What are unsought products? Give an example of an unsought product, and explain how it might be marketed.
The correct answer and explanation is:
Correct Answer:
Unsought products are items that consumers do not think about frequently or do not consider buying under normal circumstances. These products often require aggressive marketing strategies to generate awareness and demand.
Example:
Life insurance is an example of an unsought product.
Explanation (300 words):
Unsought products are those that consumers either do not know about or do not actively seek out. These products are not part of routine purchasing behavior and are usually bought only when a specific need arises or through external prompting. Consumers may not be aware they need them, may not want to think about them, or may be reluctant to purchase them. This category includes new innovations and products related to emergencies, protection, or long-term planning.
Life insurance is a typical example of an unsought product. Most individuals do not wake up planning to buy life insurance. Many avoid the topic because it involves thinking about death or financial loss, which can be uncomfortable. Yet, life insurance plays a vital role in financial planning and protecting dependents in case of unexpected events.
To market an unsought product like life insurance, companies must use strategies that raise awareness and educate potential customers. Personal selling is a common approach, where agents directly talk to individuals or families and explain the benefits. Advertisements might use emotional appeal by showing the impact of being unprepared for emergencies. Online marketing can include targeted ads based on user demographics, such as age or marital status. Offering free consultations or simplified online sign-ups can reduce the mental barrier and encourage action.
Additionally, referrals and word-of-mouth recommendations can help build trust, especially in industries where trust and reputation are crucial. Companies often sponsor educational content or partner with financial advisors to inform the public about the product’s importance. Overall, the goal is to shift the product from being unsought to considered essential by creating awareness, addressing concerns, and highlighting long-term value.