Convenience Goods - Definition & Meaning
What is Convenience Goods?
Convenience goods are the goods that are widely and easily available in the market and require minimum shopping efforts on part of the buyers. These convenience goods basically include items that we use in our day to day life such as soaps, detergent, toothpastes, chocolates etc. The stores on which these goods are available are called as ‘convenience stores’. These goods are non-durable in nature. ‘Convenience’ is however a relative term and it also depends upon the context in which it is used. There are convenient procedures and convenient services as well. All these are aimed to save resources and make things readily accessible to the prospective buyers.
Convenience goods are also known as a convenience product.
Characteristics of Convenient Goods
Some of the attributes of convenience goods are mentioned below
• Non durability
• Readily available at convenience stores
• Involves less quantity as well as low price
• Generally, it includes standardized products only
• Marketing promotions and schemes are crucial for its sale
• Have constant demand
These types of goods form a significant portion of Fast Moving Consumer Goods (FMCG) sector which is a defensive sector. Defensive sector means that it is immune from cyclical changes that occur in economies.
Convenience goods are primarily classified as impulse goods, staple goods and emergency goods.
Hence, this concludes the definition of Convenience Goods along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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