1.2 Categories of goods and purchasing process

Question 1

Categories of Products

Answer 1

Question 2

Types of Goods

Answer 2

Consumer goods:

• Convenience goods: (Zucker), Low effort, buy immediately
• Shopping goods: (furniture), Typically compared (Price, Quality)
• Speciality Goods: (Pool), Unique characteristics, Brand indetification

–> Differ with respect to purchase behavior and frequency of buying

Economic Approach of Classifying Goods:

• Search goods: (Car, Petrol) Product attributes can easily be evaluated
• Experience goods: (Noodles) Attributes are not known prior of buying
• Credence goods: (Doctor) Cannot verify attributes even after use

–> Differ with respect to information accessibility prior to purchase

Question 3

Types of purchase decisions

Answer 3