Page 690 - Encyclopedia of Business and Finance

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Shopping

SHOPLIFTING usually invest considerable time and energy before making
such a purchase.
SEE Crime and Fraud
Shopping products are broken down into two cate-
gories: homogeneous and heterogeneous. Homogeneous
shopping goods are those that are similar in quality but
SHOPPING different in other characteristics. This difference in char-
acteristics is sufficient for the customer to justify a search
Shopping involves the purchasing of products by con- for the item. Items that are thought of as homogeneous,
sumers, all of which fall into various shopping product or the same, would include television sets, various home
categories that are based on the way consumers think of appliances, or automobiles. Homogeneous shopping
them and purchase them. The two main categories are goods are also often evaluated on price. After the con-
convenience goods and shopping goods; two lesser cate- sumer has decided on desired characteristics, he or she
gories are specialty items and unsought goods. Although then looks for the most favorable price.
most shopping products are sold in stores, such as retail, Heterogeneous shopping goods have product features
grocery, and specialty stores, some consumer purchases are
that are often more important to consumers than price;
made through other means, such as catalogue shopping,
examples include clothing, high-tech equipment, and fur-
telemarketing, and online purchasing (also known as
niture. The item purchased must meet certain consumer-
cybershopping). Cybershopping is the latest trend in con-
sumer shopping. It is estimated that $300 billion worth of set criteria, such as size, color, or specific functions
online purchases will be made in the first decade of the performed. When buying heterogeneous shopping goods,
consumers often seek information and advice from sales-
twenty-first century.
people and other experts before purchasing the item. The
seller or retailer of heterogeneous shopping goods needs to
CONVENIENCE GOODS carry a sufficient variety of the products to suit individual
Convenience goods are goods that consumers purchase tastes and also needs well-trained salespeople to inform
frequently, immediately, and with minimal effort. People and advise consumers.
do not spend a large amount of time shopping for conven-
ience items. They are usually purchases made routinely,
SPECIALTY ITEMS
such as buying groceries on a weekly basis, or habitually, Specialty items have characteristics that compel con-
such as purchasing a daily newspaper. Convenience prod- sumers to make special efforts to find them. Consumers
ucts include common staples, such as milk and bread.
often do not consider price at all when shopping for spe-
Some convenience goods, however, are not purchased rou-
cialty products, which can include almost any kind of
tinely or habitually. They are bought on impulse, such as
shopping product, including particular types of food,
an ice cream cone on a summer day. Many impulse items expensive imported cars, or items from a well-known fash-
are displayed in a manner that encourages quick choice ion designer or manufacturer that can all be considered
and purchase, such as the candy, magazines, and batteries specialty goods. Usually, specialty goods have a brand
that are routinely placed near the cash register at check- name or other type of distinguishing characteristic. Shop-
out counters. Other convenience products may be pur- ping goods are often classified as specialty products based
chased as emergency items, when the consumers feel there on the location and need of the consumer. For example,
is an urgent need, such as buying candles, water, or some olive oils or wines may be a convenience product in
canned goods when preparing for a storm. Convenience Italy but a specialty product in the United States. Con-
products can be found in stores such as supermarkets, sumers who favor specialty products may travel consider-
convenience stores, and department stores.
able distances to purchase a particular item. These types of
shopping products can often be found in specialty stores,
SHOPPING GOODS which carry a large assortment within a small line of
Shopping goods are items consumers will conduct a goods. An example would be a store that carries only
search for in order to find the one that best suits their candy, but many different types of candy. Other types of
needs. They usually require an involved selection process. specialty stores include bookstores and sporting goods
When purchasing a shopping product, consumers will stores.
compare a variety of attributes, such as suitability, quality,
price, and style. Automobiles are often bought this way. Unsought Goods. Unsought goods are products that con-
Consumers may also visit a number of shopping places, sumers do not want, use, or even think about purchasing.
such as retail stores, before they make a decision. Because An unsought shopping good could be a product that a
of the importance of these types of purchases, consumers consumer may not even know about—or knows about

ENCYCLOPEDIA OF BUSINESS AND FINANCE, SECOND EDITION 667