Fast-moving consumer goods (FMCG) or consumer packaged goods (CPG) are products that are sold quickly and at relatively low cost. Examples include non-durable goods such as soft drinks, toiletries, over-the-counter drugs, processed foods and many other consumables. The FMCG industry is also known as Consumer Packaged Goods (CPG) industry.
FMCG have a short shelf life, either as a result of high consumer demand or because the product deteriorates rapidly. Some FMCGs, such as meat, fruits and vegetables, dairy products, and baked goods, are highly perishable. Other goods, such as alcohol, toiletries, pre-packaged foods, soft drinks, and cleaning products, have high turnover rates.
Though the profit margin made on FMCG products is relatively small (more so for retailers than the producers/suppliers), they are generally sold in large quantities; thus, the cumulative profit on such products can be substantial. FMCG is probably the most classic case of low margin and high volume business.
The fast moving consumer goods (FMCG) segment is the fourth largest sector in the Indian economy. The market size of FMCG in India is estimated to grow from US$ 30 billion in 2011 to US$ 74 billion in 2018.
Food products are the leading segment, accounting for 43 per cent of the overall market. Personal care (22 per cent) and fabric care (12 per cent) come next in terms of market share.
According to a study by TMW and marketing Sciences that surveyed 2,000 people across different age groups ranging, young consumers are the most ‘rational’ and likely to spend more time weighing up potential purchases. The survey also suggests that younger people are using recommendations from their peers about products and services in order to make rational purchase decisions. According to the study, shoppers aged 18 to 24 are 174 per cent more likely to use recommendations on social media than shoppers aged 25 and over.
Another key factor today is – speed. Today's consumer wants packaged goods that work better, faster, and smarter. The “ need for speed" trend highlights the importance of speed as a potentially decisive purchase factor for packaged goods products in a world where distinctions between products are shrinking.
The number of positions that one can hold when employed with the FMCG industry is many.
Sales -marketing has different categories of sales and marketing officers; the positions largely depend on the academic qualifications and the experience of the applicants. The general job profile requires sales and marketing officers to assess and manage the volume and profit of the industry’s business. The sales plans and the market shares are also managed by the sales and marketing positions in FMCG.
Operations - the logistics and manufacturing departments are organized and managed by the operations department. Finance - the financial records and transactions of an FMCG organization is managed by the finance department. The department oversees the accounting methods and records.
Purchasing - optimization of costs while also maintaining the standard of the work generated is the responsibility of the purchasing department. Supply Chain - ensures that all products of the FMCG industry are manufactured and delivered in the scheduled time.
General Management - the operation laws and directions are made and approved by this department in FMCG. Product Development - the policies, research & development programs and business strategies of the organization are formulated by this department of FMCG.
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