Damir Hrnjez, Amro Hwary, Samir Falki
Consumer Goods: Any tangible commodity produced and subsequently purchased to satisfy the current wants and perceived needs of the buyer. Consumer goods are divided into three categories: durable goods, non-durable goods, and services. Consumer goods are constantly being purchased by consumers and are driving today's economy. Consumer goods are usually produced by capital goods, and without them there would be no stores, businesses, or shopping. (Damir Hrnjez)
Importance of Consumer Goods: Consumer goods are very important because they drive economics. Without consumer goods there would be no consumer and then businesses would not be able to make money. Therefore consumer goods have high importance because they help to keep the economy moving. Each year new goods and services are being introduced to keep consumers satisfied and the economy moving. For example smart phone companies, such as Apple, each year come out with a new phone model. This new phone attracts many consumers and thus keeps Apple in business due to the high purchase of its new consumer good. A clear example stressing the importance of consumer goods are commercials. Commercials are everywhere, and constantly R.I.P. customers of new or old consumer goods. (Damir Hrnjez)
Consumer Goods Impact on Economy: Consumer goods fuel the economy by being exchanged with money. Without consumer goods there would be no economy.(Amro)
Non-Durable Good: A good with a lifespan averaging at about three years, which is meant to be immediately used by the consumer (less than 3 years)
-Examples in: clothes, food, medicine
-Examples in local marketplace: Halos, Smuckers, Hersheys, Hainz, Adidas, Nike
These clothing items are non-durable goods because they will be replenished in a short time
Durable Goods: Goods not for immediate consumption and able to be kept for a long period of time (more than 3 years)
-Examples: Cars, washing machines, furniture, appliances, houses.
-Examples in Local Economy: Sears, Long and Foster, Mercedes-Benz of Tysons Corner
These appliances in the picture down below are examples of durable goods because they will last for many years.
Consumer Services: Intangible products or actions that are typically produced and consumed simultaneously. Services may range from small actions to large projects, and they generally last a short period of time similar to non-durable goods.
-Examples: Hair cuts, auto repairs, landscaping, mail delivery, teaching and medical check-ups
-Examples In Local Economy: Hair Cuttery, Koons Tyson, USPS, Vienna Pediatric Dentistry
This barber shop is providing a service of giving haircuts to consumers
This Article focuses on the increased ways consumer goods are being adapted in order to be utilized in new fields while minding competition and the changing target market.