 As you may recall, a product is a good or service for sale in a market. For example, we buy products when we get our haircut or buy food.

3  Products are marketed to reach specific target markets  Decisions concerning distribution, pricing and promotion are affected by the classification in which a product is placed.

4 Consumer Products Industrial Products

5 Consumer Products Products and services bought by final consumers for personal consumption. –Also includes other marketable entities. Classified by how consumers buy them: –Convenience goods –Shopping goods –Specialty goods –Unsought goods

7 Specialty & Unsought Products Specialty Products –Special purchase efforts –High price –Unique characteristics –Brand identification –Few purchase locations –Example: Rolex watches, Ferrari cars Unsought Products –New innovations that may not be known by the buyer –Are often products consumers do not want to think about –Require a lot of advertising and personal selling –Examples: blood donation, cemetery plots, insurance