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Terms of Marketing - Assignment Example

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The assignment "Terms of Marketing" states that a convenience good is a product intended for consumers which is an everyday item. Usually, convenience goods are relatively inexpensive and there can be many different brands of the same product sold alongside each other…
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Terms of Marketing
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They take more effort to locate and buy, and people tend to compare different types of smartphone and do some research before they decide which brand and which model to buy. They have to actually shop around to get the best deal.
Specialty Good: example = Ferrari sports car.
Specialty goods are usually much more expensive, and customers seek out particular brands that carry high status and symbolize wealth and power. If someone wants to buy a Ferrari, they usually have to go to a specialist dealer for this. You cannot find Ferraris in every automobile sales outlet.
Unsought Good: example = life insurance.
An unsought good is something which someone does not have and does not need. People may not be aware of the benefits of life insurance or may think they cannot afford it, and so this is an example of an unsought good. Read More
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