COMPANY G MARKETING PLAN 4
before developing a product that would meet the consumer needs and also, solve the problems in
the market.
A majority of the electronic appliances in the market are huge and not so appealing to the
consumers, and are normally priced at very high prices. Thus, the introduction of these
innovative appliances by Company G will create a unique market for the company and also, will
act as a source of company competitive advantage. Therefore, the introduction of this new line of
products by the company does support its mission statement.
Consumer product classification
According to Weber (2013), consumer products refer to the products that are demanded
by the consumers to satisfy their needs and wants. As such, consumer products are purchased by
a consumer for personal consumption. Consumer products are classified into four different
categories with unique characteristics. These categories include the following;
Convenience products
Convenience products refer to those consumer products that are often purchased, are
routine, takes little though when purchasing and their appeal market is large. These products are
purchased with little planning. Also, convenience products are usually low-priced products and
are readily available in many locations. Some examples include snacks, magazines, and laundry
detergents.
Shopping product
Shopping products refer to those consumer products that require comparison of brands
and consumer research before purchase. Shopping products are considered high-risk proposition
and therefore, they involve more effort, cost and time before a consumer decides to buy these
products. Some of the examples of the shopping products are TV set and Cars. Usually, a
consumer will only settle to buy a particular product if convinced that it offers him value for
money. There are two specific types of shopping products are the heterogeneous and
homogeneous products. Heterogeneous products refer to those products that are considered as
not standardized and unlike. As such, heterogeneous products keep varying. For example,
clothes, as there is a wide variety of clothing a consumer can choose. On the other hand,
homogeneous refers to the products that fall into a similar category and therefore, are considered
alike by the consumers. Therefore, homogeneous products are distinguished by their unique
features, and the consumers usually look for these features when deciding what product to buy.
Examples of the homogenous products are in electronics category like Television.
Speciality products
Speciality products refer to those consumer products that a certain consumer will look for
because of his loyalty to the product or unique features. Thus, consumers who buy speciality
products understand the product features and know what they want. These consumers are
unlikely to buy another product even if it is a close substitute for their desired product. Example
of a specialty product is the luxury cars. Under this category, a product with a strong brand
image is likely to have a competitive edge in the market.
Unsought products
Unsought products refer to the products that the consumers have little knowledge and are
not actively considering buying them. Therefore, consumers will rarely think of buying these
products. Mostly, consumers will buy these products when in danger or as a result of fear of
danger. To convince the consumers to buy these products aggressive marketing to create
consumer awareness is required. Examples of these products include fire extinguishers, funeral
services, and reference books.
