Question

Short Answer Questions
Define: (i) Convenience goods
(ii) Shopping goods
(iii) Specialty goods.

Answer 1

(i) Convenience goods: Those consumer goods, which are purchased frequently, immediately and with least time and efforts are referred to as convenience goods. Examples of such products are cigarettes, ice creams, medicines, newspaper, stationery items toothpaste. etc. These products have low unit-value and are bought in small qualities.

(ii) Shopping goods: Shopping goods are those consumer goods, in the purchase of which buyers devote considerable time, to compare the quality, price, style, suitability, etc., at several stores, before making final purchase. Some of the examples of shopping products are clothes, shoes, jewellery, furniture, radio, television, etc.

(iii) Speciality goods: Speciality goods are those consumer goods which have certain special features because of which people make special efforts in their purchase. These goods are such, which have reached a brand loyalty of the highest order, with a significant number of buyers. The buyers are willing to spend a lot of time and efforts on the purchase of such goods. For example, if there is a rare collection of artwork or of antiques, some people may be willing to spend a lot of shopping effort and travel long distance to buy such goods.