what are the characteristics of products and how do marketers classify products?

ProductCharacteristics and Classifications

Product Levels:The Customer-Value Hierarchy

FIVE PRODUCT LEVELS

Product Classification

Classification of products by marketers, on the basis of :

Durability And Tangibility

Consumer-Goods Classification

Industrial-Goods Classification

Non-durable Goods

Tangible goods consumed frequently

Durable Goods

Tangible goods that Survive many uses

Services

Intangible, inseparableVariable & perishable

Durability And Tangibility

ConvenienceGoods

Purchased frequently and with

minimal effort

ShoppingGoods

Compared on bases as price,quality & style.

Specialty Goods

Having unique features &brand value

UnsoughtGoods

Unaware or hardly thinks ofbuying these.

Consumer-Goods Classification

Industrial-Goods Classification

Materials& Parts

CapitalItems

Supplies& Business

Services

Raw

Materials

Mfg.

Materials Installation EquipmentRepair &

Maintenan

ce

Operating

Supplies

1.Materials & Parts: Goods that enter the manufacturer’s product completely.

2. Capital Items: Long-lasting goods that facilitate developing or managing the finished product.

3.Supplies and Business Services Short-term goods and services that facilitate developing or managing the finished product.

Created by Niharika Gujela, Delhi Technological University, during an internship by Prof. Sameer Mathur, IIM Lucknow.

www.IIMInternship.com