Kids breakfast cereals | Luxury handbags |
Sport utility vehicles | Economy class flights |
Luxury hotels | Electric bicycles |
Running shoes | Organic coffee |
Kimonos | Engagement rings |
Surfboards | Men’s formal shoes |
Mattresses | Toaster ovens |
Home security cameras | Backpacks |
Sofas | Self-help books |
Action figures | Digital advertising |
Streaming media services |
Main Points
The following are the defining characteristics of a product class.Address the same customers needs and preferences. | Act as substitutes for one another. |
Products in a product class are in direct competition with one another. | More specific than a product category. |
Used for market research, competitive analysis and calculation of metrics such as market share. |
Summary
The following is a basic overview of product class with additional examples:
Notes
As services have become a large percentage of GDP in developed nations, it is now uncommon for marketers to make any strong distinction between products and services. As such it is common to refer to services such as financial services as products.| Overview: Product Class | ||
Type | ||
Definition (1) | A grouping of products and services that can theoretically substitute for each other. | |
Definition (2) | A classification of products that are in direct competition with one another. | |
Definition (3) | A classification of products based on the customer needs they serve. | |
Related Concepts | ||
