CONSUMER GOODS

Generally, good that are called consumer goods are distinctly, goods demanded on regular basis such goods attract much turn over because of its daily demand thus, sellers and manufacturer of such  goods must adopt the marketing concept called “production concept” which allows wide availability of such goods. 

These goods could be durable or non-durable. Durable goods, as the name suggest, have a significant life span that often last up to three years or more.

Non-durable goods on the contrary, are purchased for immediate consumption and also have little life span e.g. food, beverages etc.

Following the classification of consumers, scholars have classified such goods using the following. Kotler (1979) classified consumer goods according to three namely:

Convenience Goods:

A convenience goods is one that requires a minimum amount of effort on the part of the consumer. However, such goods must be available in every conceivable outlet, and must be easily accessible in these outlets e.g. bread, soft drinks.

Marketing strategy

Extensive distribution is the primary marketing strategy

Shopping Goods:

In contrast, consumers, want to be able to compare products categorized as shopping goods, e.g. automobiles, appliances, furniture etc furthermore,  shoppers are willing to go some lengths to compare values.

Specialty Goods

Specialty goods as the name suggest, represent the third products classification.

From the consumers perspective, specialty goods are so unique that they will go to any length to seek out and purchase them.

Thus, unlike shopping goods, in specialty goods, price is not a principal factor affecting the sales of such goods.

Unsought goods

According to Ajayi (1983), in his book Fundamentals of Economics, define unsought goods as those product in which, consumers are unaware of or are not that interested for its purchase. However, the buyer do not prepare for the purchase of such goods, not until there is a need for it. E.g. caskette, accident insurance, life assurance.

Marketing Strategy

Kotler (2005) in his contribution, buttress that, selling of unsought goods is often the hardest marketing task for companies involved in it, considering its low patronage and turnover rate. Thus, it requires an extensive marketing campaign via advertising and highly trained sales forces, such that create awareness about the product and equally stimulate consumer’s buying action.

Industrial Goods

Unlike consumers goods, that is in it’s finished state and ready for consumption, industrial goods  as the name implies, are goods bought by companies for further production (industrial purposes). Classification of industrial goods is based on their usage, unlike consumer goods that is based on consumer’s habits. Drucker (1979), have it that, classifying industrial goods, cut across five categories namely; industrial supplies, installation, fabricated materials and parts, accessory equipment and raw materials.

Industrial supplies:

These includes those frequently bought items e.g. computer papers, office supplies, light bulbs etc. That is they are expenses items in nature.

Installations

Unlike industrial supplies that are purely expense items in nature, installation as a category of industrial goods are purely capital items. They are used directly in making other goods known as installation goods” e.g. machine tools conveyor system, commercial ovens etc.

Fabricated Parts and Materials: Are goods which are used in a final product without processing. They are items needed for a successful processing.

Accessory Equipment: Here, they are capital items which have a shorter life span, unlike the installations, the accessory equipment are expensive than installation e.g. hand tools, desk computers.

Raw Materials:

Here, they are materials/items bought in their raw form like crude oil, iron etc which needs to be processed before producing other goods.

Conclusively industrial goods and consumer goods cannot be clearly differentiated from each other. Although, the differentiation depends on what the consumer intends to do with the product.

REFERENCES

Drucker P.F (1979), Contemporary Marketing 10^th Edition. London; Pam Books Publisher.

Kotler, P. (2005) Marketing Management; Analysis, Planning, Implementation and Control Eagle Wood Cliffs, Prentice Hall Inc.

Kurfi, A.K (2003) Element of Marketing. 1^st ed. Kano Nigeria: Benchmark Publishers.