Products are goods and services that are designed to be sold. They are typically intended to fulfill a customer need where a customer can be a consumer, business, organization or government. The following are common types of product.
A product that has little or no demand. This can occur because the product is so innovative that customers don't understand it yet. It can also apply to products that fail to perk customer motivation such as a coffin.Products and services that customers view as undifferentiated. This means that customers buy on price alone and see no difference between products as long as they meet a minimum level of quality. Firms that produce a commodity have no influence over price and must accept market prices.
Products that appeal to customer preferences. This is a primary way to escape commodity pricing. For example, an artisanal food that commands a premium price because it appeals to customer preferences such as taste.Products and services that make the customer's life easier. Customers are often strongly motivated to save time and simplify. Convenience products include factors such as labor saving, time saving and things that are easy to use.
Niche ProductsProducts that target a small set of customer needs and preferences. This allows a product to be strongly differentiated in a crowded market. It may also allow a small business to avoid direct competition with larger firms.
Complimentary GoodsProducts designed to compliment another product or service. This include things that directly work with another firm's products such as an accessory for a mobile device.
PremiumGoods and services that use social status and/or superior quality to command high prices.
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