Final good - Wikipedia

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 intermediate goods ... Finalgood FromWikipedia,thefreeencyclopedia Jumptonavigation Jumptosearch Commoditywhichisproducedandsubsequentlyconsumedbytheconsumer Thisarticleneedsadditionalcitationsforverification.Pleasehelpimprovethisarticlebyaddingcitationstoreliablesources.Unsourcedmaterialmaybechallengedandremoved.Findsources: "Finalgood" – news ·newspapers ·books ·scholar ·JSTOR(January2014)(Learnhowandwhentoremovethistemplatemessage) Afinalgoodorconsumergoodisafinalproductreadyforsalethatisusedbytheconsumertosatisfycurrentwantsorneeds,unlikeintermediategoodswhichisutilizedtoproduceothergoods.Amicrowaveovenorabicycleisafinalgood,whereasthepartspurchasedtomanufactureitareintermediategoods. Whenusedinmeasuresofnationalincomeandoutput,theterm"finalgoods"includesonlynewgoods.Forexample,grossdomesticproduct(GDP)excludesitemscountedinanearlieryeartopreventdoublecountingbasedonresaleofitems.Inthatcontext,theeconomicdefinitionofgoodsalsoincludeswhatarecommonlyknownasservices. Manufacturedgoodsaregoodsthathavebeenprocessedinanyway.Theyaredistinctfromrawmaterialsbutincludebothintermediategoodsandfinalgoods. Contents 1Law 2Durability 3Buyinghabits 3.1Conveniencegoods 3.2Shoppingconsumergoods 3.3Specialtyconsumergoods 3.4Unsoughtconsumergoods 4Mergersandacquisitions 5Seealso 6References Law[edit] Therearelegaldefinitions.Forexample,theUnitedStatesConsumerProductSafetyActhasanextensivedefinitionofconsumerproduct,whichbegins: CONSUMERPRODUCT.--Theterm‘‘consumerproduct’’meansanyarticle,orcomponentpartthereof,producedordistributed(i)forsaletoaconsumerforuseinoraroundapermanentortemporaryhouseholdorresidence,aschool,inrecreation,orotherwise,or(ii)forthepersonaluse,consumptionorenjoymentofaconsumerinoraroundapermanentortemporaryhouseholdorresidence,aschool,inrecreation,orotherwise;butsuchtermdoesnotinclude— (A)anyarticlewhichisnotcustomarilyproducedordistributedforsaleto,oruseorconsumptionby,orenjoymentof,aconsumer, Itthengoesontolisteightadditionalspecificexclusionsandfurtherdetails.[1] Durability[edit] Finalgoodscanbeclassifiedintothefollowingcategories: Durablegoods Nondurablegoods Services Consumerdurablegoodsusuallyhaveasignificantlifespan,whichtendstobeatleastoneyear,basedontheguaranteeorwarrantyperiod.Themaximumlifedependsuponthedurabilityoftheproductorgoods.Examplesincludetools,cars,andboats.Ontheotherhand,capitalgoods,whicharetangibleinnature,suchasmachineryorbuildingoranyotherequipmentthatcanbeusedinmanufacturingoffinalproduct,aredurablegoodswithlimitedlifespansthataredeterminedbymanufacturersbeforetheirsale.Thelongevityandtheoften-highercostofdurablegoodsusuallycauseconsumerstopostponeexpendituresonthem,whichmakesdurablesthemostvolatile(orcost-dependent)componentofconsumption. Consumernondurablegoodsarepurchasedforimmediateuseorforuseverysoon.Generally,thelifespanofnondurablegoodsisfromafewminutestouptothreeyears:food,beverages,clothing,shoesandgasolineareexamples.Ineverydaylanguage,nondurablegoodsgetconsumedor"usedup". Consumerservicesareintangibleinnature.Theycannotbeseen,feltortastedbytheconsumerbutstillgivesatisfactiontotheconsumer.Theyarealsoinseparableandvariableinnature:theyarethusproducedandconsumedsimultaneously.Examplesarehaircuts,medicaltreatments,autorepairsandlandscaping. Buyinghabits[edit] Finalgoodscanbeclassifiedintothefollowingcategories,whicharedeterminedbytheconsumer'sbuyinghabits: Conveniencegoods Shoppinggoods Specialtygoods Unsoughtgoods Conveniencegoods,shoppinggoods,andspecialtygoodsarealsoknownas"redgoods","yellowgoods",and"orangegoods",respectively,undertheyellow,redandorangegoodsclassificationsystem. Conveniencegoods[edit] Conveniencegoodsareregularlyconsumedandeasilyavailable.Generally,conveniencegoodscomeinthecategoryofnondurablegoodssuchasfastfoods,cigarettesandtobaccowithlowvalue.Conveniencegoodsaresoldmostlybywholesalersorretailerstomakethemavailabletotheconsumersingoodsorlargevolume.Conveniencegoodscanfurtherbedividedintostapleconvenienceconsumergoodsandimpulseconvenienceconsumergoods. Stapleconvenienceconsumergoodsarethebasicnecessitiesoftheconsumer.Thesegoodsareeasilyavailableandinlargequantity:milk,bread,sugar,etc. Impulseconvenienceconsumergoodsdonotbelongtotheprioritylistoftheconsumer.Theyarepurchasedwithoutanypriorplanning,justonthebasisoftheimpulse:potatowafers,candies,icecreams,colddrinks,etc. Shoppingconsumergoods[edit] Shoppingconsumergoodsarethegoodswhichtakelotoftimeandproperplanningbeforemakingpurchasedecision;inthiscaseconsumerdoesalotofselectionandcomparisonbasedonvariousparameterssuchascost,brand,style,comfortetc.,beforebuyinganitem.Shoppinggoodsarecostlierthanconveniencegoodsandaredurableinnature.Consumergoodscompaniesusuallytrytosetuptheirshopsandshowroomsinactiveshoppingareastoattractcustomerattentionandtheirmainfocusistodomuchadvertisingandpromotiontoattractmorecustomers. Examplesincludeclothingitems,televisions,radios,footwear,homefurnishings,etc. Specialtyconsumergoods[edit] Specialtygoodsareuniqueinnature;theseareunusualandluxuriousitemsavailableinthemarket.Specialtygoodsaremostlypurchasedbytheupperclassesofsocietyastheyareexpensiveinnatureanddifficulttoaffordforthemiddleandlowerclasses.Companiesadvertisetheirgoodstargetingtheupperclass.Thesegoodsdonotfallunderthecategoryofnecessity;rathertheyarepurchasedonthebasispersonalpreferenceordesire.Brandname,uniqueness,andspecialfeaturesofanitemaremajorattributeswhichattractcustomersandmakethembuysuchproducts. Examplesincludeantiques,jewelry,weddingdresses,cars,etc. Unsoughtconsumergoods[edit] Unsoughtgoodsbelongtoneitherthenecessitygroupofconsumergoodslistnortospecialtygoods.Theyarealwaysavailableinthemarketbutarepurchasedbyveryfewconsumers,eitherbasedontheirinterestortheirneedforsomespecificreasons.Thegeneralpublicdoesnotpurchasesuchgoodsoften. Examplesincludesnowshoes,fireextinguishers,floodinsurance,etc. Mergersandacquisitions[edit] Intheconsumerproductsector,therehavebeen107,891dealsannouncedbetween1985and2018,whichcumulatestoatotalvalueofaroundUS$5,835billion.2007wastheyearwiththelargestvalue(US$4,888billion)followedbyasteepslumpin2009(-70.9%).[2]Afterthefirstwavein2007,nowisthesecondbigM&Awaveintheconsumerproductssector,andadeclineisexpected. Seealso[edit] Back-story(production) Fast-movingconsumergoods Product/processdistinction References[edit] ^"Archivedcopy"(PDF).Archivedfromtheoriginal(PDF)on2013-01-08.Retrieved2013-05-09.{{citeweb}}:CS1maint:archivedcopyastitle(link) ^"M&AbyIndustries-InstituteforMergers,AcquisitionsandAlliances(IMAA)".InstituteforMergers,AcquisitionsandAlliances(IMAA).Retrieved2018-02-27. vteTypesofgoods Anti-rivalgoods Capitalgoods Clubgoods Commongoods Common-poolresource Complementarygoodsvs.Substitutegoodsvs.Independentgoods Compositegoods Credencegoods (Non-)durablegoods (Post-)experiencegoods Finalgoods Freegoodsvs.Positionalgoods Giffengoods Globalcommons Globalpublicgoods Inferiorgoods Informationgoods Intangiblegoods Intermediategoods Luxurygoods Meritgoodsanddemeritgoods Neutralgoods Normalgoods Necessitygoods Ordinarygoods Privategoods Householdgoods Publicgoods (Non-)rivalrousgoodsand(Non-)excludablegoods Searchgoods Superiorgoods Usedgoods Veblengoods vteConsumerbehaviourConcepts Consumption Autonomousconsumption Inducedconsumption Consumerculturetheory Consumerdebt Consumereconomy Consumerspending Researchtypes Consumerchoice Consumereconomics Consumerneuroscience Consumerproduct Marketingresearch Consumerattributes Consumerconfidence Consumerconfusion Consumerethnocentrism Consumersocialization Consumer'srisk Consumptionfunction Culturalconsumer Homoeconomicus Processes Consumers'co-operative Consumer-to-business Factory-to-consumer Consumerservice Consumerization Authoritycontrol:Nationallibraries Germany Israel UnitedStates Retrievedfrom"https://en.wikipedia.org/w/index.php?title=Final_good&oldid=1059617943" Categories:Goods(economics)ManufacturedgoodsHiddencategories:CS1maint:archivedcopyastitleArticleswithshortdescriptionShortdescriptionmatchesWikidataArticlesneedingadditionalreferencesfromJanuary2014AllarticlesneedingadditionalreferencesArticleswithGNDidentifiersArticleswithJ9UidentifiersArticleswithLCCNidentifiers Navigationmenu Personaltools NotloggedinTalkContributionsCreateaccountLogin Namespaces ArticleTalk English Views ReadEditViewhistory More Search Navigation MainpageContentsCurrenteventsRandomarticleAboutWikipediaContactusDonate Contribute HelpLearntoeditCommunityportalRecentchangesUploadfile Tools WhatlinkshereRelatedchangesUploadfileSpecialpagesPermanentlinkPageinformationCitethispageWikidataitem Print/export DownloadasPDFPrintableversion Inotherprojects WikimediaCommons Languages العربيةDeutschEestiEuskaraفارسیFrançais한국어हिन्दीBahasaIndonesiaItalianoעבריתBahasaMelayuNederlands日本語NorskbokmålOʻzbekcha/ўзбекчаپښتوPolskiPortuguêsRomânăРусскийSimpleEnglishSuomiSvenskaไทยTürkçeУкраїнськаVènetoTiếngViệt中文 Editlinks