNIT 4 Principles of Marketing (proctored course)...

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Introduction Consumer products, also known to as final goods, are products that are purchased by persons or households for personal consumption. There are four categories of consumer products in terms of marketing, each with its own set of marketing factors. In this paper, I'll go over the four different categories of consumer products and how they vary. Furthermore, the paper will show how marketers categorize consumer products into these four categories.

Discussion There are several ways to categorize products and services, each of these categories has marketing implications, consumer offerings are often classified into four categories based on the types of purchases made, these are the most commonly categories that marketers refer to. Convenience, Shopping, Specialty and Unsought are the four consumer offerings categories. (Tanner, & Raymond). I will explain more details about these four categories, as shown below:

Convenience Offerings: are products and services that consumers require a minimum amount of effort and time into shopping for because they don't see a distinction between rival brands. Examples that I have purchased are bread, milk, soft drink, coffee. The aim of convenient product marketing is often to bring the product into as many locations as possible where it can be purchased. (Tanner, & Raymond).

Shopping Offerings: are consumer products that are most likely to compare a number of options. Consumers typically equate shopping product attributes such as quality, price, and design to other products. As a result, consumers compare shopping product options more carefully than convenience

products, and they devote significantly more time comparing alternatives. Personal selling and advertisement are required for shopping products, which are available in fewer outlets, and distributed more selectively. (Claessens, Maximilian). Examples that I have purchased: Furniture, clothes, and used car.

Specialty Offerings: These products are so unique, and exclusive that it's worth going to great lengths to discover and buy them. Almost without exception, price is not the most important consideration in specialty product sales. Since these products may be custom-made or one-of-a-kind, the marketer may have done an excellent job in differentiating the product in the consumer's view, a specialty consumer is willing to exert special effort to purchase specialty products. (Claessens, aximilian). Examples that I have purchased are Rolex luxury watches, and exotic perfumes.

Unsought products are those that a consumer either is unaware of or is aware of but does not consider purchasing under normal circumstances. As a result, these are the kinds of consumer products that consumers don't usually care and think about it, at least not until they need them. Unsought products, by their very existence, require much more and aggressive advertisement, selling, and promotion activities and some specific marketing strategies. (Claessens, aximilian.). Examples that I have purchased diamond ring as a gift for my mother.

In the table below, I will address the relevant marketing considerations, and explain how the four types of consumer products differ from one another.

Consumer offerings

Consideration Marketing

Convenience

Shopping

Specialty

Unsought

Customer buying behavior

Purchases are made often, Less frequent purchases, Brand preference and loyalty aAwareness and knowledge with little effort (planning, but more efforts (planning ais special buying effort, brand. about the product are little, comparison), often with little ccomparing products on comparison is little, and low as well as a little of interest in the product. involvement. brands, price, and design, price sensitivity.

Price

Low price

Distribution

The product has a widespread distribution and Distribution is more is available in a number of selective, fewer outlets. convenient places.

Promotion

Promotion on a large scale

Personal selling and advertising

Examples

Toothpaste, bread, milk, sugar

Electronics, airline tickets, Luxury watches, sports cars clothing , designer clothing

Higher price

High price

Varies

There are fewer outlets and distribution is more selective. J outlets or a one exclusive Varies distribution Only available at select/special places Varies. More carefully targeted promotion

Personal selling and extensiv and marketing efforts Encyclopedias, fire extinguishers, and reference insurance, funeral service

Conclusion: It's critical to understand whether products are convenience, shopping, specialty, or unsought. As previously stated, each form requires distinct marketing efforts. It wouldn't make sense to spend a lot of efforts on marketing sugar, for example. There is little difference between different brands of sugar products, so investing money on advertisement will have little effect on changing consumer perception. Unsought products, on the other hand, would require significant marketing efforts. As a buyer, buying life insurance is not top-of-mind; it is not something that most people consider. Significant marketing efforts, and promotional campaigns are needed to make unsought products known and to persuade customers to buy them. References •

Tanner, & Raymond, (2015). Principles of marketing. University of Minnesota Open Textbook Library. Licensed under a Creative Commons by-nc-sa.

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Claessens, Maximilian. “4 Types of Consumer Products and Marketing Considerations.” Marketing, 6 Jan. 2021, marketing-insider.eu/4-types-of-consumer-products/....