Posted in Marketing and Strategy Terms, Total Reads: 1273
Definition: Product Class
Products that fall under one product class are similar to each other and somewhat substitutable for each other. The products have identical characteristics and either perform the same function, or are catered to the same customer segment or have the same marketing communication with the customers.
The product class can be either narrow or broad. A narrow product class covers a specific set of products used for a function. For example, a narrow product class for cleansing products can be soaps, shower gels, shampoos, conditioners etc. Here the core need addressed is the washing of your body, which all the above mentioned products do. A broad class for the same product class can be body washing soaps and gels, clothes washing soaps and powder, utensil washing gels and soaps etc.
Examples: Taking the case of HUL, a product class will consists of products from their personal wash division(Lux, Lifebuoy, Liril, Hamam), fabric care division (Surf Excel, Rin, Wheel, Comfort) and kitchen care division (Domex, Cif, Vim), as all of them have the functional attribute of cleaning.