convenience good

(noun)

a good that requires a minimum amount of effort on the part of the consumer.

Related Terms

Examples of convenience good in the following topics:

  • Shopping Products

    • Convenience goods are those that require little effort on the part of the buyer, while shopping goods require research and comparison.
    • In this section, we will differentiate between convenience and shopping goods.
    • A convenience good is one that requires a minimum amount of effort on the part of the consumer.
    • Vending machines typically dispense convenience goods.
    • From the consumer's perspective, little time, planning, or effort go into buying convenience goods.

  • Classifying Consumer Products

    • Consumer products can be classified as convenience, shopping, or specialty goods.
    • A convenience good is one that requires a minimum amount of effort on the part of the consumer.
    • Vending machines typically dispense convenience goods, as do automatic teller machines.
    • From the consumer's perspective, little time, planning, or effort go into buying convenience goods.
    • Convenience goods are typically found in convenience stores, such as the one pictured here.

  • Specialty Products

    • Specialty goods represent the third product classification (after convenience and shopping goods).
    • This classification system is based on the definition that convenience and speciality goods are both purchased with a predetermined pattern in mind.
    • In the case of the convenience good, the pattern is that the most accessible brand will be purchased.
    • For example, if the customer utilizes an outlet because it is the most accessible, it would be considered, for that customer at least, a convenience store.
    • Speciality goods have higher profit margins and higher prices relative to convenience or shopping goods.

  • Marketing Classes of Products

    • Products can be classified based on consumer versus industrial goods and goods versus services.
    • The two most commonly used methods of classifying products are: (1) Consumer goods versus industrial goods, and (2) goods products (i.e., durables and non-durables) versus service products.
    • A classification long used in marketing separates products targeted at consumers into three groups: (1) Convenience goods, (2) shopping goods and (3) specialty goods.
    • A convenience good is one that requires a minimum amount of effort on the part of the consumer.
    • The demand for manufactured industrial goods are usually derived from the demand for ultimate consumer goods.

  • Introduction to evaluating the normal approximation

    • We have already seen two good examples: SAT scores and the heights of US adult males.
    • While using a normal model can be extremely convenient and helpful, it is important to remember normality is always an approximation.

  • Non-Bank Financial Institutions

    • If you don't have a checking or savings account, you might think check-cashing stores are a convenient alternative.
    • Understand, however, check-cashing stores charge you for that convenience.
    • Although a payday loan may be a convenient short-term solution, it is not a good idea for long-term cash needs.

  • Introducing the Budget Constraint

    • In this circumstance the decision is easy, and the trade off will be sacrificing convenience and high quality food for the ability to have enough food on the table over the course of the whole month.
    • In this circumstance the decision is easy, and the trade off will be sacrificing convenience and high quality food for the ability to have enough food on the table over the course of the whole month.
    • Budget curves: This indicates the relationship between two goods relative to opportunity costs, which defines the value of each good relative to one another.
    • For example, on the figure provided a quantity of 5 for 'good $y$' is identical in price (economic value) as a quantity of 7 for 'good $x$'.
    • Indifference curves: Indifference curves underline the way in which a given consumer interprets the value of each good relative to one another, demonstrating how much of 'good $x$' is equivalent in utility to a certain quantity of 'good $y$' (and vice versa).

  • Business Products

    • Business products are sold to other businesses, as opposed to convenience, shopping, and specialty products, which are sold to consumers.
    • These are goods that are sold to other businesses, and used to produce other goods.
    • The demands for manufactured industrial goods are usually derived from the demands for ultimate consumer goods.
    • There are a number of specific types of manufactured industrial goods.
    • These products are normally purchased as convenience products with a minimum of effort and evaluation.

  • Product categories

    • Durable goods are tangible and survive many uses.
    • According to one convention, a durable good lasts more than one year.
    • Good examples include: gum, shaving cream, gas, batteries, and cosmetics.
    • Convenience products are products that consumers want to purchase frequently, immediately, and with a minimum of effort.
    • Shopping goods are purchased only after consumers make comparisons with competing goods based on such attributes as price, quality, style, or color.

  • The Distance Between Pitches

    • So if you want to learn music theory, it would be a good idea to spend some time getting comfortable with the concepts below and practicing identifying intervals.Scientists usually describe the distance between two pitches in terms of the difference between their frequencies.
    • But when we talk about larger intervals in the major/minor system, there is a more convenient and descriptive way to name them.