Posted in Marketing and Strategy Terms, Total Reads: 329
Definition: Consumer Goods
Consumer goods are produces or manufacture goods to satisfy the specific needs or wants of the customers. These goods are the end products of a production line. The consumer goods can be either tangible or intangible. Consumer goods can directly be consumed by the customers and can be durable or non durable.
The durable consumer goods are the goods that have a lifetime of more than 3 years and can be used for the complete lifespan with regular service and maintenance. These goods are generally of higher value and people postpone the expenditures on their maintenance and would depend more on the longevity of the product.
Example :- Refrigerator, Car, Mobile phones, Television.
• Non-Durable Consumer Goods:-
These are the goods which has a short lifespan on an average less than 3 years. These products need to be consumed within their lifetime beyond which they will lose their value. Non-durable good also changes with time as the lifestyle of people change or fashion changes. People previously used to have lot of junk food now with increase in obesity and other diseases people have become health conscious.
Example:- Shoes, Clothes, beverages, food
• Service Goods:-
These goods are intangible and can only be felt only their experience is lived through. These goods are produced and consumed simultaneously.
Example:- Spa, Haircut, Repairs
Fast moving consumer goods which now have become a complete industry have short shelf life products.
Modern technology has helped people get goods at an affordable rate and this has led to more consumption of the goods. People are able to live a better lifestyle and their standard of living has improved significantly. The consumer goods which were once luxury goods have now become necessity. For example car, mobile phone, AC which once called luxury goods has now become normal goods.
With increase in the production of goods the no. of factories has increased and this has created more pollution. The deforestation has become a global issue because of industrial expansion.