Founder and president Tom Szaky liked to refer to his company as "the antiMiracle-Gro. In order to buy one, a certain group of buyers would make a special effort, for instance by travelling great distances to buy one. To illustrate this, look at the Lamborghini example: Most new innovations are unsought until consumers become aware of them.
As you can see, convenience products are those types of consumer products that are usually low-priced and placed in many locations to make them readily available when consumers need or want them.
Szaky based his business model on recycling, starting with the trash that TerraCycle turns into compost and feeds to millions of red worms.
So TerraCycle took their case to the Internet with the blog www. To illustrate this, look at the Lamborghini example: However, speciality products are usually less compared against each other. Founder and president Tom Szaky liked to refer to his company as "the antiMiracle-Gro. Examples include articles such as laundry detergents, fast food, sugar and magazines.
A perfect example for these types of consumer products is a Lamborghini. As you can see, the types of consumer products involve different levels of effort in the purchasing process: RELATED TOPICS The consumer products classification system How products are classified in the consumer products classification system Why the consumer products classification system is used The marketing mix for convenience products The marketing mix for shopping products The marketing mix for specialty products The marketing mix for unsought products.
Speciality products Number three of the types of consumer products is the speciality product. There are four different types of consumer products. A college student named Tom Szaky founded TerraCycle in after buddies from Canada, "where they have more liberal rules about growing certain plants," he says, taught him how to use worm droppings as cheap and eco-friendly fertilizer.
Other examples of these types of consumer products are life insurance, pre-planned funeral services etc. In order to buy one, a certain group of buyers would make a special effort, for instance by travelling great distances to buy one.
Therefore, consumers spend much more time and effort in gathering information and comparing alternatives. What are the different types of consumer products, and what specific marketing considerations apply to each of the 4 types of consumer products.
Consumer products are those types of products you have to do with most often: A perfect example for these types of consumer products is a Lamborghini. Even if they win, the legal costs can cripple them. As a matter of fact marketers usually distribute these types of consumer products through fewer outlets, but provide deeper sales support in order to help customers in the comparison effort.
Speciality products are consumer products and services with unique characteristics or brand identification for which a significant group of consumers is willing to make a special purchase effort. Convenience products Speciality products Unsought products.
What type of consumer product is terracycles plant food TURNING WORM POOP INTO A PRODUCT Environmentally friendly products have never been as hot as they are now, and the number of brands touting their "green" credentials has never been higher, but TerraCycle Plant Food may be the ultimate organic product to hit the market/5(K).
An example of this overlap would be for a home loan – which would be a shopping product for the average consumer, but could be a specialty product for a consumer planning to build a house over time or needing a greater degree of product flexibility.
Consumer products are defined as products that satisfy a consumer's wants or needs. There are four types of consumer products, and they are convenience, shopping, specialty, and unsought.
Convenience products are low cost, routine, low involvement, wide target market, and easily available. TerraCycle’s plant food would be considered a shopping product.
The plant food is a little more expensive than your typical household items. Also the plant food would not be as sold as much as household items. It is not used everyday and you would need to go to a certain location to buy it. I also think there would be a little bit of comparison-shopping Ratings: 2.
Please note: sometimes there can be an overlap between different types of products, depending upon the level of consumer involvement in the purchase decision. An example of this overlap would be for a home loan – which would be a shopping product for the average consumer, but could be a specialty product for a consumer planning to build a house over time or needing a greater degree of product flexibility.
TerraCycle's organic plant food hit the shelves in with labels boasting that it "Contains Liquefied Worm Poop!" It didn't take long for the products to take off. Bythe company had been named "The Coolest Little Start-Up in America" by Inc.
magazine and had passed the $1 million mark in sales, growing as much as percent from the /5(K).What type of consumer product is terracycle s plant food convenience shopping specialty or unsought