Tag: Product management

The global consumer packaged goods (CPG) industry was valued at over $13 trillion in 2024, yet the acronym is often misspelled as "CGP". A CGP product is most commonly a misnomer for a Consumer Packaged Good, an everyday item that is used up quickly and purchased frequently.

Demand for a good is influenced not only by its own price but also by the prices of related goods. The economic relationship between two products can be defined as either complementary or supplementary, with distinct impacts on market dynamics. Understanding the difference between complementary and supplementary products is crucial for business planning, pricing strategies, and anticipating consumer behavior.