Sydney J., Rebecca W., Nicholas F.
Definition of Consumer Goods (Sydney)
A Consumer Good: is a product ready for consumption in satisfaction of human wants. Consumer goods are the final product that has gone through manufacturing and production. It is what the customer will see on the shelf and will be compelled to buy. Some examples of consumer goods are clothes, food, toys, and jewelry. The measure of Consumer Goods sales help the assessment of the economy to see how good or bad it is doing. It also helps indicate what customers are willing to pay for goods. A consumer good can only be a consumer good once, if it is resold it will not be considered a consumer good. Consumer goods are made to please the wants of the consumers to get them to spend money and help stimulate the economy.
Types of Consumer Goods (Rebecca)
Goods which are easily available to consumer, without any extra effort
Convenience goods can be sub-categorized into:
- Staple Convenience Consumer Goods
- Impulse Convenience Consumer Goods
- Shopping Consumer Goods
- Specialty Consumer Goods
- Non Sought Consumer Goods
- Durable Consumer Goods
- Non Durable Consumer Goods
Staple Convenience Consumer Goods:
Goods which come under the basic demands of human beings are called staple convenience goods.
For example: milk, bread, and sugar
Impulse Convenience Consumer Goods: goods which are brought without any prior planning or which are brought impulsively
For example: potato chips, candy, and ice cream
Shopping Consumer Goods:
In shopping consumer goods, consumer do lot of selection and comparison based on various factors such as cost, brand, style, comfort etc, before buying an item. They are costlier than convenience goods and are durable nature.
All these come under the category of shopping goods.
Specialty Consumer Goods:
Goods which are very unique, unusual, and luxurious in nature are called specialty goods.
- Examples of Specialty Products are:
- wedding dresses
Non Sought Consumer Goods:
Goods or Services like insurance which are available in the market but customer is not really interested in buying them are called non-sought goods.
Durable Consumer Goods: goods which have long life span and usage period
Semi-Durable Consumer Goods: goods which have limited life span or usage period
- Foot Wears
- Artificial Jewellery
- Home Furnishing
Non Durable Consumer Goods:
Goods have a very short life span and are perishable in nature are called non-durable goods.
Local Marketplace (Nicholas)
A local marketplace defines the people who will buy locally made or produced products. It is important to know how far people are willing to come to purchase the product. The local market refers to the people in the region who purchase the products of a company, and who is willing to purchase the items.
Consumer Goods Impacting the Economy (Sydney)
Consumer goods impact the economy by stimulating it and putting money into the economy. Consumer spending accounts for about seventy percent of all economy growth. Consumers drive the economy, but if the consumers get in a lot of debt they cannot contribute to the economy growth. Debt effects consumers which effects consumer goods because if consumers are not spending as much money the economy will start to weaken.
The Importance of Consumer Goods (Rebecca)
Consumer Goods are important because if people do not buy a company's product then the company can not function. Companies need consumer goods because:
1. Good products will lead to customers repurchasing goods and showing loyalty
3. It creates a good word spread by the loyal customers
4. It increases customer lifetime value
6. It’s cheaper to retain customers than acquire new ones
Strategies to get and keep customers when selling goods:
- Use blogs to educate customers
- Use email to send special promotions
- Use customer satisfaction surveys to listen
- Delight customers by offering personalized experiences
Analysis and Summary of an Article (Nicholas)
This season, gas prices are dropping, lower then they have in 5 years. Oil makes up 66% of gasoline. Prices have dropped 11% since August 2014. Refineries are switching to winter bland gasoline. Today, it is at a 5 year low. It mentions ISIS causing a spike, but that never occurred.
Works Cited (Everyone)