Product classification is a system used to categorize products based on their characteristics, consumer buying behavior, and marketing strategies. This categorization helps businesses make informed decisions about product development, pricing, promotion, and distribution.
The infographic you provided showcases four primary product classifications:
- Convenience Products:
- Frequently purchased with minimal effort.
- Low price, widely available.
- Examples: Milk, bread, snacks, toothpaste.
- Frequently purchased with minimal effort.
- Shopping Products:
- Consumers compare and evaluate before purchasing.
- Moderate to high price, selective distribution.
- Examples: Clothing, electronics, furniture.
- Consumers compare and evaluate before purchasing.
- Specialty Products:
- Unique items with specific brand preferences.
- High price, exclusive distribution.
- Examples: Luxury cars, designer clothing, high-end electronics.
- Unique items with specific brand preferences.
- Unsought Products:
- Products consumers don't actively seek out.
Variable price, aggressive promotion.Examples: Life insurance, funeral services, medical equipment.
- Products consumers don't actively seek out.
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