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For example, a microwave oven or a bicycle that is sold to a consumer is a final good or consumer good, but the components that are sold to be used in those goods are intermediate goods. For example, textiles or transistors can be used to make some further goods.
Goods can be returned while a service, once delivered cannot. [4] Goods are not always tangible and may be virtual e.g. a book may be paper or electronic. Marketing theory makes use of the service-goods continuum as an important concept [5] which "enables marketers to see the relative goods/services composition of total products". [6]
An example of complementary goods are cereal and milk. An example of substitute goods are tea and coffee. These two goods satisfy the three conditions: tea and coffee have similar performance characteristics (they quench a thirst), they both have similar occasions for use (in the morning) and both are usually sold in the same geographic area ...
Final goods can be classified into the following categories: Durable goods; Nondurable goods; Services; Consumer durable goods usually have a significant lifespan, which tends to be at least one year, based on the guarantee or warranty period. The maximum life depends upon the durability of the product or goods. Examples include tools, cars ...
An automobile engine is an example of an intermediate good, and is used in the production of the final good, the assembled automobile. Intermediate goods, producer goods or semi-finished products are goods, such as partly finished goods, used as inputs in the production of other goods including final goods. [1]
[2] Examples of consumer durable goods include vehicles, books, household goods (home appliances, consumer electronics, furniture, musical instruments, tools, etc.), sports equipment, jewelry, medical equipment, and toys. Nondurable goods or soft goods (consumables) are the opposite of durable goods. They may be defined either as goods that are ...
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Economists and marketers use the Search, Experience, Credence (SEC) classification of goods and services, which is based on the ease or difficulty with which consumers can evaluate or obtain information. These days most economics and marketers treat the three classes of goods as a continuum. Archetypal goods are: [1] [2] [3] [4]