Classification of Product

Product can be classified in to three categories-

  i.Convenience goods:-These are the goods, for which the buyer spends minimum time and effort in making the purchase. The consumer will accept and buy the conveniently available brand. The convenience goods have low unit prices, less bulky and are purchased frequently.

  ii.Shopping goods:-These are the tangible products for which customers want to compare quality, price and styles in several store before making a purchase decision.

  Furniture, major applications, automobiles etc.

   iii. Specialist Goods: - A tangible products for which consumers have a strong brand preference and are willing to expend considerable time and effort in locating the brand is called a Specialty good.