Marketing Mix & Marketing Mix Planning with Nutritional Supplements Assignment

Marketing Mix & Marketing Mix Planning with Nutritional Supplements - Assignment Example All in all, in marketing their products and services, business people should develop marketing strategies that are based on crucial and effective marketing considerations and decisions. 1.) Identify the type of product/service (convenience, shopping, specialty, unsought), and explain in your own words what marketing considerations need to be made for my product/service (Nutritional Supplements) based on this product classification. Based on the criteria of how consumers go about in purchasing them and how they are marketed, consumer products can be classified into four main types. To start with, we have shopping products which involve products that are bought by consumers less frequently (Doole & Lowe, 2005). Secondly, there exist convenience products which entail those that are frequently purchased by customers (Evans & Wurster, 1997). Thirdly, we have specialty products. These include products with unique features or brands and those that catch the attention of a particular class of customers who are willing to make a special buying effort (Taylor, 2009). Finally, we have unsought products which involve products that are not known to the consumer or if known, the consumer has never thought of purchasing them (Evans & Wurster, 1997). Using this classification, nutritional supplements can be said to belong to the category of specialty products. There are four main marketing considerations that can be made by nutritional supplements marketers and marketers of specialty products in general. The first consideration is the customer’s buying behavior. Here, buyers go in for strong and appealing brands. These consumers are normally loyal to specific brands and they are usually less sensitive to prices (Doole & Lowe, 2005). The second consideration is the price. According to Taylor, like in the case of most specialty products, the pricing of nutritional supplements can