Types of products
The product is an object that has been the result of a manufacturing process . This that has been produced and is the result of the transformation of the combination and subjection to different procedures to have said good as a result. This will have physical properties that define it and a specific operation for which it was manufactured.
In addition to the colloquial name that it acquires, for commercial purposes a brand is assigned to it. The important thing is to know the characteristics that define that product. These characteristics are among others, the color, the texture, the hardness, the smell, the type of material; they are physical properties that make the product tangible. These fulfill a specific role in the daily life of the human being.
These products, in addition to satisfying a need for which they were designed and manufactured, are an element of commercial exchange, that is, there is a buyer who resorts to the acquisition of said product for a specific monetary amount. So the products are an important part for the economy in addition to everyday life.
Somehow, in all tangible products there must be some characteristics to be defined as such. For example, for their commercialization and proper use in transportation, they must contain a type of packaging. A label that shows the characteristics of the product together with its barcode that gives identity to the product must be clearly printed on this.
With regard specifically to the issue of marketing, there must clearly be an adequate balance between supply and demand for said good. This is also influenced by the determination of the appropriate marketing and/or distribution channels, in addition to the key element, the price must be in accordance with the characteristics of the product and purchasing power.
Types of products
Comparison Products
These are the result of a comparative purchasing strategy, that is, there are several similar products and whether it is based on quality, price or other characteristics, you decide to buy one product or another. It is part of the purchase decision right that a person has as a consumer. This is good as it forces companies to continually improve their products.
Complementary products
These types of products arise from a need to complement the use of other related products. That is, if I have a washing machine, it can be complemented with a dryer. Sometimes companies create complementary products and through a marketing campaign, create a new need for that complementary product to be consumed.
Consumer products
In everyday life, human beings require certain products to develop their own activities. From there come the consumer products that are those goods that the human being needs to acquire through an exchange of purchase. The quality, the experience that has been had with the use of the product and the brand of the same have a great influence on the decision.
Convenience Products
These products, which due to the strategy of buying in bulk, tend to lower their prices. This pricing decision is key for companies if at a certain moment, either because they are in high stock or the season of the product changed, they decide to sell at lower prices. Or the opposite case, a consumer makes a massive purchase because it is better than per unit. Offers come into play.
Durable Products
The criterion focuses more on the usability of the product. That is, how many times the good itself can be reused. As an example, a car may be durable. Of course, the correct use of the product has a lot to do with it, the proper handling of the good is clearly established on labels and/or manuals.
Emergency Products
Consumers generally make a series of purchases on a frequent basis by sticking to a list and a budget. Those are ordinary consumption. They become emergency products when consumers unexpectedly acquire a certain product. For example, when the power goes out for a long time, candles are bought.
Specialty products
This is how those products are known that are distinguished from others in the same niche that have specific characteristics and operations. That is, a cell phone, for example, of the same brand corresponds to a group of products; A specialty product will be one that has specific characteristics and functionalities.
Final product
Those products that within the production and value chain are the result of the last stage are called this way. This means that the products have gone through the entire production process until they reach what is known as the final point of sale to be purchased by the final consumer. The success of the sale will depend on the influence on the purchase decision.
Imported products
This is the name given to those products that, taking the consumer’s place of residence as a reference, the product is manufactured abroad and through a marketing strategy reaches the consumer’s own place. Those are the imported products. When the opposite occurs, the product goes to other countries is called export.
Impulse Products
From the criteria of marketing and sales, products that have recently been developed from the detection of a new need within a market niche for which they will satisfy it from that product are called yes. They need to create a marketing strategy to drive the purchase of that new product and make it highly demanded.
Industrial products
These are those products that are manufactured in an industrial complex and for which a series of machinery and high-scale production processes are implemented. Products that are manufactured and will serve for industrial purposes are also known as such, that is, heavy machinery, production equipment and input processing, among others.
Gross Domestic Products
In this particular case, we find an intangible asset that is represented by a series of values. It is inserted in the subject of what is known as public economy. These values measure the growth or decrease suffered by an economy of a certain country in relation to the increase or decrease in the value of the goods or services offered.
Manufactured products
They are those products that are the result of a manufacturing process, that is, they are within a value chain in which a certain product is produced in a factory. This can be a finished product or a good that will serve as an input for other production processes. Manufacturing is highly focused on automotive, electronic, technology, and apparel products.
Non-durable products
Generally, these types of products are mostly inserted in food, including all kinds of drinks. There are also other types of non-durable products such as those intended for cleaning. We can also find those products that are usually disposable, that is, they are used only once and thrown away. The time that defines whether something is durable is relative.
Products not found
This scenario is the product of a poor promotion or distribution strategy for certain products that the average consumer does not know about. It is for this reason that you do not find those products that are obviously not consumed. That significantly hurts a business. It may also occur that if the product is known but they are not interested in consuming it.
Tangible Service Products
It is directly related to the services offered by companies related to the tourism, restaurant, and transportation sectors; among others. That is, a tangible good is involved in the provision of services. Consumers purchase or not a tangible service, depending on the criteria of locality that is offered in said services.
Substitute Products
They are thus known to those products that within the offers that are shown can be at some point susceptible to purchase, that is, the price factor, for example, can be a key factor for a consumer to change the purchase of a product for another. The quality criterion also enters. This is what is defined in economics as the marginal rate of substitution.
Season products
They are those products that at a certain time of the year become more demanded by the consumer. For example, when the Christmas period arrives, turkey is usually more in demand than in the rest of the year, so this will be a seasonal product. This does not have to be the only criterion to indicate that something is seasonal. For example, the fruits can be harvested at different times of the year.
