MANAGEMENT

Detailed explanation-1: -Shopping goods are those items bought less frequently, are durable, and are commonly more expensive than convenience goods. Examples of shopping goods include furniture and televisions.

Detailed explanation-2: -Types of Consumer Goods Specialty goods: Goods that are more expensive and cater to a niche market. Items such as jewelry are specialty goods. Unsought goods: Goods purchased by some consumers to serve a specific need. Life insurance is an unsought good.

Detailed explanation-3: -There are four types of products and each is classified based on consumer habits, price, and product characteristics: convenience goods, shopping goods, specialty products, and unsought goods.

Detailed explanation-4: -Convenience products vs. For shopping products, consumers tend to compare prices with other options since these are often expensive purchases. However, with convenience products, consumers conduct very little research. Shopping goods can also be more durable and of higher quality than convenience goods.

Detailed explanation-5: -A consumer good or “final good” is any item that is ultimately consumed, rather than used in the production of another good. 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.