Published in Marketing and Strategy Terms by MBA Skool Team
What is Shopping Product?
Shopping product is defined as a product purchased infrequently and for which a customer does thorough research & spends significant time finalizing the product before buying it. For a shopping product, the time is spent mostly on comparing prices of competitive products, product specifications, quality, effectiveness and efficiency.
There are four broad categories of consumer products i.e. convenience product, shopping product, specialty product and unsought product.
Characteristics of Shopping Products
Specialty products are goods which are not purchased very frequently, and require some time finalizing the product. A few key features of a shopping product are:
1. Less frequent purchase behavior of customers and it also requires a thorough planning, comparison and selection before a final purchase.
2. The price of a shopping product is higher than convenience goods.
3. These shopping products are available at select outlets as compared to convenience goods, which are available at almost every outlet.
A few examples of shopping products include mobile phones, TVs, furniture, clothes, airline tickets, consumer electronics etc. All of these shopping products are purchased infrequently, and only when a specific need arises. A customer does a thorough research, compares different competitors, reviews feedback, evaluates price, specifications etc. Since these are highly priced goods, a customer spends time before finally buying the product.
Hence, this concludes the definition of Shopping Product along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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