Question

Consumer product classes are based on how consumers think about and shop for products. However, different groups of potential customers may have different needs and buying behavior for the same product. Thus, the same product could be placed in two or more product classes, depending on the needs and behavior of target customers. Therefore, product planners should focus on specific groups of customers (i.e., market segments) whose needs and buying behavior are relatively homogeneous. As you do the exercise, you will see that the product classes have very little meaning unless they are related to specific target markets.

Answer 1

The subject of this question is Business and it pertains to the concept of differentiated products in a market-oriented economy. Product classes are based on how consumers think and shop for products, and the same product can be placed in multiple classes depending on the needs and behavior of target customers.

Step-by-step explanation:

The subject of this question is Business and it pertains to the concept of differentiated products in a market-oriented economy. Product classes are based on how consumers think and shop for products, and the same product can be placed in multiple classes depending on the needs and behavior of target customers. Product planners should focus on specific market segments with relatively homogeneous needs and buying behavior. Differentiated products are distinctive from competitors in terms of physical aspects, location, intangible aspects, and perceptions.