Types of Consumer Product

Summary

This script delves into the concept of consumer products, categorizing them into four types based on customer purchasing behavior. Convenience products, such as fruits and vegetables, are bought with little planning. Shopping products like apparels and gadgets require research and comparison. Specialty products, including cars and houses, demand special effort due to their high cost and unique features. Lastly, unsought products, like life insurance, are rarely considered by consumers unless prompted by specific reasons. The script concludes with an encouragement for continued learning.

Takeaways

• 🛒 Consumer products are items bought by customers for personal use, not for reselling or to produce another product.
• 🍎 Convenience products are those that require little planning and are frequently purchased, such as fruits, vegetables, eggs, and breads.
• 🔍 Shopping products necessitate research and comparison before purchase, including items like apparels, gadgets, and appliances.
• 🏡 Specialty products are high-priced items with unique characteristics that require special effort to buy, such as cars and houses.
• 🤔 Unsought products are those that consumers do not usually consider purchasing unless there is a specific reason, like life plans and insurance.
• 🛍️ There are four distinct types of consumer products, each with different purchasing behaviors and customer engagement levels.
• 🧐 The categorization of consumer products helps businesses understand customer behavior and tailor marketing strategies accordingly.
• 🛍️ Convenience products are characterized by their ease of purchase and frequent consumption.
• 🔎 Shopping products are chosen after a more deliberate decision-making process involving comparison of features and prices.
• 🏢 Specialty products are often significant investments that customers carefully consider before making a purchase.
• 🤷‍♂️ Unsought products may require additional marketing efforts to raise awareness and understanding among consumers.
• 📈 Recognizing the types of consumer products can assist in identifying target markets and developing effective sales strategies.

Q & A

What is the definition of a consumer product according to the script?

A consumer product is a type of product that customers buy to consume and not for reselling or production of another product.

How many types of consumer products are mentioned in the script?

The script mentions four types of consumer products.

What are the characteristics of convenience products as described in the script?

Convenience products require little planning and are normally bought by customers without much thought. Examples include fruits, vegetables, eggs, and breads.

What is a shopping product and what are some examples given in the script?

Shopping products are those that require research and comparison before purchase. Examples provided are apparels, gadgets, and appliances.

Why do consumers need to exert special effort before purchasing specialty products?

Consumers need to exert special effort before purchasing specialty products because they are more expensive and have unique characteristics.

What are some examples of specialty products mentioned in the script?

Examples of specialty products mentioned in the script are cars and houses.

What defines unsought products according to the script?

Unsought products are those that consumers do not usually purchase and would only consider buying for a specific reason.

Can you provide an example of an unsought product from the script?

An example of an unsought product from the script is life insurance.

Why might a consumer consider buying an unsought product?

A consumer might consider buying an unsought product due to a specific need or reason that arises, such as for protection or planning purposes.

What is the purpose of the script in providing these classifications of consumer products?

The purpose of the script is to educate listeners about different types of consumer products and their characteristics, enhancing their understanding of consumer behavior and market offerings.

What is the closing statement of the speaker in the script?

The closing statement of the speaker is 'Thank you and happy learning', which is a polite way to end the educational content.