A little while ago, I mentioned a new perspective I had on product categorization and marketing as it applies to retail. This is a brief summary of the new ideas I have to build anticipation for a soon-to-come series on the same topic.
Divide products into two categories: luxury goods and necessities. I define necessities as everyday home goods needed to meet a minimum standard of living. Examples would be clothing, toiletries, and basic cookware. Luxury goods are defined as anything that provides the user/owner with a temporary escape from their everyday life (a temporary sense of being above that minimum standard). Examples would be diamond jewelry, sports cars, and even Starbucks coffee.
Those basic definitions should provide you with an idea of where I am going with this, but they are not explained fully just yet.
Think about how you would market these different goods. Necessities should be reasonably priced, somewhat durable, and available in massive quantities. Luxury goods would rightfully be extravagant expenses that give the appearance of lasting forever but come from a heavily limited supply. How would you distinguish yourself from competitors in either category? How would you advertise your goods in a unique way?
More will come on this topic in the future. As the title suggests, this is just a “preview.” Please take a moment to comment and add your own ideas of where this idea goes from here.
