2B (Product Classification) & 2C (Product Characteristic)

Integrated Strategic Marketing Plan: Section One

Product Classification

In product marketing, there are a variety of product classifications that distinguish the type of product being sold.  According to the article “The Classification of Products in Marketing” by Stan Mack, these classifications include convenience, shopping, specialty, and unsought products.  As it relates to Coca-Cola, the product classification can be described as a convenience product due to the fact that Coke products do not require customer forethought to make a purchasing decision.  Because Coca-Cola is represented as a food and beverage staple, it remains a convenience product because it can be bought virtually anywhere at approximately the same price.  In a highly competitive market such as the beverage industry, companies such as Nestle and Pepsi offer similar, extensive portfolios of popular drinks to gain customer loyalty and market share.  For this reason, convenience products can be difficult to market due to a variety of substitutes competing for market position, ultimately driving the price down.  It is vital for Coca-Cola to understand their product classification in order to develop unique marketing strategies that help set them apart in crowded market (Mack, n.d.).

Product Characteristic

Product characteristics are influential in the development of the marketing strategy because they help communicate the product to the consumer.  In an article in the Journal of Marketing titled “Product Characteristics and Marketing Strategy” by Gordon E. Miracle, he defines product characteristics as “...the sum of of physical and psychological satisfactions the buyer receives when he makes a purchase” (Miracle, 1965, p.19).  Being a convenience product, the aim of Coca-Cola is to offer a “total product” meaning that the channeling, promotional, and marketing initiatives are streamlined in an effort to promote a purchasing decision.  According to Miracle’s assertions, this means product characteristics not only include physical features such as nutritional information and packaging, but additionally, psychological features.  Specifically for Coca-Cola, these psychological characteristics include a convenient purchasing location, ability to purchase at a convenient time, and available information about the item.  Essentially, it is important consider the product conveniences that Coca-Cola provides to customers in addition to their competitive price, global availability, and user-friendly packaging that create the “total product” (Miracle, 1965).

References

Mack, S. (n.d.). The Classification of Products in Marketing. Retrieved April 04, 2017, from

http://smallbusiness.chron.com/classification-products-marketing-65394.html

Miracle, G. (1965). Product Characteristics and Marketing Strategy. Journal of Marketing, 29(1),

18-24. doi:10.2307/1248775