Product Classifications - Essay Example

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Extract of sample
Product Classifications

Organizational goods are those goods that firms purchase and use them to develop a final product. It includes office products, tools, equipment or parts that go into the final product. Raw materials and agricultural products are those goods that come directly into the earth not having gone through any human modification. Consumer goods are those goods that consumers are able to purchase and utilize them. The three main product classifications are further sub-divided into smaller categories for purposes of developing good market mixes. For instance, consumer goods are subdivided into specialty goods, shopping goods and convenience goods.

According to Peter and Donnelly (2011), a marketing manager can utilize a product classification scheme as an important analytical device to assist them in planning marketing programs and strategies. As noted above, product classifications are developed basing on the assumption that such products can be marketed similarly. From the developed product classifications, a marketing manager will be able to strategize on their marketing strategies to ensure that a marketing program covers products that require the same type of promotion and marketing channels. This is to say that a product classification enables a marketing manager to device a marketing mix strategy.

Goods under the same classification have similar attributes that make it possible to market them using a single marketing program or strategy. This is because such goods could either be destined for the same market or undergone the same degree of processing or transformation. These classifications are therefore important in enabling a marketing manager to place products appropriately when developing marketing strategies and marketing mixes. ...Show more

Summary

In these categories, products that have similar attributes are placed together and this is done basing on the assumption that such products can be marketed similarly. …
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