Accounting technicians scheme west africa

Fast moving consumer goods (FMCG) market

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Fast moving consumer goods (FMCG) market from where the consumers buy the products like toothpaste, beverages, body cream, detergent, etc. c)
Durables goods market from where, the consumers buy the products of longer lifelike motorcycles, cars, washing machines etc. db Services market: this is where consumers buy benefits like insurance cover, fixed deposits in the banks and non-banking financial companies as well as and services like internet, transportation, etc. In Table 4.7 below, we compare the various types of consumer products and marketing strategies used to sell them. Table 4.7: Comparison of different types of Consumer Products
Type of Product
Features
Marketing strategies for the
product
Convenience
▪ There are several brands.
▪ The consumer knows of different brands.
▪ The product is purchased frequently, often with little planning or comparison and with minimum effort.
▪ They are often low priced.
▪ Most producers set low prices.
▪ They are widely distributed through many outlets.
▪ Products are mass promoted on all available media.
Shopping Products ▪ Relatively expensive.
▪ There are many brands and consumers often compare product features, price, etc. before purchase.
▪ Less frequently purchased but purchased after a lot of planning.
▪ Promotion efforts often focusing on advertising and personal selling.
▪ Products often attractively packaged to attract consumers.
▪ Sales often focus on few distribution outlets.

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Type of Product
Features
Marketing strategies for the
product
Specialty
▪ Products often regarded by consumers as unique.
▪ Consumers have strong preference for particular brands and do not accept substitutes.
▪ Consumers are often willing to pay any reasonable price for the product.
▪ They are often luxury products and are sold through exclusive sales outlets.
▪ Product should be of high quality and attractively packaged.
▪ Exclusive distribution through carefully selected sales outlets.
▪ Prices often high (perceived value pricing often used.
▪ Promotion is often limited – focusing on personal selling.

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