Final answer:
Consumer products are categorized as convenience, shopping, specialty, and unsought, each differing by the level of customer effort and decision-making involved in the purchase process.
Step-by-step explanation:
The four major groupings of consumer products are:
- Convenience products are those that the customer purchases frequently, immediately, and with minimal effort, like bread or coffee.
- Shopping products are those that a customer, in the process of selection and purchase, characteristically compares on such bases as suitability, quality, price, and style, such as clothing or electronics.
- Specialty products refer to items that have unique characteristics or brand identification for which a sufficient number of buyers are willing to make a special purchasing effort, like luxury cars or designer wear.
- Unsought products are those that the consumer does not know about or does not normally think of buying, such as insurance or funeral services.
Consumers engage with these various product types in their daily lives, catering to different wants and needs. Groceries like dairy, meats, and cereals fall into convenience and shopping categories, while luxury items from fashion and electronics could be categorized as specialty products. With changing economic conditions and marketing strategies, consumer preferences might shift, affecting the demand for these product categories.