Convenience goods are those consumer goods which the customer usually purchases frequently, immediately and with the minimum of effort in comparison and buying.These are the goods which the consumer desires to purchase with the minimum of effort at the most convenient and accessible store. In other words, the convenience goods may be defined as those goods for which the probable gain from making price and quality comparisons is thought to be small relative to the consumers’ appraisal of searching costs in terms of time, money and effort.
Marketing Characteristics of Convenience goods
The convenience goods have the following notable characteristics: (1) The common characteristic is that the consumer does not want to spend much time in selecting individual items. The people do not want to shop for these goods. It is not worth the consumer’s time to shop from one store to another for the purchase of such goods.
(2) Convenience goods typically have a lower unit price than the other consumer goods.
(3) They are not bulky and hence are preferred to be purchased at convenient places.
(4) They are purchased frequently and this frequency of purchase tends toward routinization of decision making. What was purchased in the past is repurchased routinely.
(5) The manufactured convenience goods are generally standardized, for example, toothpaste, cigarette, bulb etc. But there are farm convenience goods which may not be standardized, such as, milk, fruits and vegetables.
(6) The consumer purchases them without extensive previous planning. In making an individual purchase he does not balance all the various factors that may be involved. He prefers to purchase them on a short notice and with a minimum of effort. The small unit value of convenience goods tends to increase the general lack of care and out of plan of consumer purchasing habits with respect to them.
(7) They are not greatly affected by fad and fashion.
(8) The manner of purchase is based on convenience to the individual. The consumer prefers to buy such goods at convenient location. Consequently, the stores located at the neighborhood or which are passed regularly in going to and from work or for some other reason, usually offer the most convenient places for purchase.
(9) Convenience goods may be stand in quality or in both quality and price. If a person likes to purchase a particular brand of toothpaste, the only reason for shopping is price. The purchase is made in the in most convenient store if the price is same in all store.
(10) The demand for the convenience goods is relatively inelastic if the consumers do not give much thought to price when purchasing them. The degree of elasticity actually depends upon the price of the item and its importance in the budget of the consumer.