34.

Consumer products are classified on different basis. 'Shopping Efforts Involved' is one of them. Explain any three types of products in this category.

Consumer products are those products which are purchased by the ultimate consumer for satisfying their personal needs and desires. On the basis of the extent of shopping efforts involved, consumer products are of three types:

1. Convenience Products: Those consumer products, which are purchased frequently, immediately and with least time and efforts are referred to as convenience goods. Examples of such products are soap, eggs, match stick etc. These products have low unit-value and are bought in small qualities.

Some of the important characteristics of such products are:
(a) These products are purchased at convenient locations, with least efforts and time;
(b) They have a regular and continuous demand, as these generally come under the category of essential products;
(c) These products have small unit of purchase and low prices.

2. Shopping Products: Shopping products are those consumer goods, in the purchase of which buyers devote considerable time, to compare the quality, price, style, suitability, etc, before making final purchase. Example of shopping products are clothes, shoes, jewellery, furniture, radio, television, etc.

The important characteristics of shopping products are:
(a) Shopping goods are of durable nature.
(b) The unit price as well as profit margin of shopping products is generally high.
(c) As these products have high unit price, customers compare the products of different companies before making selection

3. Speciality Products: Speciality products are those consumer goods which have certain special features because of which people make special efforts in their purchase. These products are such, which have reached a brand loyalty of the highest order, with a significant number of buyers. The buyers spend a lot of time and efforts on the purchase of such products. Example, rare collection of artwork or of antiques.

Important characteristics of the speciality products are:
(a) The demand for speciality products is limited as relatively small number of people buy these products.
(b) These products are generally costly and their unit price is very high;
(c) These products are available for sale at few places as the number of customers is small and are willing to take extra efforts in the purchase of these products.