The Science Behind Product Classification in Consumer Market

Product classification is a cornerstone concept in marketing that helps businesses understand consumer buying behavior. By categorizing products, marketers can predict how customers interact with various goods and tailor their strategies accordingly.

Consumer Goods Categories:
Impulse Buys (Convenience Goods): Low-cost, frequent purchases like snacks or toiletries.
Deliberate Purchases (Shopping Goods): Products like smartphones that involve comparison shopping.
High-Investment Items (Specialty Goods): Unique products with a loyal customer base, such as luxury cars.
Awareness-Driven Goods (Unsought Goods): Items like insurance that require aggressive marketing.
Businesses that understand these categories can refine their branding, distribution, and pricing strategies, ultimately driving revenue growth.