What is the difference between types of Consumer products - Convenience, Shopping, Specialty or Unsought - and their Pricing and Promotion?
-Consumer Product: a product bought by final consumers for personal consumption
-Convenience Product: a consumer product that customers usually buy frequently, immediately, and with minimal comparison/buying effort
>Price: low
>Promotion: mass promotion by producer
-Shopping product: a consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style
>Price: higher price
>Promotion: advertising and personal selling by both the producer and resellers
-Specialty Products: a consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort
>Price: high price
>Promotion: more carefully targeted promotion by both the producer and reseller
-Unsought Product: a consumer product that the consumer either does not know about or knows about but does not normally consider buying
>Price: varies
>Promotion: aggressive advertising and personal selling by the producer and resellers