trained employees in the area. The limited number of potential employees compared to Honda’s need for trained and educated employees is considered to be the economic problem of _________. Deficit Resources Surplus Scarcity (E14) Below are the 4 types of economic classifications for consumer products and their explanation. Give an example and explain how the 4P’s might be different for that type of product. Classification of Explanation Provide Example Discuss how the 4P’s Consumer Product may be different Convenience Products purchased Milk, eggs Packaging may be without much plain, advertising is planning because they minimal, prices are are purchased usually stable, and frequently. products are sold at a variety of locations Shopping Products purchased Shoes, clothing, make Advertising budgets less frequently and up are high, prices are set whereby research is at a price that invested into the consumers will agree process. Consumer the product is valuable looks at both price and yet good quality; quality. product will come in a variety of colors, styles, etc, and can be bought at a variety of stores. Specialty Products that Laptops, cameras, High amount of consumers will go out high end make up money is spent on of their way to advertising, prices purchase because of are generally higher the unique to indicate quality, characteristics or focus is on brand brand loyalty. Focus recognition, is on quality. products sold at specialty stores Unsought Products that Home theater system Products will be fairly consumers do not such as Bose. new to the market and know a lot about or found exclusively at they do not think of high end specialty purchasing until they shops, prices are high, are needed. and advertising is exclusively targeted to potential customers.
trained employees in the area. The limited number of potential employees compared to Honda’s need for trained and educated employees is considered to be the economic problem of _________. Deficit Surplus Resources Scarcity (E14) Below are the 4 types of economic classifications for consumer products and their explanation. Give an example and explain how the 4P’s might be different for that type of product. Classification of Consumer Product Explanation Provide Example Discuss how the 4P’s may be different Convenience Products purchased without much planning because they are purchased frequently. Milk, eggs Packaging may be plain, advertising is minimal, prices are usually stable, and products are sold at a variety of locations Shopping Products purchased less frequently and whereby research is invested into the process. Consumer looks at both price and quality. Shoes, clothing, make up Advertising budgets are high, prices are set at a price that consumers will agree the product is valuable yet good quality; product will come in a variety of colors, styles, etc, and can be bought at a variety of stores. Specialty Products that consumers will go out of their way to purchase because of the unique characteristics or brand loyalty. Focus is on quality. Laptops, cameras, high end make up High amount of money is spent on advertising, prices are generally higher to indicate quality, focus is on brand recognition, products sold at specialty stores Unsought Products that consumers do not know a lot about or they do not think of purchasing until they are needed. Home theater system such as Bose. Products will be fairly new to the market and found exclusively at high end specialty shops, prices are high, and advertising is exclusively targeted to potential customers.