Consumer products are typically classified based on consumers' buying behavior, their characteristics, and how consumers perceive and purchase them. The basic basis of classification of consumer products includes the following categories:
Convenience Products: These are everyday essential items that consumers frequently buy with little effort. They are low-priced, widely available, and easily accessible. Examples include newspapers, snacks, beverages, toiletries, and other routine items.
Shopping Products: Shopping products are items that consumers purchase less frequently, compare with alternatives, and often require more consideration before buying. They are generally more expensive than convenience products and may require more time and effort in the decision-making process. Examples include electronics, furniture, clothing, and appliances.
Specialty Products: Specialty products are unique and specific items that consumers are highly motivated to seek out. They possess distinctive characteristics or brand image, and consumers are willing to make a special effort to purchase them. Examples include luxury goods, high-end designer items, and rare collectibles.
Unsought Products: Unsought products are items that consumers do not actively seek out or think about purchasing. These products typically solve a problem or fill a need that arises unexpectedly or in emergencies. Examples include insurance, funeral services, and medical supplies.
Industrial Products: Also known as business-to-business (B2B) products, these are goods and services purchased by organizations for their own use in producing other products or providing services. Examples include raw materials, machinery, and office supplies.
Augmented Products: This classification adds additional value to the core product by including extra features or services. For example, a laptop with a warranty, customer support, and software bundles.
These classifications help marketers understand consumer behavior, tailor marketing strategies, and develop appropriate distribution channels for each type of product. By identifying the type of product they are selling, companies can better target their marketing efforts and provide the right incentives to influence consumer purchasing decisions.