Consumer goods are products that are purchased by individuals for personal use. They can be categorized into three types: durable goods, non-durable goods, and services.
Durable goods are products that are expected to last for a long time, usually more than three years. Examples of durable goods include cars, furniture, and appliances. These products are usually more expensive than non-durable goods and require a significant investment from the consumer. They are also expected to provide long-term benefits and are often considered as investments.
Non-durable goods, on the other hand, are products that are consumed or used up quickly. They are usually less expensive than durable goods and have a shorter lifespan. Examples of non-durable goods include food, toiletries, and clothing. These products are often purchased on a regular basis and are considered as necessities.
Services are intangible products that are provided to consumers. They are activities or benefits that are offered by businesses to satisfy the needs of their customers. Examples of services include haircuts, car repairs, and legal advice. Services are often provided by professionals who have specialized skills and knowledge in their respective fields.
In conclusion, understanding the three types of consumer goods is essential for businesses that want to cater to the needs of their customers. By offering a range of products and services that meet the different needs of consumers, businesses can increase their customer base and improve their bottom line.
