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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 food is commercially prepared for ease of consumption. [2] Products designated as convenience food are often sold as hot, ready-to-eat dishes; as room-temperature, shelf-stable products; or as refrigerated or frozen food products that require minimal preparation (typically just heating). [3]
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]
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.
[1] [2] Goods can be contrasted with bads, i.e. things that provide negative value for users, like chores or waste. A bad lowers a consumer's overall welfare. [3] Economics focuses on the study of economic goods, i.e. goods that are scarce; in other words, producing the good
Wild fish are an example of common goods. They are non-excludable, as it is impossible to prevent people from catching fish. They are, however, rivalrous, as the same fish cannot be caught more than once. Common goods (also called common-pool resources [1]) are defined in economics as goods that are rivalrous and non-excludable. Thus, they ...
In microeconomics and consumer theory, a Giffen good is a product that people consume more of as the price rises and vice versa, violating the law of demand. For ordinary goods , as the price of the good rises, the substitution effect makes consumers purchase less of it, and more of substitute goods ; the income effect can either reinforce or ...