An item is recognized as a consumer good if it is a real product, which is anything you can feel, hear, smell, see, or taste. In some instances there are different viewpoints on whether or not some goods regarded as real or intangible.
Consumer goods are the products that are sold in stores or online to fulfill the wants and needs of people; the end-user.
Consumer goods are available in a wide selection of products which can include:
Types of Consumer Goods
Below are the six main types of consumer goods and what they involve. You should know all about the goods you are buying and selling in order to succeed in the liquidation business.
Type #1: Staple Goods These are products that are purchased routinely, just about every time you go to the store. Bread, milk, and several personal care products can be considered staple goods.
Type #2: Convenience Items Products that are readily available to customers, without any effort by the consumer; such as assembling the product, are considered convenience products.
Typically, convenience goods are available in the category of items like cigarettes, fast foods, and frozen dinners. The products are sold by wholesalers in order to make them available to the consumers in a larger quantities.
Because of the high purchase quantity, cost for each item is usually low and consumers often see no use in further research since more effort means less savings for the sake of convenience.
From the seller’s viewpoint, the low selling price of convenience goods ensures that profit for each unit purchased is low. As a result, vendors will make an effort to spread these items in bulk throughout as many stores as they possibly can.
Type #3: Shopping Merchandise These include goods shoppers buy and take in on a less regular basis when compared with convenience items. People are ready to take more time finding these types of items considering they are fairly more costly compared to convenience items.
Since people buy less often and are ready to shop around to find these items, the target audience is a lot smaller compared to that of convenience products. As a result, vendors frequently tend to be pickier when deciding on distribution shops to market their shopping merchandise.
Type #4: Unsought Goods and Services Services or goods, such as insurance, that can be found in the marketplace though are often ignored by customers are referred to as unsought goods or services.
These kinds of goods and services are designed to sell to customers through the use of advertising with promotions like a purchase bonus such as discount rates offered only to Internet buyers. These marketing tactics often cause buyers to purchase impulsively.
Type #5: Impulse Goods Impulse goods are items a buyer looks for because something unexpected occurs; such a wife getting pregnant, as well as well-aimed advertising at those who tend to purchase products without any prior planning. Usually the decision to buy these good is based on convenience or pleasure.
Type #6: Specialized Goods These are items tend to have a high price compared to shopping and convenience goods. The length of time a specialized good can be used might take as long as shopping goods, however people are a lot more picky when it comes to specialized goods.
The truth is, most of the time customers know ahead of time which item they have a preference for and will not shop in order to compare, however they will look to find out which retailers sells that specific product at the lowest price.
By Clifford Woods