Advantages And Disadvantages Of FMCG Products
Dettol, Dove, Pears, Colgate, Coca-Cola, Dairy Milk, these are names which almost everyone knows in India irrespective of his/her economic background. These and many more well-known brand names are the kinds we use every day and have one thing in common: they are all a part of the multi-billion dollar industry called the Fast Moving Consumer Goods (FMCG) industry. The Indian FMCG sector is the fourth largest sector in the economy with a total market size in excess of US$ 13.1 billion. They are known so as “fast moving” as they are the quickest to leave the shelves either due to high demand or due to their perishable nature and thus have to be replenished at such a quick pace. Also all these products in a developing economy such as India are low involvement goods and are highly price sensitive.
One of the major challenges faced while marketing FMCG products is the very rapidly
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This has started creating a positive word of mouth and has helped boost their sales. It has been found out that the willingness to pay of a consumer for a green product is more when compared to an alternative less green product. For example, a consumer will willingly pay Rs. 5 extra for an ITC Classmate notebook when he knows its eco-friendly when compared to a non-eco-friendly notebook.
This has led to a rise in a new concept of a Green Consumer. It is a consumer who is mindful of environment related issues and obligations, and is supportive of environmental causes to the extent of switching allegiance from one product or supplier to another even if it entails higher cost. The companies have also warmed up to it and have started a new type of marketing called Eco-Marketing. It incorporates marketing of products that are presumed to be environmentally preferable to others. It incorporates a broad range of activities, like modification of products, production process, packaging and
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