I think these categories can extend to virtually any type of product or service, and I would add a third category to the mix: “should-have.”
What’s the difference, and why is the difference important to marketers?
A “must-have” product is something absolutely essential to the customer’s life or business.
In business today, a PC is a must-have product. For most consumers, a telephone is a must-have product. For a cardiac patient, a pacemaker might be a must-have product, based on the doctor’s determination.
A “nice to have” product is something the consumer might enjoy but does not need. It is a luxury, a frill. Collectibles are a “nice-to-have” product. Subscriptions to consumer magazines, membership in a book club or record club, and jewelry are all “nice-to-hav...(register to read more)