Product Selection Procedure
Product Selection vs. Product Development.
The process of product selection that people do in their personal lives (e.g. shopping
on Amazon) is strikingly similar to the process of product development
that people encounter in their professional lives.
Concept Development
and Selection. ... These requirements, specifications or technical
characteristics are then used as the basis for developing various product
concepts. Product bench marking,
brainstorming, and research and development are sources for new product
concepts.
Product design is the process of deciding on the unique
characteristics and features of a company's product Process selection is the
development of the process necessary to produce the product being
designed. Break-even analysis is a tool used to compute the amount of goods
that have to be sold just to cover costs.
4
Types of Consumer Products
Firstly,
what specifically is a consumer product? A consumer product is a product bought
by final consumers for personal consumption. But not every consumer product is
the same. There are four different types of consumer products. Marketers
usually classify consumer products into these
4 types of consumer
products:
- Convenience products
- Shopping products
- Specialty products
- Unsought products.
These
4 types of consumer products all have different characteristics and
involve a different consumer purchasing behavior. Thus, the types of consumer
products differ in the way consumers buy them and, for that reason, in the way
they should be marketed.
Convenience
products
Among
the four types of consumer products, the convenience product is bought most
frequently. A convenience product is a consumer product or service that
customers normally buy frequently, immediately and without great comparison or
buying effort. Examples include articles such as laundry detergents, fast food,
sugar and magazines. As you can see, convenience products are those types of
consumer products that are usually low-priced and placed in many locations to
make them readily available when consumers need or want them.
Shopping
products
The
second one of the 4 types of consumer products is the shopping product.
Shopping products are a consumer product that the customer usually compares on
attributes such as quality, price and style in the process of selecting and
purchasing. Thus, a difference between the two types of consumer products
presented so far is that the shopping product is usually less frequently
purchased and more carefully compared. Therefore, consumers spend much more
time and effort in gathering information and comparing alternatives. Types of consumer
products that fall within the category of shopping products are: furniture,
clothing, used cars, airline services etc. As a matter of fact marketers
usually distribute these types of consumer products through fewer outlets, but
provide deeper sales support in order to help customers in the comparison
effort.
Specialty products
Number
three of the types of consumer products is the speciality product. Speciality
products are 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. As you can see, the types of consumer products
involve different levels of effort in the purchasing process: the specialty
product requires a special purchase effort, but applies only to certain
consumers.
Unsought Product
Unsought Goods are goods
that the consumer does not know about or does not normally think of
buying, and the purchase of which arises due to danger or the fear of danger
and lack of desire. The classic examples of known but unsought goods are
funeral services, encyclopedias, fire extinguishers and reference
books.
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