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ETS Business Major Field Test: Identifying Markets

PEST Analysis

Products

Consumer Products

   1. Convenience products - consumer will spend time shopping for these items

   2. Shopping products- products such as major appliances that consumers shop for and compare characteristics

   3. Specialty products - unique products or brands for which there are no substitutes in the mind of the consumer

   4. Unsought products - unknown or impulse products

Product Life Cycle

Services

Characteristics of Services:

   1. Provide intangible output

   2. Produce variable, nonstandard output thus measures of effectiveness are subjective and quality control is primarily limited to process control

   3. Cannot usually be carried in inventory, but is consumed in production

   4. There is high customer contact throughout the service process

   5. Skills are sold directly to the customer and pricing options are more elaborate than for products 

   6. Cannot be mass produced 

 

Target Markets

Target markets must be identified by marketing, and include:

A. Consumer markets

B. Industrical markets

C. Commercial markets

D. Government markets

E. International and global markets

F. Markets segmented for strategic targets