If you’ve ever wondered what a product is, then look no further. A product is a good or service that is offered for sale in the market. It could be anything physical, virtual, or cyber that is sold at a certain price. Products have a lifespan, and after that, they may need to be replaced or reinvented.
In this article, we’ll delve into the various classifications of products, including types of customers and purchasing behaviors.
Product Classifications
Types of Customers
Products can be divided into two main types of customers – businesses and consumers. Business-to-business (B2B) and business-to-consumer (B2C) products are the most common types, while businesses that serve consumers through other businesses fall into the B2B2C category. OpenTable, for instance, is a B2B2C product sold to restaurants but used by consumers to find dining options.
Purchasing Behavior
Consumer products, on the other hand, are categorized according to purchasing behavior. Each type of product has unique characteristics that influence consumer buying habits. Some products are purchased due to brand loyalty, while others are more price-sensitive. Understanding the different purchasing behaviors is essential when marketing products.
FAQ
What is a product?
A product is a good or service offered for sale, which could be physical, virtual or cyber.
What are the different types of customers for products?
The different types of customers for products are businesses and consumers.
What are the various purchasing behaviors for consumer products?
Consumer products are categorized according to purchasing behaviors such as convenience, shopping, specialty and unsought products.
Wrapping Up
Products come in different shapes, sizes, and types, serving both consumers and businesses. Understanding the classification of products is essential in marketing and selling products effectively. It helps to identify the right target audience and to strategize on product positioning in the market.
