Characteristics of Convenience Products
1. Standardized Goods: Convenience Products are typically standardized goods that are easily purchased at convenient locations with minimal time and effort. These goods are designed to meet routine needs and are readily available in various retail outlets.
2. Low Unit Price and Profit Margin: Convenience Products are typically priced at a low unit cost, making them accessible to a wide range of consumers. Despite their low price point, these items often carry a relatively low-profit margin for manufacturers and retailers.
3. Regular and Continuous Demand: Convenience Products experience consistent consumer demand due to their essential nature in daily life. Consumers frequently purchase these products to fulfill routine needs.
4. Regular Purchases: Consumers tend to purchase convenience products regularly, often in small quantities to meet immediate needs. These purchases are made as part of consumers’ routine shopping trips or daily errands.
5. No Purchase Plan: Unlike some other types of products that may require careful consideration and planning before purchase, convenience products are often bought impulsively or out of habit. Consumers may not actively plan their purchases or compare different options before buying convenience products.
6. Easily Available: Convenience Products are deliberately made easily accessible to consumers to facilitate quick and convenient purchases. They are prominently displayed in retail environments and can be found in a variety of locations, including supermarkets, convenience stores, and online platforms.
Convenience Products: Meaning, Characteritics, Types and Benefits
Convenience Products are everyday items that enhance a customer’s life and need frequent replacement. They are typically low-priced and aimed at simplifying daily tasks, reducing the time and effort required for repetitive chores. This article will cover the characteristics, types, benefits, and marketing strategies of convenience products.
Key Takeaways:
- Convenience Products are standardized goods that are easily purchased at convenient locations. They typically have a low unit price and profit margin.
- Convenience Products experience consistent demand due to their essential nature. It mainly consists of daily-use items not influenced by trends.
- Convenience Products offer doorstep delivery, eliminating the need to visit stores. They are lightweight and easy to transport for on-the-go use.
- It includes staple products, emergency products, impulse products, and misplaced or lost items.
Table of Content
- What are Convenience Products?
- Characteristics of Convenience Products
- Types of Convenience Products
- Benefits of Convenience Products
- Marketing Strategies for Promoting Convenience Products
- Difference between Convenience Products and Shopping Products
- Convenience Products – FAQs