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Consumer Product
A final good or consumer good is a final product ready for sale that is used by the consumer to satisfy current wants or needs, unlike an intermediate good, which is used to produce other goods. A microwave oven or a bicycle is a final good. When used in measures of national income and output, the term "final goods" includes only new goods. For example, gross domestic product (GDP) excludes items counted in an earlier year to prevent double counting based on resale of items. In that context, the economic definition of goods also includes what are commonly known as '' services''. Manufactured goods refer to products that have undergone processing or assembly, distinguishing them from raw materials. Law Various legal definitions exist for consumer products, depending on jurisdiction. One such definition is found in the United States' Consumer Product Safety Act, which provides extensive explanation of consumer products. CONSUMER PRODUCT.- The term ‘‘consumer product’� ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Final Product
In production, a final product or finished product is a product that is ready for sale,Wouters, Mark; Selto, Frank H.; Hilton, Ronald W.; Maher, Michael W. (2012): ''Cost Management: Strategies for Business Decisions'', International Edition, Berkshire (UK), p. 532. distinguishable from a business's work in progress, which is not yet complete or ready for sale. For example, oil is the final product of an oil company. The farmer sells his vegetables as his final product, after they have been through the whole process of growth. References See also * By-product * Intermediate good * Raw material Manufacturing Product {{Econ-term-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Product Lifespan
Product lifetime or product lifespan is the time interval from when a product is sold to when it is discarded. Product lifetime is slightly different from service life because the latter considers only the effective time the product is used. It is also different from product economic life which refers to the point where maintaining a product is more expensive than replacing it; from product technical life which refers to the maximum period during which a product has the physical capacity to function; and from the functional life which is the time a product should last regardless of external intervention to increase its lifespan. Product lifetime represent an important area of enquiry with regards to product design, the circular economy and sustainable development. This is because products, with the materials involved in their design, production, distribution, use and disposal (across their Life Cycle Thinking, life cycle), embody carbon due to the energy involved in these processe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Product/process Distinction
The product/process distinction is the distinction between the product information and the process information of a consumer good. Product information is information that pertains to a consumer good, namely to its price, quality, and safety (its proximate attributes). Process information is information that pertains to the means by which the consumer good is made i.e. the working conditions under which it comes into being, as well as the treatment of animals involved in its production chain (its peripheral attributes). The product/process distinction is used by the World Trade Organization (WTO) as a way to determine whether or not a complaint filed by an importing nation is valid and warrants trade barriers against the exporting nation. Under WTO rules, an importing nation can lodge a complaint with the WTO that the exporting nation uses methods for obtaining or producing the good in question that the importing nation finds to be immoral or unethical. If the independent World Tr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finished Goods
Finished goods are goods that have completed the manufacturing process but have not yet been sold or distributed to the end user. Manufacturing Manufacturing has three classes of inventory: # Raw material # Work in process # Finished goods A good purchased as a "raw material" goes into the manufacture of a product. A good only partially completed during the manufacturing process is called "work in process". When the good is completed as to manufacturing but not yet sold or distributed to the end-user, it is called a "finished good". This is the last stage for the processing of goods. The goods are ready to be consumed or distributed. There is no processing required in term of the goods after this stage by the seller. Though there may be instance that seller finished goods become buyer's raw materials Finished goods is a relative term. In a Supply chain management flow, the finished goods of a supplier can constitute the raw material of a buyer Procurement is the proce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fast-moving Consumer Goods
Fast-moving consumer goods (FMCG), also known as consumer packaged goods (CPG) or convenience goods, are products that are sold quickly and at a relatively low cost. Examples include non-durable household goods such as packaged foods, beverages, toiletries, candies, cosmetics, over-the-counter drugs, dry goods, and other consumables. Fast-moving consumer goods have a high inventory turnover and are contrasted with specialty items, which have lower sales and higher carrying charges. Many retailers carry only FMCGs, particularly hypermarkets, big box stores, and warehouse club stores. Small convenience stores also stock fast-moving goods; the limited shelf space is filled with higher-turnover items. Characteristics The following are the main characteristics of FMCGs: * From the consumer perspective ** Frequent purchases ** Low engagement (little or no effort to choose the item) ** Low prices ** Short shelf life ** Rapid consumption * From the marketer perspective ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Back-story (production)
Back-story, in the production of consumer goods, is information about the effects of their production. sustainability advocates had begun evoking literary backstories to refer to the "backstories" of goods: that is, the impacts on the planet and people, caused by producing and delivering those goods. Without knowledge of the full backstory of a product, a consumer cannot accurately judge whether the impacts of purchasing it are good or bad. Some environmentalists and consumer-protection advocates argue that greater corporate and governmental transparency would be a critical step towards sustainability, enabling consumers to make more informed choices, and activists to bring public opinion to bear on practices they consider unethical. See also * Supply Chain A supply chain is a complex logistics system that consists of facilities that convert raw materials into finished products and distribute them to end consumers or end customers, while supply chain management deals wi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Flood Insurance
Flood insurance is the specific insurance coverage issued against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that denote lowlands, floodplains and other areas that are susceptible to flooding. In the United States Nationwide, only 20 percent of American homes at risk for floods are covered by flood insurance. Most private insurers do not insure against the peril of flood due to the prevalence of adverse selection, which is the purchase of insurance by persons most affected by the specific peril of flood. In traditional insurance, insurers use the economic law of large numbers to charge a relatively small fee to large numbers of people in order to pay the claims of the small numbers of claimants who have suffered a loss. Some insurers provide privately written primary flood insurance for high-value residential properties, and for low-value and high value buildings, including through The Natural C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fire Extinguisher
A fire extinguisher is a handheld active fire protection device usually filled with a dry or wet chemical used to extinguish or control small fires, often in emergencies. It is not intended for use on an out-of-control fire, such as one which has reached the ceiling, endangers the user (i.e., no escape route, smoke, explosion hazard, etc.), or otherwise requires the equipment, personnel, resources or expertise of a fire brigade. Typically, a fire extinguisher consists of a hand-held cylindrical pressure vessel containing an #Types of extinguishing agents, agent that can be discharged to extinguish a fire. Fire extinguishers manufactured with non-cylindrical pressure vessels also exist, but are less common. There are two main types of fire extinguishers: stored-pressure and cartridge-operated. In stored-pressure units, the expellant is stored in the same chamber as the firefighting agent itself. Depending on the agent used, different propellants are used. With dry chemical extingu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Snowshoe
Snowshoes are specialized outdoor gear for walking over snow. Their large footprint spreads the user's weight out and allows them to travel largely on top of rather than through snow. Adjustable bindings attach them to appropriate winter footwear. Traditional snowshoes have a hardwood frame filled in with rawhide (material), rawhide latticework. Modern snowshoes are made of lightweight metal, plastic, and other synthetic materials. In the past, snowshoes were essential equipment for anyone dependent on travel in deep and frequent snowfall, such as Animal trapping, fur trappers. They retain that role in areas where motorized vehicles cannot reach or are inconvenient to use. However, their greatest contemporary use is for recreation. Snowshoeing is easy to learn and in appropriate conditions is a relatively safe and inexpensive recreational activity. However, doing so in icy, steep terrain requires both advanced skill and mountaineering-style pivoting-crampon snowshoes. Devel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Impulse Buying
In the field of consumer behavior, an impulse purchase or impulse buying is an unplanned decision by a consumer to buy a product or service, made just before a purchase. One who tends to make such purchases is referred to as an impulse purchaser, impulse buyer, or compulsive buyer. Research findings suggest that emotions, feelings, and attitudes play a decisive role in purchasing, triggered by seeing the product or upon exposure to a well crafted promotional message. History The original definition of an "impulse purchase" was a purchase that unplanned by the consumer that came out of the DuPont ''Consumer Buying Habits Study'' that occurred from 1948 to 1965. The definition of impulse buying was then updated, referring to the intense urge that a consumer feels when they want to buy an item right then, often causing cognitive dissonance for the consumer. This changed the focus of definition from the product to the consumer. From there, it has been expressed that impulse purc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Yellow, Red And Orange Goods
Yellow, red and orange goods are a three-part classification for consumer goods which is based on consumer buying habits, the durability of the goods, and the ways that the goods are sold.Baker, Michael J. ''Marketing Strategy and Management'' (5th Edition). MacMillan International Higher Education, 2014 The classifications are for yellow goods, red goods, and orange goods, with orange goods being goods that have a mix of yellow and red characteristics. The classification of goods into yellow, red, and orange categories is roughly equivalent to the categories of shopping goods, convenience goods, and specialty goods, respectively. Yellow goods Yellow goods (also called "shopping goods" or "white goods") are durable consumer items such as large household appliances that have a long period of useful life, and which are replaced rarely.Kroon, Richard W. A/V A to Z: An Encyclopedic Dictionary of Media, Entertainment and other Audiovisual Terms. McFarland, 2010. p. 111 While yellow goo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unsought Goods
Unsought goods are goods that the consumer does not know about or does not normally think of buying, and the purchase of which arises due to danger or the fear of danger and lack of desire. The classic examples of known but unsought goods are funeral services, encyclopedias, fire extinguishers and blood donations. In some cases even an airplane/helicopters can be cited as examples of unsought goods. The purchase of these goods may not be immediate and can be deferred. Hence, unsought goods require advertising and personal-selling support. Marketers have classified products on the basis of durability, tangibility and use (consumer or industrial). Based on the consumer products classification arise Unsought Goods. Converting Unsought Goods to Sought Goods New products such as frozen food items were unsought till they are advertised using media vehicles or by word of mouth marketing. Once the consumer is well educated about the product, the good goes on to become a sought good. For ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
