Further commercial processing thus shampoo biscuits

This preview shows page 73 - 76 out of 153 pages.

further commercial processing. Thus, shampoo, biscuits, watches are consumer goods while raw material, spare-parts, supplies and equipments or machinery are industrial products. 2. Durable and non-durable products : Both the consumer and industrial products can be further classified as Durable and non-durable products. Durable Products are those tangible products that last longer or they do not get exhausted even after repeated use. For instance, the chair on which we sit, the cars we drives.
Marketing Management ADL 02 74 On the other hand, non durables, non durable products are those which get exhausted which a single or a few uses. For Instance, food items we eat the soft drinks we drink etc. 3. Convenience, shopping and specialty products : It was Professor Melvin T. Copeland of Harvard Business school was classified consumer goods as convenience, shopping and specialty products based on the nature and extent of shopping efforts put in by the consumers. Convenience goods are those products which are bought with the minimum efforts, at the short notice and from convenient location. These products have the feature such as purchase at convenient location-full knowledge of product-enjoy continuous and regular demand-small lot purchases-highly standerdisatised-keen competition among producers and are perishable in nature. Shopping goods are those where consumer devotes considerable time in selection of those before they buy. The consumers want to compare a quality, price and style in several shops before they buy. Specialty goods are those which enjoy certain special features and special efforts are made in their purchase. These products have unique characteristics and brand identification, calling for special efforts. B. Modern Product Classification: This classification was suggested by Aspinwall. His classification is three pronged. First, it spots the product on a continuum. Secondly, it considers five product classifications until two. Thirdly, it identified product classified by colours as red, orange and yellow. Following is its outline: 1. The continuum : This classification spots all the products along the continuum with two basic characteristics at each end of the continuum. Accordingly any product falling between these two ends some combinations of these two basic types. 2. Product Characteristics : Five product characteristics are identified in spotting the products along the continuum. These are:- a) Replacement Rate: it signifies the rate at which a product is purchased and consumed by users in order to provide the satisfaction a consumer expects from a given product. b) Gross Margin: It represents the difference between the paid in cost and the final realized sales price by the seller. c) Adjustment: It speaks of the amount of services applied to goods in order to meet the exact needs of the consumer.
Marketing Management ADL 02 75 d) Time of Consumption: It marks the measured time of consumption during which the goods give up the utility desired.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture