Product Classification

What is the definition of a product?

• Something that can be offered to a market to satisfy a want or need

• A service that can be offered to a market

• A combination of both a physical object and a service

• A physical object that can be offered to a market

Which of the following is not a category of consumer products?

• Specialty Goods

• Industrial Goods

• Convenience Goods

• Shopping Goods

What type of goods are inexpensive products bought frequently with minimal effort?

• Unsought Goods

• Shopping Goods

• Specialty Goods

• Convenience Goods

What is the marketing strategy for Specialty Goods?

• Low pricing to encourage frequent purchases

• Negotiated pricing based on quantity and long-term contracts

• Competitive pricing with emphasis on value for money

• Premium pricing to reflect unique quality and exclusivity

Which type of goods do consumers compare based on quality, price, and suitability before making a purchase?

• Shopping Goods

• Convenience Goods

• Unsought Goods

• Specialty Goods

What is the marketing strategy for Shopping Goods?

• Pricing: Negotiated pricing based on quantity and long-term contracts

• Pricing: Premium pricing to reflect unique quality and exclusivity

• Pricing: Low pricing to encourage frequent purchases

• Pricing: Competitive pricing with emphasis on value for money

Which type of goods are products that consumers do not actively seek out or know about but may need in certain situations?

• Unsought Goods

• Specialty Goods

• Shopping Goods

• Convenience Goods

What is the marketing strategy for Unsought Goods?

• Pricing: Competitive pricing to generate interest and demand

• Pricing: Negotiated pricing based on quantity and long-term contracts

• Pricing: Premium pricing to reflect unique quality and exclusivity

• Pricing: Low pricing to encourage frequent purchases

Which type of products are used in the production of other goods or services?

• Consumer Products

• Primary Products

• Industrial Products

• Secondary Products

What is the marketing strategy for Industrial Products?

• Pricing: Low pricing to encourage frequent purchases

• Pricing: Premium pricing to reflect unique quality and exclusivity

• Pricing: Competitive pricing with emphasis on value for money

• Pricing: Negotiated pricing based on quantity and long-term contracts