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Fast-moving consumer goods (FMCG), also known as consumer packaged goods (CPG) [1] or convenience goods, are products that are sold quickly and at a relatively low cost. Examples include non-durable household goods such as packaged foods , beverages , toiletries , candies , cosmetics , over-the-counter drugs , dry goods , and other consumables .
Search goods are more subject to substitution and price competition, as consumers can easily verify the price of the product and alternatives at other outlets and make sure that the products are comparable. Branding and detailed product specifications act to transform a product from an experience good into a search good.
Convenience foods include ready-to-eat dry products, frozen food such as TV dinners, shelf-stable food, prepared mixes such as cake mix, and snack food. Food scientists now consider most of these products to be ultra-processed foods and link them to poor health outcomes. [1]
Goods can be returned while a service, once delivered cannot. [4] Goods are not always tangible and may be virtual e.g. a book may be paper or electronic. Marketing theory makes use of the service-goods continuum as an important concept [5] which "enables marketers to see the relative goods/services composition of total products". [6]
Economics focuses on the study of economic goods, i.e. goods that are scarce; in other words, producing the good requires expending effort or resources. Economic goods contrast with free goods such as air, for which there is an unlimited supply.
The consumer makes comparisons among both retail controlled factors and factors associated with the product (brand). Shopping store – speciality good. The consumer has a sto the brand of the product, but shops among a number of stores in order to secure the best retail service and/or price for this brand. Speciality store – convenience good.
In economics, a necessity good or a necessary good is a type of normal good. Necessity goods are product(s) and services that consumers will buy regardless of the changes in their income levels, therefore making these products less sensitive to income change. [ 1 ]
In economics, inferior goods are those goods the demand for which falls with increase in income of the consumer. So, there is an inverse relationship between income of the consumer and the demand for inferior goods. [1] There are many examples of inferior goods, including cheap cars, public transit options, payday lending, and