What are different types of products, both consumer and business. Name and describe one of the types of either. And how does a product develop into a brand and what is the advantage of creating a brand?
Types of products
A product is defined by Cravens and Piercy (2010) as those that are intended to meet the needs of buyers. It may consist of objects, services, organizations, places, people, and ideas. They may also be classified into durable goods, non-durable goods, and services (Kotler and Keller, 2004). According to these authors, durable goods are tangible goods that normally survive many uses (e.g. appliances, machine tools, etc.) ; nondurable goods are tangible goods normally consumed in one or few uses (e.g. bath soap, beverages, etc.); and services are intangible, inseparable, variable, and perishable products (e.g. haircuts, legal advice, and appliance repairs).
What the consumer buys
According to Kotler and Keller (2006), the consumer buys vast array of goods that can be classified into shopping habits as follows:
1. Convenience goods. A consumer purchases them frequently, immediately, and with a minimum of effort (e.g. soap, newspapers).
2. Shopping goods. These are goods that the consumer characteristically compares on the basis of suitability, quality, price, and style (e.g. furniture, clothing, and major appliances).
3. Specialty goods. These have unique characteristics or brand ...
The following posting discusses different types of consumer and business products.