Master the Art of Choosing the Right Product for Your Strategy
In the world of marketing, the key to developing effective strategies lies in thoroughly understanding the different types of products you can offer. Each product has its own characteristics and challenges, and knowing these differences will allow you to create more targeted and successful campaigns.
In this article, we’ll show you how to identify and leverage different types of products in your marketing strategies, so you can better connect with your target audience and achieve your business goals. Get ready to transform your approach and optimize your results with the right knowledge.
What is a Product?
To fully understand how to optimize your marketing strategies, it is first essential to define what we mean by product types. In general terms, a product is any good or merchandise available on the market that consumers can purchase to satisfy a need or desire.
Historically, the difference between a product and a service was clear: a product referred to a tangible object that could be consumed or used, while a service was perceived as something intangible that was experienced only after receiving it.
However, with the advancement of technology and the advent of the Internet, this distinction has become more complex. The emergence of infoproducts has blurred the boundaries between products and services. Infoproducts, such as online courses or e-books, can be downloaded and consumed digitally, which can lead to them being confused with services in some contexts.
For simplicity, in this article we will focus exclusively on physical products. These are tangible goods that can be touched, seen and used directly, such as appliances, clothing or food. Understanding the different types of physical products and their characteristics will allow you to develop more effective and targeted marketing strategies, tailored to the specific needs of your target market.
Types of Products and their Classification
Products can be classified in multiple ways, depending on the criteria used. From a marketing perspective, proper classification is crucial for defining promotion strategies, pricing and points of sale. Below, we explore the main product categories, both for end consumers and businesses.
Products for the Final Consumer
Products intended for the final consumer, which are used for personal or family use, can be classified into several categories:
Convenience Products
Convenience products are those that consumers purchase frequently and without much effort. These products typically have stable prices that do not vary significantly across different outlets. Common examples include candy, cookies, and pencils.
Within convenience products, we find three subcategories:
- Basic Consumer Products: They are purchased regularly and are essential, so they are available at accessible points of sale.
- Impulse Products: They are not part of the usual shopping list, so their visibility at the point of sale is key for impulse purchases.
- Emergency Products: These are purchased in emergency situations, where time and location are more important than price.
Comparison Products
These products require more careful evaluation before purchase. Consumers compare price, durability, and quality because they are not purchased as frequently as convenience products. Examples include clothing, furniture, and appliances.
The comparison products are divided into:
- Homogeneous Comparison Products: They are similar in type, size and quality, with price being the main factor in the purchasing decision.
- Heterogeneous Comparison Products: They vary in features and quality, so brand and other attributes are more relevant.
Specialty Products
Specialty product types have distinctive features that make them unique, such as a recognized brand name or an exclusive feature. Consumers are willing to make an effort to purchase these products, such as luxury cars or high-end mobile phones.
Unwanted Products
Unsought products are those that consumers are not aware of or do not consider necessary. To promote these products, it is crucial to implement effective advertising campaigns. Examples include life insurance and smoke detectors. Within this category, we find:
- Unsought New Products: Recently launched on the market and little known by consumers.
- Regularly Unsought Products: Those that are not considered essential and are not part of regular purchases.
Products for Businesses
Product types intended for companies or industrial products are those that are used in the production process or in various areas of the business. These products can be classified into three categories:
Materials
They include the raw materials and manufactured components necessary for the production of final goods.
Capital Goods
These are products that constitute assets for the company, such as industrial equipment and machinery. They are divided into:
- Productos de Larga Duración: Maquinaria industrial y otros equipos que tienen una vida útil prolongada.
- Short-Life Products: Equipment such as personal computers, which have a shorter useful life.
Supplies
These are inputs that are not directly related to the production process, but are essential to the overall operation of the business. Examples include office supplies and cleaning supplies.
Why is it important to know the types of products?
Knowing the different types of products you want to market is crucial to effectively defining several key strategies in your marketing plan. This understanding allows you to adjust and fine-tune key aspects such as price, distribution channel, and promotional tactics.
Definition of Price
Product type significantly influences pricing. For example, convenience products often have standardized and affordable prices, while specialty products may warrant higher prices due to their unique features. Knowing the product type helps you set a price that reflects its perceived value and is competitive in the market.
Selecting the Distribution Channel
Each type of product requires an appropriate distribution channel to reach the final consumer efficiently. Basic consumer products must be available in accessible and high-frequency outlets, while specialty products may need more exclusive or specialized channels. Understanding product classification allows you to choose the distribution channel that best suits its characteristics and consumer needs.
Promotion Strategies
The promotion of a product should be aligned with its type and features. Impulse products, for example, benefit from high visibility at the point of sale to capture the consumer’s attention at the time of purchase. Comparison products, on the other hand, require strategies that highlight their features and benefits to facilitate an informed decision. Knowing the type of product allows you to design promotional campaigns that resonate with the target audience and maximize the impact of your message.
Marketing Plan
In addition to the elements mentioned above, knowing the types of products helps you to develop a more comprehensive and targeted marketing plan. It allows you to identify the most suitable market segments, adjust communication tactics and set realistic goals. In short, a clear understanding of the classification and particularities of a product makes it easier for you to create strategies that optimize its marketing and boost its success in the market.
Leverage Knowledge to Boost Your Strategies
In short, knowing the different types of products and their characteristics is essential to designing effective marketing strategies tailored to each specific need. Product classification not only allows you to set appropriate prices and choose the most effective distribution channels, but also helps you create promotions that resonate with your target audience and develop a comprehensive marketing plan. By understanding and applying this knowledge, you can optimize your strategies, improve marketing, and maximize the success of your products in the market. Take advantage of this information to make informed decisions and take a step forward in the development of your business.
