I. CONSUMER GOODS
These goods are used personally or at home. Consumer goods are subdivided as follows. Their classification is aimed at developing or improving marketing strategy, advertising, pricing, distributing so that right products reaches the right hand at a right price and at the right time.
Consumer Durable Goods
These are the goods which‘ have a life over one year. All electronic goods, furniture and fixture, and machine carrying items fall in this category. Examples are TV, sofa set, sewing machine, calculators, computers, carpets, watches, and cars.
Consumer Non-durable Goods
They have a life shorter than a year. They are used and consumed during short span of time. They are newspapers, edible items, clothes, shoes, pencils.
Consumer non-durable goods are further divided as follows.
1) Convenience Goods
They are convenience goods in that consumers buy them frequently and with a minimum of effort at the nearest available store. The value of purchase is generally small. Buying them does not need any planning; their prices are almost the same at all stores, and inventions, innovations, fashions don’t play any important role. Element of risk in buying is almost none and their supply is abundant. The consumer commands full knowledge of them; they are available at low prices. Examples are: milk, tea, tooth paste, newspapers, items of provision stores.
Convenience goods may be subdivided as under:
These goods are bought and consumed almost daily. Their buying does not involve any planning, thinking, and their pieces are not compared. They are bought at the nearest store or shop.
Examples: eggs, bread, milk, provision store items.
Their buying is impulsive; the decision to buy is sudden only at the first look or on the spot. If it is not bought at the look its need will expire. Not only grownups but also children are very much inclined to impulsive buying.
Examples: toys, toffees, sweets, ‘magazines, ice creams, Mementos.
They are needed in emergency. They are not planned in advance and bought or obtained from the first place where they are available without comparing price or quality.
Examples: medicines, ambulance, puncture repairing, petrol, etc.
They are received at the consumer’s doorstep. One does not need to go out to buy them. Price and quality comparison are not required.
• Examples: milk, newspapers, washing, etc.
2) Preference Goods
Preference goods are identical to convenience goods except that the former are bought preferably because of brand loyalty. Social likes and dislikes also make the goods preferable or otherwise.
Examples: tea of a particular brand and cold drinks.
3) Shopping Goods
Their buying is well-planned and involves effort and time; the unit value is greater than that of consumer goods. Quality, brand, price, design, durability, after-sales service, model are all compared. They are compared before buying as their prices and quality are not standardized. Every brand of a product is different from others in shape, design, and functions. They are bought infrequently and the consumer possesses little knowledge of them. Many shops may have to be visited to choose a product. Buyers may have to haggle on the price
Examples: furniture, electronic goods, garments, carpets, jewelry, music systems.
4. Specialty Goods
These goods belong to the highest social order. They possess special attraction for the customer. They are bought by the rich and if a particular brand, design, or model is not presently available he can wait for it. They are the symbols of status. Their buying involves time, effort, and risk.
Examples: brand new precious cars, watches, cameras, plasma TV, DVD
5. Unsought Goods
These goods are not needed presently. Their demand is unforeseen or unpredictable. They are of two kinds;
i. New inventions or products of which the consumer is unaware. New models of computers, cameras, robot, video telephone etc. fall in this category.
ii. They are not required at present or the consumer does not think of its requirement. Examples: funeral, helmets, driver’s belt.