What is a Product?
This text reviews product classifications. The categorization is related to the consumer effort in shopping for the product.
Glossary
- capital products
- Large, expensive items with a long life span that are purchased by businesses for use in making other products or providing a service.
- convenience products
- Relatively inexpensive items that require little shopping effort and are purchased routinely without planning.
- expense items
- Items (purchased by businesses) that are smaller and less expensive than capital products and usually have a life span of less than one year.
- product
- In marketing, a good, service, or idea, along with its perceived attributes and benefits, that creates value for the customer.
- shopping products
- Items that are bought after considerable planning, including brand-to-brand and store-to-store comparisons of price, suitability, and style.
- specialty products
- Items for which consumers search long and hard and for which they refuse to accept substitutes.
- unsought products
- Products that either are not planned as a purchase by a potential buyer or are known but the buyer does not actively seek them, such as funeral services.