The Product –dominant approach to marketing entails an emphasis on the product. It involves the creation and development of the products, driven by efforts to make them better in terms of quality, and yet still cheaper through mass production (Pollitt, 2013). Firms become product oriented in that, they hold that the creation and manufacture of better goods and services, at fairly lower prices, has to be engaged in order to capture considerable market shares. The service-dominant approach, on the other hand, is a marketing approach that requires one to treat products as a service, offering them to benefit the customers ( Pollitt, 2013). Instead of intending the product simply for cash exchange, marketers see it as a support service that eventually benefits the customer, and this helps a company to market its products to customers, in a better, efficient manner ( Pollitt, 2013). This approach is advantageous, for it integrates not only the product, but also the dimensions of price and service with respect to any business offering, helping the marketers to think in nearly the same way as their clients, and this helps them to add value to their firm's products.
There are four types of consumer offering which include; shopping, convenience, specialty, and unsought offerings ( Folsom & Boulware, 2004). Convenience offering encompasses the goods and services that clients buy frequently, and without great comparison or buying efforts. Such like goods and services usually appeal to a large market segment. They are also low priced and placed in many locations, making them readily available to customers. Due to their low prices, the profit per unit sold usually is really minimal and therefore, to make higher profits, marketers are compelled to sell in large volumes.
Delegate your assignment to our experts and they will do the rest.
Shopping offerings on the other hand, entail customers who make comparisons of such attributes as style, price and as well, quality, in the course first, of the selection and then, of the purchase of goods and services. These kinds of offerings are less frequently bought and consumed. They are also relatively more expensive as compared to convenience products, seeing as they may possess additional psychological benefits for the buyer ( Folsom & Boulware, 2004). Before they have chosen distribution outlets for the sale of their products, often, marketers are very selective. Seeing as consumers do not make frequent purchases y and willingly shop in order to determine the location of the said products, the target market is relatively small, compared to that of convenience goods
Additionally, specialty offerings are consumer goods and services that more often than not, attract higher prices compared to shopping and convenience products. They are highly differentiated, and are marketed under different brands across various companies. This offering requires a special purchase effort but applies only to certain consumers (Folsom & Boulware, 2004). They are less compared against each other and in most cases, customers have prior knowledge of the products that they find most preferable. The target markets are really small, and the outlets that sell these products are too limited, nearly to points past which they would have been exclusive. Consumers have the liberty to shop at retailers who provide the best value for money.
Conversely, unsought products are goods or services that a consumer either is unaware about or uninterested in under normal market conditions ( Folsom & Boulware, 2004). Their purchase usually is unplanned for by the customer but occurs due to the marketer’s action. This client offering requires much more rigorous advertising, selling, and marketing efforts, compared to the other types of consumer products. These types of customer offering majorly differ on four major aspects, which are consumer buying behaviour, price, distribution, and promotion
References
Folsom, W. D., & Boulware, R. (2004). Encyclopedia of American business . New York: Facts On File.
Pollitt, C. (2013). Context in Public Policy and Management: The Missing Link? . Cheltenham: Edward Elgar Publishing.
