Consumer Products

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Consumer products are those that are produced with the purpose of satisfying a need on the part of the consumer.

Apart from, the most important purpose of any production process is consumption. For this reason, a direct relationship is maintained between production and consumption.

That is, you cannot consume what has not previously been produced and scarce resources are not produced or spent to produce goods, which are ultimately not going to be consumed.

Indeed, production seeks to generate goods that simplify the lives of consumers, in order to achieve the best satisfaction of the needs that arise in people's daily lives. For this reason, products are created that are functional, attractive, that are easily introduced to the market and that can be obtained at good prices.

Characteristics of a consumer product

The characteristics of consumer products are:

1. They are economic goods

Above all, consumer products are economic goods because they are limited, which implies that scarce resources have been used in their production process, which is why their production process has a cost and we cannot produce everything we need; they are also inexpensive because they are priced within the market.

2. They can be material or immaterial

On the other hand, some products have a material or tangible consistency such as a car, a toothbrush or a computer, among others.

In the same way, there are intangible or immaterial consumer products that we call services, but they also solve a need such as medical, educational or legal advice services, among some that can be mentioned.

3. They have to be produced

Likewise, they have to be produced, this means that the production factors must be used to be elaborated, since companies use inputs, labor and capital to be able to carry them out.

4. They are exchanged in the market

In the same way, to obtain these products, a price must be paid and this price is established with the interrelation of the processes of supply and demand.

5. They are produced by different economic agents

Apart from being produced by different producers, it creates competition in their marketing process in the market, and finally it's the consumer who determines which products will be demanded according to their tastes and preferences.

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