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Market Product Grids, Unsought Goods

By David McKinney 16/09/2022 2 mins read

A Market-Product Grid is an organization that groups product attributes according to certain characteristics. Market-ProductGrids can contain a small number of products, or many products covering a wide range market segments. These segments can be segmented by Demographic variables such age, gender and family size. Other segments could also include behavioral variables like user status or benefits.

Criteria for segmentation

Market segmentation is a critical element of any marketing strategy, helping you develop more targeted products and services to meet the needs and wants of your target customers. The following four factors are essential to making a segmentation strategy useful:

The first of these is income, which indicates how much people earn, and therefore what products they will purchase. People on minimum wages cannot afford an eighty-hundred-dollar sports car, for example. Income can be an indicator of consumer activities, such as coupon use and product usage, which in turn can impact purchasing behavior. This means that you can tailor your advertising campaigns to your target market by knowing the average income of your market.

Hybrid Products

Hybrid products are a new breed of market products with characteristics of multiple categories. These products are often not defined clearly so consumers may assign them to one or more categories. This is the "single categorization belief." The majority of consumers will assign hybrids to items in the same or related categories. Because they don't fit neatly into one category, they may not appeal to consumers or compete with other items in a store.

One type is a hybrid product that combines a "faceless services" with a market-leading products. They are each distinct products, but they have added value when combined. Microsoft products and support are just two examples of flexible service-oriented packages. Another hybrid product is the "peace of Mind" bundle. This bundle combines the best of all-breed offerings. These bundles will likely be complementary but dependent on one another.

Unsought products

There are several different types of unsought market products. These products could be specialty or niche goods. Other products, such as reference and books, may not be as popular. These products are often not purchased because of lack of consumer interest. These products are also generally expensive and only limited distribution channels are used. For example, the new iPhone has many exclusive features that only Apple can offer. However, the product is still not available to the general public.

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Benefits are a key focus in marketing strategies for unsought merchandise. Unsold products are often not known by consumers so businesses must be aggressive to sell them. They must explain how their products can benefit consumers, and what incentive they have to buy them. Benefits of purchasing the un-sold product include increasing self-esteem, solving difficult problems, and getting things done quicker. The benefits of the product must be compelling enough to encourage the buyer to purchase it.

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FAQ

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Statistics

Some 70% of consumers say SMS is a good way for businesses to get their attention. (shopify.com)
Backlinko found that the #1 organic result is 10 times more likely to receive a click compared to a page in spot #10. (shopify.com)
According to the Baymard Institute, 69.82% of shopping carts are abandoned. (shopify.com)
The latest stats show that 87% of marketers use email marketing to distribute content. (shopify.com)
A recent study by Mediakix revealed that 80% of marketers find influencer marketing effective. (shopify.com)