Retail products can be broadly categorized into four main types:
Convenience Products: Convenience products are low-priced, frequently purchased items that consumers buy without much thought or effort. These products are usually readily available and have a wide distribution network. Examples of convenience products include newspapers, soft drinks, snacks, and other impulse purchases.
Shopping Products: Shopping products are high-priced items that consumers buy less frequently and with more thought and planning. Consumers tend to compare different brands and stores before making a purchase. Examples of shopping products include appliances, furniture, and clothing.
Specialty Products: Specialty products are unique or high-end items that consumers are willing to go out of their way to buy. These products are often associated with luxury or prestige and may be exclusive to certain retailers or brands. Examples of specialty products include designer clothing, luxury cars, and high-end electronics.
Unsought Products: Unsought products are items that consumers are not actively looking for or may not even be aware of. These products require significant marketing efforts to generate demand. Examples of unsought products include life insurance, funeral services, and some medical products. Retailers typically stock a mix of these product types in order to appeal to a wide range of consumer needs and preferences. The product mix can vary depending on the retailer’s target market, location, and other factors such as seasonality and trends.
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