Consumer products are products purchased for personal use. They are different from producer goods such as raw materials, capital goods, or semi-finished goods, which are obtained to produce other products.
They are also called end products because they are the final output of production or manufacturing. There are no further modifications or uses, except for consumption.
Classifications of consumer products
Consumer products are commonly be found on store shelves. They can be durable products such as clothing, shoes, jewelry, and kitchen utensils. Meanwhile, some others are non-durable products such as food and drinks.
Marketers also classify them into four groups: convenience, shopping, specialty, and unsought.
- Convenience products are low-cost products, frequently purchased, low-involvement, readily available, and reach broad markets. Detergent, sugar, soy sauce are examples.
- Shopping products are types of products that, in the selection, involve a comparison of quality, price, or other attributes. Rather than convenience products, consumers are more careful about buying this product. Examples are furniture, clothing, and shoes.
- Specialty products are types of products that require active efforts to buy it. They are usually unique and are purchased based on the brand identification desired by consumers. Examples are luxury cars, professional photography equipment, and designer clothes.
- Unsought products are types of products that consumers are not aware of or know about. Consumers do not consider buying it under normal conditions. Examples are life insurance, accident insurance, and prepaid funeral packages.