What are the characteristics of products, how do marketers classify products
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Products have tangible and intangible characteristics that define them to companies, markets, and consumers. Marketers classify products based on their durability and tangibility as nondurable goods, durable goods, or services. Marketers also classify consumer goods as convenience goods, shopping goods, specialty goods, or unsought goods based on how often they are purchased and the level of consumer effort in the purchase decision. Industrial goods are classified as raw materials, manufactured materials and parts, capital items, or supplies and business services.
What are the characteristics of products, how do marketers classify products
- 3. Features that identify the product to the company, the market and the consumer. Each product is a complex of tangible and intangible characteristics which define the product, its use and value. ProductCharacteristics
- 5. DURABILITY AND TANGIBILITY 1. NONDURABLE GOODS 2. DURABLE GOODS 3. SERVICES
- 6. CONSUMER GOODS CLASSIFICATION • CONVENIENCE GOODS • SHOPPING GOODS • SPECIALITY GOODS • UNSOUGHT GOODS
- 9. INDUSTRIAL GOODS CLASSIFICATION •MATERIALS AND PARTS 1. raw materials 2. manufactured materials and parts •CAPITAL ITEMS 1. installations 2. equipment •SUPPLIES AND BUSINESS SERVICES 1. maintenance and repair items 2. operating supplies
- 10. Raw Materials
- 12. Capital Items
- 14. These slides were created by Ashish Soni, IIT Delhi during a Marketing internship by Prof. Sameer Mathur, IIM Lucknow (See www.IIMInternship.com)