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Product Classifications - Consumer Goods and Industrial Goods (Marketing video 45)
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Product Classifications refers to a process where the products are classified based on buying behavior, competing brands, similarity to other products, and characteristics like durability, tangibility, and usage.
Product Classifications is a blessing for marketers as it helps to target the customer’s expectations of a specific product class.
Durability and Tangibility
- Non-Durable goods
Refers to tangible goods that are low priced, purchased frequently and consumed in one or few uses. The strategy includes heavy advertisement, easy availability and encouraging trail runs.
- Durable Goods
Refers to tangible goods that are targeted for many uses and have a higher service margin. The strategy includes personal selling as well as seller guarantee
- Services
Refers to intangible, inseparable and perishable products which require quality control, credibility and adaptability.
Consumer Goods
- Convenience Goods
Refers to the goods that are purchased instinctively and repeatedly. These are categorized as Staples Goods, Impulse Goods and Emergency Goods
- Shopping Goods
Refers to commodities that customers will compare during selection and purchase
- Speciality Goods
Refers to a product that is one of its kind and the customer does not need comparison or deliberation
- Unsought goods
Refers to the goods that people do not normally buy. They are not excited about it but often do so out of a sense of danger or fear
Industrial Goods
- Materials and Parts
Include raw materials like farm products and natural products and manufactured materials like cement, iron yarn etc.
- Capital Product Items
These products help in production and include installations, fixed equipment and accessory equipment.
- Supplies and Services
Refers to the products that help to advance the development or management of the finished products. Supplies include Operating supplies like coal and lubricants and Maintenance and repair like paints.
Services include maintenance and repair services like office cleaning and business advisory services like legal services.
This topic is on Product classification and it has the following sub-topics.
Time Stamps
0:00 What are Product Classifications?
00:31 Durability and Tangibility
01:32 Consumer Goods
01:50 Consumer Goods Convenience Goods
02:37 Consumer Goods Shopping Goods
03:10 Consumer Goods Specialty Goods
03:42 Consumer Goods Unsought goods
03:59 Industrial Goods
04:15 Industrial Goods Materials and Parts
04:36 Industrial Goods Capital Product Items
05:23 Industrial Goods Supplies and Services
Product Classifications - Consumer Goods and Industrial Goods (Marketing video 45)
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