Marketing Strategies for Consumer and Industrial Products
Industrial products are generally subject to greater standardization, as against certain consumer products which require frequent changes in fashion and style.
Advertising, normally, is an important promotional tool for consumer products, but may not be so in the case of industrial products. Personal selling and after-sales service are, generally, more important for industrial products.
Industrial products generally involve high-value purchases and this involves competitive bidding based on price competition. Selling is done based on quality or tangible attributes.
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Consumer products are, very often, sold for psychological satisfaction. For example, in the case of adverts for soaps, Lux soap is touted as capable of offering you a complexion like that of a film star.
Consumer products require elaborate channels of distribution, but industrial products are sold through fewer outlets and are often directed by the organization itself.
These are some of the salient features of marketing consumer products as against industrial products.
In summary, the study of consumer products is considered important, most especially in the competitive world we have found ourselves. A basic understanding of their class helps to shape consumers’ consumption and as well as meeting the objective of profit-making.
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