The classification of goods (physical products) is essential to business because it provides a basis for determining the strategies needed to move them through the marketing system.
The two main forms of classifications are consumer goods and industrial goods. We are interested in this paper to elaborate more on Consumer Goods Classification only. Consumer Goods:
Consumer goods are defined as goods that are bought from retail stores for personal, family, or household use. Or, they can also be defined as:
Products intended for use or consumption by individuals, as opposed to organizations, companies or businesses. Consumer goods are generally divided into subcategories according to the method by which they are purchased or on the basis of consumer buying habits into: Convenience Goods, Shopping Goods, Exclusive or Specialty Goods, and Non Sought Goods. Consumer goods can also be differentiated on the basis of durability. Durable goods are products that have a long life, such as furniture and garden tools. Nondurable goods are those that are quickly used up, or worn out, or that become outdated, such as food, school supplies, and disposable cameras.
Convenience goods are items that buyers want to buy with the least amount of effort, that is, as conveniently as possible. Most are nondurable goods of low value that are frequently purchased in small quantities. Or they can be defined as those goods purchased with a minimum of effort, because the buyer has knowledge of product characteristics prior to shopping. The consumer does not want to search for additional information (because the item has been bought before) and will accept a substitute rather than have to frequent more than one store. These goods can be further divided into two subcategories: staple, impulse & emergency goods. Staple convenience goods are basic items that buyers plan to buy before they enter a store, and include milk, bread, and toilet paper....