A consumer product is a good that is purchased by a person for individual or family use. The following are illustrative examples.A product where consumers see no difference from one product to the next such that branding and product quality have little or no impact on sales. For example, bananas or paper.
Fast Moving Consumer GoodsA fast moving consumer good is a product that is quickly consumed such that it is purchased on a regular basis. For example, food, beverages, cosmetics, stationery and personal care products. Large brands dominate in this product category because consumers typically buy the same product every week and rely heavily on brand recognition to select new products.
Consumer ElectronicsElectronic devices such as mobile phones and televisions.Goods that last more than five years including vehicles, home appliances, furniture, fixtures, tools, books, sports equipment, jewelry and toys.Clothing, footwear and accessories are typically viewed as longer lasting than fast moving consumer goods but are purchased more frequently than consumer durables.
MediaMedia such as video games, magazines, movies and music. These are often digital products.Products the serve highly specific customer needs such as hardware and hobby supplies.
Luxury GoodsProducts and services that are unusually expensive and perceived as high quality or status symbols. These may be sold on a convenience basis in department stores and airports whereby many brands may be available in one spot. Luxury goods are also sold from large flagship locations and smaller shops strategically located in expensive areas with high foot traffic.
ServicesServices are goods that offer mostly intangible value. Examples of consumer services include entertainment, travel, restaurants, transportation, financial services, health & fitness and childcare.
Product ClassificationsAcademics classify consumer products according to four types of shopping habits. This classification is not typically used in a business context with the categories above being more common.
|Convenience||A product that consumers buy often and quickly with little effort. This roughly corresponds to fast moving consumer goods.|
|Shopping||A product that customers purchase less regularly. A customer may have unique needs in this area and may pour significant effort into researching the purchase. For example, running shoes.|
|Specialty||A high price product whereby consumers are willing to go to a brand shop to obtain the item. According to this theory, consumers do not compare brands in this product category because they are desperately brand loyal. This doesn't necessarily reflect reality as it is common for consumers of luxury goods to have several favorite brands and to compare their offerings before a purchase.|
|Unsought||Unsought products are goods that consumers do not actively seek out but are sellable because customers do need them. For example, life insurance.|
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