Convenience Goods
Give an example of a common convenience good.
Toothpaste, Food, Shampoo, Laundry detergent,...
Give an example of a shopping good.
Airline tickets, furniture, clothing, electronics,...
What is an example of a specialty product?
designer clothing, sports cars, watches, paintings,...
What is an example of an Unsought good?
funeral services, encyclopedias, fire extinguishers
Stage 1
Develpoment
Where would one purchase a convenience good?
Grocery store, Gas station, Pharmacy,...
Where would one purchase a shopping good?
Shopping center, mall, and specialized stores for the good.
How would one sell a specialty product?
Niche market, Product placement,...
How would you market unsought goods?
Lots of advertising and strong sales techniques
Stage 2
Introduction
Define convenience goods.
An item a customer frequently purchases with minimal effort. Usually based on habitual behavior where the customer routinely purchases the item.
Define shopping good.
Similar to convenience goods however they are not as easily accessible and require personalized advertising.
What are the qualities of a specialty product?
Limited distribution, small target market, have status, expensive,...
What are unsought goods?
Goods that a consumer wouldn't think of buying or don't know about.
Stage 3
Growth
Is a Phone a convenience good?
No.
Is a car a shopping good?
Yes.
Are Nike shoes a specialty product?
No.
Are smoke detectors an unsought good?
Yes
Stage 4
Maturity
Why are convenience goods essential?
Because they determine demand and the pricing of these items does not change like those of the mainstream market.
Why are shopping goods different?
Because they are more special due to the fact that one will spend more time and money on them.
Why do people need specialty products?
Specialty products are assets and essential items in people's lives.
Why would one need to purchase an unsought good?
Even though one might not think to by unsought goods they are usually for safety or helpful.
Stage 5+6
Saturation, Decline