The dictionary definition of a product is “an article or substance that is manufactured or refined for sale.” While this definition may seem simple, it encompasses a wide range of items that we encounter on a daily basis. Essentially, a product is anything that is created to fulfill a need or want. It could be a physical item that you can hold in your hand or a service that provides you with a particular benefit. In the past, products were solely created to fulfill basic needs. But with the rise of consumerism and marketing tactics, products are now designed to create wants and desires in consumers. The product, however, is the most important factor in a company’s success. The first P of the Marketing Mix is Product. It is the bases of the marketing mix of a company. It is important for a company to develop the perfect product for the right market as a business is established on its product, shaping consumer satisfaction and the company’s reputation. In this blog, we will explore the different types of products and how they play a significant role in our lives.
1. CONSUMER PRODUCTS:
Consumer products are those that are intended for personal use by the end consumer. These products can be further divided into four categories: convenience products, shopping products, specialty products, and unsought products.
a) Convenience Products:
These are products that we use on a daily basis and don’t require much thought or effort to purchase. Examples of convenience products include household items like toilet paper, toothpaste, and groceries like milk, bread, and eggs. These products are readily available in most stores and are relatively inexpensive.
b) Shopping Products:
Shopping products are those that consumers purchase after doing some research and comparison shopping. These products usually have a higher price tag than convenience products and require more time and effort to purchase. Examples of shopping products include clothing, electronics, and furniture.
c) Specialty Products:
Specialty products are unique or high-end items that consumers purchase infrequently but have a strong desire for. These products are usually expensive and require a significant investment of time and effort in their purchase. Examples of specialty products include luxury cars, designer clothing, and high-end jewelry.
d) Unsought Products:
Unsought products are those that consumers do not actively seek out to purchase. These products may be necessary but are not desired by the consumer. Examples of unsought products include life insurance, funeral services, and emergency medical supplies.
2. INDUSTRIAL PRODUCTS:
Industrial products are those that are used by businesses to produce goods or provide services. These products can be divided into three categories: materials and parts, capital items, and supplies and services.
a) Materials and Parts:
Materials and parts are the raw materials or components used in the production of goods. These products are usually purchased by manufacturers and include things like lumber, steel, and electronic components.
b) Capital Items:
Capital items are long-term investments made by businesses to help them produce goods or provide services. These products have a higher price tag and are expected to last for a more extended period. Examples of capital items include machinery, buildings, and vehicles.
c) Supplies and Services:
Supplies and services are products that businesses need to operate but do not become part of the final product. These products can include office supplies, cleaning services, and maintenance services.
3. DIGITAL PRODUCTS:
With the rise of technology, digital products have become an essential part of our lives. These products are intangible and are delivered through electronic channels. They can be further divided into three categories: information products, software products, and media products.
a) Information Products:
Information products include e-books, online courses, and webinars. They provide valuable information to consumers and are consumed digitally.
b) Software Products:
Software products include computer programs and mobile applications. They range from productivity tools to entertainment apps and have become an integral part of our daily lives.
c) Media Products:
Media products include digital music, movies, TV shows, and games. With the rise of streaming platforms like Netflix and Spotify, media products have become easily accessible to consumers.
4. SERVICES:
Services are intangible products that are provided to consumers by businesses. They cannot be touched or stored but can be experienced or consumed. Services can be further categorized into business services, professional services, and personal services.
a) Business Services:
Business services are those that help other businesses function smoothly. These include accounting, marketing, and consulting services.
b) Professional Services:
Professional services are provided by individuals with specialized skills or knowledge. Examples of professional services include doctors, lawyers, and architects.
c) Personal Services:
Personal services are those that are provided to individuals to meet their needs or desires. These include services like haircuts, massages, and personal training.
