Convenience Products Meaning
A convenience product is the term used in the context of marketing while if you ask the meaning of this term then chances are not many people can explain the meaning of this term but in reality, we as consumers buy these products daily. Hence products like ice cream, soft drinks, biscuits, chips, soaps, toothpaste, clothes, etc…, are some of the examples of convenience products. In order to know more about these products, one should look at some of the important characteristics of convenience products –
Characteristics of Convenience Products
Purchased on Impulse
The first and foremost feature of convenience goods is that consumers buy these products on impulse implying that while leaving from home they do not plan about purchasing these products which is the case with other products like television, cars, laptops, mobiles, etc.., where you research and plan before purchasing them. In simple words, convenience products are more like love which happens on impulse and not like a marriage which is a planned move and not an impulsive move.
Bought in Small Quantities
Another feature of convenience products is that they are not bought in large quantities rather they are bought in small quantities. Hence when you buy ice cream you do not buy 10 cups of ice creams rather you buy only 1 or 2 cups of ice cream for yourself and shopkeepers will also not try to sell you that extra cup. In simple words, one can say that marketing does not have too much role to play as far as the consumption of conveniences goods is concerned.
Inexpensive
Convenience goods are not that expensive and that is the reason why consumers buy these goods on impulse, and that is perhaps the reason why whether you are rich or poor it does not matter as you get the same treatment from shopkeepers when you go to purchase these items. In simple words in the case of airline business class travelers are given preferential treatment as compared to economy class travelers but as far as convenience good is concerned there is no segregation or market segmentation based on the income of people.
Location is Vital
Location plays a key role when it comes to consumer purchasing the good from the shop, hence if you need soap or toothpaste than you will not go to the shopping mall or some other place which is far away from your home rather you will go to your nearby store and purchase the item. Hence stores that are located near a residential area get the benefit of location when it comes to consumers purchasing convenience products from their stores.
Quality does not Matter
When you think about purchasing a car you tend to prefer BMW if you have funds or when you think about purchasing a mobile then you tend to prefer Apple mobiles and so on, the reason being superior quality and brand of these companies but when it comes to convenience products quality takes a backseat as consumers will purchase any brand as these goods are purchased not for status symbol or for long term use rather they are purchased due to immediate need of the consumer.
As one can see from that convenience goods have unique characteristics and that is the reason why companies dealing with convenience products should keep the above points in mind before deciding their pricing as well as a marketing strategy for these products.