A ________ is a good or service for which consumers will spend time and effort gathering information on price, product attributes, and product quality.

Question

BlackTom AI · Accepted Answer

To tackle this question, I will evaluate what each term means in the context of consumer behavior and information gathering.
Option 1: homogenous product. This term refers to products that appear similar across brands and are often price-driven, leading consumers to compare mainly price. However, the prompt specifically describes a good or service for which consumers will invest information gathering about price, attributes, and quality, which is not the defining feature of a homogeneous product. This option is not a perfect fit.
Option 2: specialty product. Specialty products are items with unique characteristics or brand identifications for which a significant consumer effort is devoted to locate and purchase. While this involves information gathering, specialty products typically attract devoted buyers who seek particular brands or features rather than generally scanning price and attributes across many options. This option does not align as precisely with the description given.
Option 3: convenience product. These are low-effort purchases that require minimal shopping effort, such as everyday items. Consumers usually do not spend substantial time researching price or attributes for convenience products, so this option contradicts the idea of substantial information gathering. It is therefore incorrect.
Option 4: shopping product. Shopping products are the category where consumers are willing to invest time and effort to compare attributes such as price, quality, and features across brands before purchasing. This matches the description in the question exactly, as it emphasizes information gathering about price and product characteristics.
Option 5: generic product. A generic product is typically a non-branded or basic version of a good, often with limited differentiation. Consumers may compare price, but the term does not capture the emphasis on thorough information gathering about attributes and quality as described in the prompt. This makes it an unsuitable fit.
In summary, the provided description points most clearly to a shopping product because it highlights deliberate information search and comparison across options based on price, attributes, and quality, which is characteristic of shopping products. The other options either imply less information gathering (convenience), a different consumer behavior pattern (specialty), or do not align with the emphasis on price and attribute comparison (homogeneous, generic).

MKTG1199 Module 7: Wrap-Up

A ________ is a good or service for which consumers will spend time and effort gathering information on price, product attributes, and product quality.

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