Prof. Copeland gives a following classification of ‘Goods’:

Classification of Goods

1. Consumer Goods:

Consumer goods of different classes are discussed below:

1. Convenience Goods:


Convenience Goods, usually of semi-durable nature, refer to those com­paratively high value items which the customers buy after paying considera­tion as to quality, price, design, etc. The buying motives of the customers exhibit a high degree of differentiation in the purchase of these items. Examples are; shoes, ready-made garments, cosmetics, etc.

2. Speciality Goods:

Speciality Goods refer to those items which possess unique characteris­tics and/or brand identification and for which a significant group of buyers are habitually willing to make a special purchasing effort. These are usua­lly of durable nature and high unit value, and the customers’ brand prefer­ences dictate their buying motives. Examples are; T.V., radio, refrigera­tors, steel furniture, etc.

3. Industrial Goods:


Industrial Goods refer to those goods which are destined to be sold primarily for use in producing other goods or rendering services as contras­ted with the goods destined to be sold primarily to the ultimate consumers.

2. Industrial Goods:

Industrial goods of different classes are discussed below:

1. Raw Materials:

Raw materials may be agricultural items (e.g. cotton) or items of semi-finished nature (e.g. steel) or parts for the finished product to be assembled (e.g. parts of a motor vehicle).


2. Equipments:

Equipment’s may be basic installations (e.g. boiler, turbines) or acce­ssory products (e.g. calculator, time clocks). These items move directly from the producers to the industrial users.

3. Fabricated Items:

Fabricated items consist of those parts that are used in the assembly of finished goods like automobiles, etc.


4. Operating Supplies: 

Operating supplies such as fuel, coal, etc. neither form a part of nor enter into the product but are necessary for the running of industries.