Marketing Essentials - A Presentation OnProduct & Consumer Buying Decisions By Pranay Chandra Reddy & Abhilash Manikanta Yadav
C I. Different Levels Of ProductONT II. Classification Of ProductsEN III. Consumer Buying DecisionsTS
Definition Of A Product A good, idea, method, information, object or service created as a result of a process and serves a need or satisfies a want. It has a combination of tangible and intangible attributes (benefits, features, functions, uses) that a seller offers a buyer for purchase.
Classifications Of Product Products are classified into two types Consumer products Industrial products
Consumer Products Def. of Consumer products : Those are the products and services bought by final consumers for personal consumption.ζ They are sub-classified as ζ Convenience products ζ Shopping products ζ Specialty products ζ Unsought products
Industrial Products Def. of Industrial products : Those are products purchased for further processing or for use in conducting a business.ζ They are sub-classified on basis of purpose 4r which de product is purchased ζ Materials and parts ζ Capital items ζ Supplies and services
Consumer Buying Decision Process Needrecognition • Can be triggered by internal or external stimuli. Needs become wants, which lead to behavior •Sources of information: Internal Sources, Personal Sources, External Sources •Time, effort and expense dedicated to information search depends on: Degree of risk involved inInformation search the purchase, Amount of expertise with the product category, Actual cost of the search. • Customers evaluate products as bundles of attributes, Customers place different levelsEvaluation of of importance on attributes.alternatives • Purchase intention and the act of buying are distinct concepts, Potential intervening Purchase factors between intention and buying, Key issues in the purchase decision stage. decision Post- • Four possible outcomes in the post-purchase stage purchase behavior