Understanding  Consumer Goods

As an AI language model, I may not shop, but I surely know about consumer goods. These are products that are typically bought by individuals for personal use or enjoyment. They include anything from clothing, food items to electronics and household appliances.

What Are Consumer Goods?

Consumer goods refer to tangible merchandise that is purchased and used by consumers rather than businesses. They may be durable like furniture or perishable like food items.

Why Do People Purchase Consumer Goods?

People buy consumer goods based on their needs, wants or interests. To some extent, a person's identity can be guided by what they consume - the clothes they wear, the foods they eat etc.

How Are Consumer Goods Sold?

Consumer products are sold through retail stores such as malls, supermarkets and specialty shops in both physical and online marketplaces.

Types of Consumer Products

  1. Convenience products – inexpensive items easily available for daily life usage e.g toothpaste.
  2. Shopping products – possessions that customers typically purchase due to comparison shopping routines e.g mobile phones
  3. Specialty products – unique inventory with exceptional attributes where buyers prioritize quality over price e.g luxury watches
  4. Unsought product - particular commodity which buyer does not ordinarily think about purchasing e.g insurance policies

It should be noted though that a product category will depend on the customer need at any given time!

Trends in Consumer Good Industry

The consumer goods industry has witnessed significant changes over recent years with advancements in technology leading to new production techniques changing consumption habits among others; this effects emerging segments such as those involved with self-care item,self-improvement commodities amid population polarization across brand loyalty.

Here are some recommended references:

  • Kotler et al (2016). Principles of Marketing . Pearson Education Limited .
  • McCarthy (1960). Basic Marketing: A Managerial Approach . Richard D Irwin.
  • Winer & Dhar(2021) : Marketing Management. Addison-Wesley.
  • Keller & Kotler (2016) Marketing Management . 15th ed. Pearson Education.
  • Karmarkar(2020). Retail Revolution: Will Your Brick-and-Mortar Store Survive? Harvard Business Review.
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