Consumer goods - What are they? types, examples, and more

Consumer goods

Products and merchandise that are destined for the final consumer.

What are consumer goods?

Consumer goods are those goods ( products and merchandise ) that are destined for a final consumer. Thus, a consumer good is a purchased good that does not need any productive transformation, since it will not be used for the production of other goods.

Non-durable goods are tangible goods that are generally consumed in one or a few times of use, such as the consumption of beer, soap, or salt.

Because these goods go out of stock quickly and are bought frequently, the wisest strategy is to put them on sale in many locations and advertise them heavily to induce preference.

Durable goods are tangible products that usually withstand a lot of use, such as televisions, shoes, or power tools. Durable products require more sales, staff, and service, and require higher profit margins and warranties from the seller.

Types of consumer goods

An efficient system for classifying consumer goods is based on the way people buy products. Since the purpose of the marketing process is to satisfy the needs of final consumers, it is logical to establish the classification of products according to their behavior.

Under this approach, consumer goods can be divided into 4 categories:

• Convenience goods – These types of goods can be divided into ordinary consumer goods, impulse goods, and emergency goods.
  • Current consumption items are those that are used regularly in each home. They are usually bought frequently and routinely, without paying more attention than is necessary to make the initial decision.
  • Goods acquired on impulse: are those acquired in an unplanned manner. It is common for customers who make this type of purchase not to make comparisons with other products and buy them when they see them, letting themselves be carried away by immediate desire.
  • Emergency Goods: Purchased only when there is an urgent need. The client requires them immediately and the price is of little interest.
• Comparison Goods – These are items that the customer believes warrant the time and effort required for careful examination and comparison with competitors. These goods can be divided into 2 types, depending on the nature of what customers are looking for:
  • Homogeneous items: these are products that the consumer considers to be essentially similar and that he wants to buy at the lowest price. The buyer sees these goods as similar in quality, but different enough in price to justify convenience comparisons.
  • Heterogeneous items: are those goods that the customer considers different, which moves him to inspect the quality, durability, convenience, and style.
• Specialties: these are goods with unique characteristics and/or high prestige brands, for the acquisition of which an important group of buyers is willing to make a special effort. A branded item that wins over a strong clientele could rise to the top of its specialty. Demand for specialties will be relatively inelastic, at least on a reasonable price scale, because potential customers are willing to insist on the item.
• Non-required goods: they are goods whose existence people ignore or, although they know about it, they do not usually think about acquiring them, although, in the end, they end up being bought at some point. Unwanted goods, those not regularly sought after, require a great deal of marketing effort in the form of advertising and personal selling.

Examples of consumer goods

Some examples of consumer goods are as follows:

• Current consumption items: goods that are purchased on a routine basis, such as food and medicine that are regularly used in households. Among them, the purchase of rice, butter, cookies, toothpaste, and painkillers.
• Impulse-purchased goods: Candies, chocolates, and magazines are placed next to cash registers in supermarkets.
• Emergency Goods – An umbrella during a storm.
• Homogeneous items: buy bread, bath soaps, soft drinks, or a comb.
• Heterogeneous items: the characteristics of these products are often more important than the price for the consumer, as is the case when buying clothes, furniture, or crockery.
• Specialties: a Mercedes Benz vehicle or a Rolex watch.
• Non-required assets: Life insurance, burial plots, and headstones.

 

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