Products and - Management Science II Dr S.Bharadwaj MODULE...

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Management Science II Dr. S.Bharadwaj Indian Institute of Technology Madras MODULE 1 Products And Product Differentiation Agenda Classification of products Levels of a product Product Differentiation Product Life Cycle Summary Classification of Products How can products be classified? On what bases? Classification of Products On the basis of nature of product Goods Vs Services On the basis of type of consumer Tangible Vs. Intangible consumer Product Vs. Industrial (Business to Business Product) e.g. soap Vs. Printing Press On the basis of durability of goods Durable Vs. Non-Durable TV Set Vs. Toothpaste 1
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Management Science II Dr. S.Bharadwaj Indian Institute of Technology Madras Shopping Habits Classification They can also be classified on the basis of shopping habits Convenience goods, shopping goods, specialty goods and unsought goods Let us have a look at these Convenience goods Fairly Inexpensive Goods and services that consumers buy frequently, quickly, and with a minimum of effort Further divided into staples, impulse goods and emergency goods Shopping Habits Classification Staples: These include goods that consumers buy on a regular basis Examples would be bread, rice, atta, toothpaste and so on If you are a marketer of staples, what should you do? Availability is important: hence distribution strength is a great advantage Build the TOMA factor Inertia is there, and hence TOMA maybe important Sales promos and advertising important too Then we have Impulse goods Goods that consumers pick up without planning, on a sudden urge What does one do as a Marketer? 2
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Management Science II Dr. S.Bharadwaj Indian Institute of Technology Madras Shopping Habits Classification Availability is important here too, no doubt about it Display is key Hence, chocolate always kept in the front
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Products and - Management Science II Dr S.Bharadwaj MODULE...

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